| 2009R1060 — SL — 23.05.2014 — 004.001 | 2009R1060 — EN — 23.05.2014 — 004.001 |
| Ta dokument je mišljen zgolj kot dokumentacijsko orodje in institucije za njegovo vsebino ne prevzemajo nobene odgovornosti | This document is meant purely as a documentation tool and the institutions do not assume any liability for its contents |
| ►B | UREDBA (ES) št. 1060/2009 EVROPSKEGA PARLAMENTA IN SVETA | z dne 16. septembra 2009 | o bonitetnih agencijah | (Besedilo velja za EGP) | (UL L 302, 17.11.2009, p.1) | ►B | REGULATION (EC) No 1060/2009 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL | of 16 September 2009 | on credit rating agencies | (Text with EEA relevance) | (OJ L 302, 17.11.2009, p.1) |
| spremenjena z: | Amended by: |
| | | Uradni list | | | Official Journal |
| No | page | date | No | page | date |
| ►M1 | Uredba (EU) št. 513/2011 Evropskega parlamenta in Sveta z dne 11. maja 2011 | L 145 | 30 | 31.5.2011 | ►M1 | Regulation (EU) No 513/2011 of the European Parliament and of the Council of 11 May 2011 | L 145 | 30 | 31.5.2011 |
| M2 | Direktiva 2011/61/EU Evropskega parlamenta in Sveta Besedilo velja za EGP z dne 8. junija 2011 | L 174 | 1 | 1.7.2011 | M2 | Directive 2011/61/EU of the European Parliament and of the Council Text with EEA relevance of 8 June 2011 | L 174 | 1 | 1.7.2011 |
| ►M3 | Uredba (EU) št. 462/2013 Evropskega parlamenta in Sveta z dne 21. maja 2013 | L 146 | 1 | 31.5.2013 | ►M3 | Regulation (EU) No 462/2013 of the European Parliament and of the Council of 21 May 2013 | L 146 | 1 | 31.5.2013 |
| ►M4 | Direktiva 2014/51/EU Evropskega parlamenta in Sveta z dne 16. aprila 2014 | L 153 | 1 | 22.5.2014 | ►M4 | Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 | L 153 | 1 | 22.5.2014 |
| popravljena z: | Corrected by: |
| ►C1 | Popravek, UL L 350, 29.12.2009, str. 59 (1060/2009) | ►C1 | Corrigendum, OJ L 350, 29.12.2009, p. 59 (1060/2009) |
| ▼B | ▼B |
| UREDBA (ES) št. 1060/2009 EVROPSKEGA PARLAMENTA IN SVETA | REGULATION (EC) No 1060/2009 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL |
| z dne 16. septembra 2009 | of 16 September 2009 |
| o bonitetnih agencijah | on credit rating agencies |
| (Besedilo velja za EGP) | (Text with EEA relevance) |
| EVROPSKI PARLAMENT IN SVET EVROPSKE UNIJE STA – | THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, |
| ob upoštevanju Pogodbe o ustanovitvi Evropske skupnosti in zlasti člena 95 Pogodbe, | Having regard to the Treaty establishing the European Community, and in particular Article 95 thereof, |
| ob upoštevanju predloga Komisije, | Having regard to the proposal from the Commission, |
| ob upoštevanju mnenja Evropskega ekonomsko-socialnega odbora ( 1 ), | Having regard to the opinion of the European Economic and Social Committee ( 1 ), |
| ob upoštevanju mnenja Evropske centralne banke ( 2 ), | Having regard to the opinion of the European Central Bank ( 2 ), |
| v skladu s postopkom, določenim v členu 251 Pogodbe ( 3 ), | Acting in accordance with the procedure laid down in Article 251 of the Treaty ( 3 ), |
| ob upoštevanju naslednjega: | Whereas: |
| (1) | Bonitetne agencije imajo pomembno vlogo na globalnih trgih vrednostnih papirjev in bančnih trgih, saj njihove bonitetne ocene uporabljajo vlagatelji, kreditojemalci, izdajatelji in vlade pri sprejemanju z informacijami podprtih naložbenih in finančnih odločitev. Kreditne institucije, investicijska podjetja, zavarovalnice, pozavarovalnice, kolektivni naložbeni podjemi za vlaganja v prenosljive vrednostne papirje (KNPVP) in institucije za poklicno pokojninsko zavarovanje lahko te bonitetne ocene uporabljajo kot merilo za izračun svojih kapitalskih zahtev za solventnostne namene ali za izračunavanje tveganj svoje naložbene dejavnosti. Zato bonitetne ocene pomembno vplivajo na delovanje trgov ter na zaupanje vlagateljev in potrošnikov. Torej je bistvenega pomena, da se dejavnosti bonitetnega ocenjevanja izvajajo v skladu z načeli integritete, preglednosti, odgovornosti in dobrega vodenja, da se zagotovi, da bodo zadevne bonitetne ocene, ki se uporabljajo v Skupnosti, neodvisne, objektivne in primerne kakovosti. | (1) | Credit rating agencies play an important role in global securities and banking markets, as their credit ratings are used by investors, borrowers, issuers and governments as part of making informed investment and financing decisions. Credit institutions, investment firms, insurance undertakings, assurance undertakings, reinsurance undertakings, undertakings for collective investment in transferable securities (UCITS) and institutions for occupational retirement provision may use those credit ratings as the reference for the calculation of their capital requirements for solvency purposes or for calculating risks in their investment activity. Consequently, credit ratings have a significant impact on the operation of the markets and on the trust and confidence of investors and consumers. It is essential, therefore, that credit rating activities are conducted in accordance with the principles of integrity, transparency, responsibility and good governance in order to ensure that resulting credit ratings used in the Community are independent, objective and of adequate quality. |
| (2) | Danes ima večina bonitetnih agencij sedež zunaj Skupnosti. Večina držav članic ne ureja dejavnosti bonitetnih agencij ali pogojev za izdajo bonitetnih ocen. Kljub njihovemu ključnemu pomenu za delovanje finančnih trgov je poslovanje bonitetnih agencij urejeno z zakonodajo Skupnosti le na omejenih področjih, zlasti z Direktivo 2003/6/ES Evropskega parlamenta in Sveta z dne 28. januarja 2003 o trgovanju z notranjimi informacijami in tržni manipulaciji ( 4 ). Poleg tega se na bonitetne agencije nanašata Direktiva 2006/48/ES Evropskega parlamenta in Sveta z dne 14. junija 2006 o začetku opravljanja in opravljanju dejavnosti kreditnih institucij ( 5 ) ter Direktiva 2006/49/ES Evropskega parlamenta in Sveta z dne 14. junija 2006 o kapitalski ustreznosti investicijskih podjetij in kreditnih institucij ( 6 ). Zato je pomembno določiti pravila za zagotovitev, da so vse bonitetne ocene, ki jih izdajajo bonitetne agencije, registrirane v Skupnosti, primerne kakovosti in da jih izdajajo bonitetne agencije, ki poslujejo v skladu s strogimi zahtevami. Komisija bo še naprej sodelovala s svojimi mednarodnimi partnerji, da zagotovi konvergenco pravil, ki se nanašajo na bonitetne agencije. Iz te direktive bi moralo biti možno izvzeti nekatere centralne banke, ki izdajajo bonitetne ocene, če izpolnjujejo pomembne zadevne pogoje, ki zagotavljajo neodvisnost in integriteto njihovih dejavnosti bonitetnega ocenjevanja in ki so tako strogi, kot zahteve iz te uredbe. | (2) | Currently, most credit rating agencies have their headquarters outside the Community. Most Member States do not regulate the activities of credit rating agencies or the conditions for the issuing of credit ratings. Despite their significant importance for the functioning of the financial markets, credit rating agencies are subject to Community law only in limited areas, notably under Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation ( 4 ). Moreover, Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions ( 5 ) and Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions ( 6 ) refer to credit rating agencies. It is therefore important to lay down rules ensuring that all credit ratings issued by the credit rating agencies registered in the Community are of adequate quality and issued by credit rating agencies subject to stringent requirements. The Commission will continue to work with its international partners to ensure convergence of the rules applying to credit rating agencies. It should be possible to exempt certain central banks issuing credit ratings from this Regulation provided that they fulfil the relevant applicable conditions which ensure the independence and integrity of their credit rating activities and which are as stringent as the requirements provided for in this Regulation. |
| (3) | Ta uredba ne bi smela ustvariti splošne obveznosti za finančne instrumente ali finančnih obveznosti, da bi jih bilo treba oceniti v skladu s to uredbo. Zlasti ne bi smela podjemom za kolektivne naložbe v prenosljive vrednostne papirje (KNPVP), kakor so opredeljeni v Direktivi Sveta 85/611/EGS z dne 20. decembra 1985 o usklajevanju zakonov in drugih predpisov o kolektivnih naložbenih podjemih za vlaganja v prenosljive vrednostne papirje (KNPVP) ( 7 ), ali institucijam za poklicno pokojninsko zavarovanje, kakor so opredeljene v Direktivi 2003/41/ES Evropskega parlamenta in Sveta z dne 3. junija 2003 o dejavnostih in nadzoru institucij za poklicno pokojninsko zavarovanje ( 8 ), nalagati obveznosti, da vlagajo izključno v finančne instrumente, ki so ocenjeni po tej uredbi. | (3) | This Regulation should not create a general obligation for financial instruments or financial obligations to be rated under this Regulation. In particular, it should not require undertakings for collective investment in transferable securities (UCITS) as defined in Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) ( 7 ) or institutions for occupational retirement provision 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 ( 8 ) to invest only in financial instruments which are rated under this Regulation. |
| (4) | Ta uredba ne bi smela ustvariti splošne obveznosti za finančne institucije ali vlagatelje, da vlagajo le v vrednostne papirje, za katere se je izdal prospekt v skladu z Direktivo 2003/71/ES Evropskega parlamenta in Sveta z dne 4. novembra 2003 o prospektu, ki se objavi ob javni ponudbi ali sprejemu vrednostnih papirjev v trgovanje ( 9 ) in Uredbo Komisije (ES) št. 809/2004 z dne 29. aprila 2004 o izvajanju Direktive 2003/71/ES o informacijah, ki jih vsebujejo prospekti, in o obliki prospektov, vključitvi informacij s sklicevanjem in objavi teh prospektov in razširjanju oglaševanj ( 10 ) ter so ocenjeni v skladu s to uredbo. Prav tako ta uredba ne bi smela od izdajateljev ali ponudnikov ali oseb, ki zaprosijo za sprejem v trgovanje na organiziranem trgu, zahtevati, da morajo pridobiti bonitetne ocene za vrednostne papirje, za katere je obvezna izdaja prospekta v skladu z Direktivo 2003/71/ES in Uredbo (ES) št. 809/2004. | (4) | This Regulation should not create a general obligation for financial institutions or investors to invest only in securities for which a prospectus has been published in accordance with Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading ( 9 ) and Commission Regulation (EC) No 809/2004/EC of 29 April 2004 implementing Directive 2003/71/EC as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements ( 10 ) and which are rated under this Regulation. In addition, this Regulation should not require the issuers or offerors or persons asking for admission to trading on a regulated market to obtain credit ratings for securities which are subject to the requirement to publish a prospectus under Directive 2003/71/EC and Regulation (EC) No 809/2004. |
| (5) | Prospekt, izdan v skladu z Direktivo 2003/71/ES in Uredbo (ES) št. 809/2004, bi moral vsebovati jasne in vidne informacije o tem, ali bonitetno oceno zadevnih vrednostnih papirjev izda bonitetna agencija, ustanovljena v Skupnosti in registrirana v skladu s to uredbo, ali ne. Vendar ta uredba ne sme preprečiti osebam, odgovornim za izdajo prospekta v skladu z Direktivo 2003/71/ES in Uredbo (ES) št. 809/2004, da v prospekt vključijo vse bistvene informacije, vključno z bonitetnimi ocenami, izdanimi v tretjih državah, in povezanimi informacijami. | (5) | A prospectus published under Directive 2003/71/EC and Regulation (EC) No 809/2004 should contain clear and prominent information on whether or not the credit rating of the respective securities is issued by a credit rating agency established in the Community and registered under this Regulation. However, nothing in this Regulation should prevent persons responsible for publishing a prospectus under Directive 2003/71/EC and Regulation (EC) No 809/2004 from including any material information in the prospectus, including credit ratings issued in third countries and related information. |
| (6) | Bonitetne agencije bi morale poleg izdajanja bonitetnih ocen in opravljanja dejavnosti bonitetnega ocenjevanja, opravljati tudi pomožne dejavnosti na profesionalni podlagi. Izvajanje pomožnih dejavnosti ne bi smelo ogroziti neodvisnosti ali integritete njihovih dejavnosti bonitetnega ocenjevanja. | (6) | In addition to issuing credit ratings and performing credit rating activities, credit rating agencies should also be able to perform ancillary activities on a professional basis. The performance of ancillary activities should not compromise the independence or integrity of credit rating agencies’ credit rating activities. |
| (7) | Ta uredba bi se morala uporabljati za bonitetne ocene, ki jih izdajo bonitetne agencije, registrirane v Skupnosti. Glavni cilj te uredbe je zaščititi stabilnost finančnih trgov in vlagatelje. Kreditne točke, kreditni točkovalni sistemi in podobne ocene v povezavi z obveznostmi, ki izhajajo iz potrošniških, komercialnih ali industrijskih razmerij, ne spadajo na področje uporabe te uredbe. | (7) | This Regulation should apply to credit ratings issued by credit rating agencies registered in the Community. The principal aim of this Regulation is to protect the stability of financial markets and investors. Credit scores, credit scoring systems and similar assessments related to obligations arising from consumer, commercial or industrial relationships should not fall within the scope of this Regulation. |
| (8) | Bonitetne agencije bi morale prostovoljno uporabljati Kodeks osnovnih načel ravnanja za bonitetne agencije, ki ga je izdalo Mednarodno združenje nadzornikov trga vrednostnih papirjev, v nadaljevanju („Kodeks IOSCO“). Komisija je leta 2006 v Sporočilu o bonitetnih agencijah ( 11 ) povabila Odbor evropskih zakonodajalcev za vrednostne papirje („CESR“), ustanovljen s Sklepom Komisije 2009/77/ES ( 12 ), naj spremlja upoštevanje Kodeksa IOSCO in ji o tem letno poroča. | (8) | Credit rating agencies should, on a voluntary basis, apply the Code of Conduct Fundamentals for credit rating agencies issued by the International Organisation of Securities Commissions (IOSCO Code). In 2006, a Communication from the Commission on credit rating agencies ( 11 ) invited the Committee of European Securities Regulators (CESR), re-established by Commission Decision 2009/77/EC ( 12 ), to monitor compliance with the IOSCO Code and report back to the Commission on an annual basis. |
| (9) | Evropski svet se je na zasedanju 13. in 14. marca 2008 dogovoril za niz sklepov v odgovor na glavne slabosti, ugotovljene v finančnem sistemu. Eden od ciljev je bil izboljšati delovanje trga in strukture spodbud, vključno z vlogo bonitetnih agencij. | (9) | The European Council of 13 and 14 March 2008 agreed to a set of conclusions to respond to the main weaknesses identified in the financial system. One of the objectives was to improve market functioning and incentive structures, including the role of credit rating agencies. |
| (10) | Ocenjuje se, da na eni strani bonitetnim agencijam v njihovih bonitetnih ocenah ni uspelo dovolj zgodaj pokazati poslabšanja tržnih pogojev in na drugi strani, da niso pravočasno prilagodile svojih bonitetnih ocen po poglobitvi krize na trgih. Ta neuspeh je mogoče najbolje popraviti z ukrepi, povezanimi z nasprotji interesov, kakovostjo bonitetnih ocen, preglednostjo bonitetnih agencij, njihovo notranjo ureditvijo in nadzorom njihovih dejavnosti. Uporabniki bonitetnih ocen se ne bi smeli slepo zanašati le na bonitetne ocene ampak bi morali nadvse skrbno opravljati tudi lastne analize in vedno primerno ravnati s skrbnostjo dobrega gospodarja, kadar se opirajo na take bonitetne ocene. | (10) | Credit rating agencies are considered to have failed, first, to reflect early enough in their credit ratings the worsening market conditions, and second, to adjust their credit ratings in time following the deepening market crisis. The most appropriate manner in which to correct those failures is by measures relating to conflicts of interest, the quality of the credit ratings, the transparency and internal governance of the credit rating agencies, and the surveillance of the activities of the credit rating agencies. The users of credit ratings should not rely blindly on credit ratings but should take utmost care to perform own analysis and conduct appropriate due diligence at all times regarding their reliance on such credit ratings. |
| (11) | Določiti je treba skupni okvir pravil v zvezi z izboljšanjem kakovosti bonitetnih ocen, zlasti kakovosti tistih bonitetnih ocen, ki jih uporabljajo finančne institucije in osebe, za katere veljajo usklajena pravila v Skupnosti. Brez takšnega okvira obstaja tveganje, da države članice sprejemajo različne ukrepe na nacionalni ravni, kar bi imelo neposreden negativni učinek na dobro delovanje notranjega trga in ga oviralo, saj bi za bonitetne agencije, ki izdajajo bonitetne ocene, namenjene, da jih uporabljajo finančne institucije v Skupnosti, v različnih državah članicah veljala različna pravila. Poleg tega bi lahko različne zahteve glede kakovosti bonitetnih ocen vodile k različnim ravnem zaščite vlagateljev in potrošnikov. Uporabniki bi tudi morali imeti možnost primerjati bonitetne ocene, izdane v Skupnosti, z mednarodno izdanimi bonitetnimi ocenami. | (11) | It is necessary to lay down a common framework of rules regarding the enhancement of the quality of credit ratings, in particular the quality of credit ratings to be used by financial institutions and persons regulated by harmonised rules in the Community. In the absence of such a common framework, there is a risk that Member States take diverging measures at national level having a direct negative impact on, and creating obstacles to, the good functioning of the internal market, since the credit rating agencies issuing credit ratings for the use of financial institutions in the Community would be subject to different rules in different Member States. Moreover, diverging quality requirements as regards credit ratings could lead to different levels of investor and consumer protection. Users should, furthermore, be able to compare credit ratings issued in the Community with credit ratings issued internationally. |
| (12) | Ta uredba ne bi smela vplivati na to, kako osebe, razen oseb iz te uredbe, uporabljajo bonitetne ocene. | (12) | This Regulation should not affect the use made of credit ratings by persons other than those referred to in this Regulation. |
| (13) | Zaželeno je, da se zagotovi uporaba bonitetnih ocen, izdanih v tretjih državah, za regulatorne namene v Skupnosti, pod pogojem, da so v skladu z zahtevami, ki so tako stroge, kot zahteve iz te uredbe. S to uredbo se uvaja sistem odobritve, ki bonitetnim agencijam, ustanovljenim v Skupnosti in registriranim v skladu z njenimi določbami, dopušča, da odobrijo bonitetne ocene, izdane v tretjih državah. Pri odobritvi bonitetne ocene, izdane v tretjih državah, bi morale bonitetne agencije določiti in redno spremljati, ali dejavnosti bonitetnega ocenjevanja, na podlagi katerih se izda takšna bonitetna ocena, izpolnjujejo zahteve za izdajo bonitetnih ocen, ki so tako stroge, kot tiste iz te uredbe, in v praksi dosegajo enak cilj in učinke. | (13) | It is desirable to provide for the use of credit ratings issued in third countries for regulatory purposes in the Community provided that they comply with requirements which are as stringent as the requirements provided for in this Regulation. This Regulation introduces an endorsement regime allowing credit rating agencies established in the Community and registered in accordance with its provisions to endorse credit ratings issued in third countries. When endorsing a credit rating issued in a third country, credit rating agencies should determine and monitor, on an ongoing basis, whether credit rating activities resulting in the issuing of such a credit rating comply with requirements for the issuing of credit ratings which are as stringent as those provided for in this Regulation, achieving the same objective and effects in practice. |
| (14) | Kot odziv na skrbi, da dejstvo, da niso ustanovljene v Skupnosti, lahko resno ovira učinkovit nadzor na način, ki bi najbolj koristil finančnim trgom v Skupnosti, bi bilo tak sistem odobritve treba uvesti za bonitetne agencije, ki so povezane ali tesno sodelujejo z bonitetnimi agencijami, ustanovljenimi v Skupnosti. Vendar bi bilo v nekaterih primerih morda potrebno prilagoditi zahtevo fizične prisotnosti v Skupnosti, predvsem glede manjših bonitetnih agencij iz tretjih držav, ki niso prisotne v Skupnosti ali v njej nimajo povezanih subjektov. Za takšne bonitetne agencije bi bilo zato treba določiti poseben sistem certificiranja, če nimajo sistemskega pomena za finančno stabilnost ali integriteto finančnih trgov ene ali več držav članic. | (14) | In order to respond to concerns that lack of establishment in the Community may be a serious impediment to effective supervision in the best interests of the financial markets in the Community, such an endorsement regime should be introduced for credit rating agencies that are affiliated or work closely with credit rating agencies established in the Community. Nevertheless, it may be necessary to adjust the requirement of physical presence in the Community in certain cases, notably as regards smaller credit rating agencies from third countries with no presence or affiliation in the Community. A specific regime of certification for such credit rating agencies should therefore be established, in so far as they are not systemically important for the financial stability or integrity of the financial markets of one or more Member States. |
| (15) | Certificiranje bi moralo biti omogočeno po tem, ko Komisija določi enakovrednost pravnega in nadzornega okvira tretje države z zahtevami te uredbe. Predvideni sistem določanja enakovrednosti ne bi smel dodeliti avtomatičnega dostopa v Skupnost, temveč bi moral kvalificiranim bonitetnim agencijam iz tretjih držav nuditi možnost, da so ocenjene za vsak posamezen primer in da se jim prizna izvzetje iz nekaterih organizacijskih zahtev, ki veljajo za bonitetne agencije, dejavne v Skupnosti, vključno z zahtevo po fizični prisotnosti v Skupnosti. | (15) | Certification should be possible after determination by the Commission of the equivalence of the legal and supervisory framework of a third country to the requirements of this Regulation. The equivalence mechanism envisaged should not grant automatic access to the Community but should offer the possibility for qualifying credit rating agencies from a third country to be assessed on a case-by-case basis and be granted an exemption from some of the organisational requirements for credit rating agencies active in the Community, including the requirement of physical presence in the Community. |
| (16) | S to uredbo bi bilo treba od bonitetne agencije iz tretje države obenem zahtevati, da izpolnjuje merila, ki so splošni predpogoj za integriteto dejavnosti bonitetnega ocenjevanja, da bi preprečili vmešavanje pristojnih organov in drugih javnih organov te tretje države v vsebino bonitetnih ocen ter da bi zagotovili ustrezno politiko obvladovanja nasprotja interesov, rotacijo bonitetnih analitikov ter občasno in tekoče razkritje. | (16) | This Regulation should also require a third-country credit rating agency to meet criteria which are general prerequisites for the integrity of its credit rating activities in order to prevent interference with the content of credit ratings by the competent authorities and other public authorities of that third country, and to provide for an adequate conflict of interests policy, rotation of rating analysts and periodic and ongoing disclosure. |
| (17) | Pomemben pogoj za preudaren sistem odobritve in sistem enakovrednosti je tudi obstoj dobre ureditve sodelovanja med pristojnimi organi matične države članice in zadevnimi pristojnimi organi tretje države, kjer je bonitetna agencija. | (17) | Another important prerequisite for a sound endorsement regime and an equivalence system is the existence of sound cooperation arrangements between competent authorities of home Member States and the relevant competent authorities of third-country credit rating agencies. |
| (18) | Bonitetna agencija, ki je odobrila bonitetne ocene, izdane v tretji državi, bi morala biti v celoti in brezpogojno odgovorna za take odobrene bonitetne ocene in za izpolnjevanje zadevnih pogojev iz te uredbe. | (18) | A credit rating agency that has endorsed credit ratings issued in a third country should be fully and unconditionally responsible for such endorsed credit ratings and for the fulfilment of the relevant conditions referred to in this Regulation. |
| (19) | Ta uredba se ne bi smela uporabljati za bonitetne ocene, ki jih bonitetna agencija pripravi za posamezno naročilo in so posredovane izključno osebi, ki jih je naročila, in niso namenjene javnemu razkritju oziroma distribuciji na podlagi naročniškega razmerja. | (19) | This Regulation should not apply to credit ratings that a credit rating agency produces pursuant to an individual order and provides exclusively to the person who ordered it and which are not intended for public disclosure or distribution by subscription. |
| (20) | Naložbene raziskave, naložbena priporočila in druga mnenja o vrednosti ali ceni finančnega instrumenta ali finančne obveznosti ne bi smela veljati za bonitetne ocene. | (20) | Investment research, investment recommendations and other opinions about a value or a price for a financial instrument or a financial obligation should not be considered to be credit ratings. |
| (21) | Nenaročeno bonitetno oceno, torej bonitetno oceno, ki je niso začeli opravljati na zahtevo izdajatelja ali ocenjevanega subjekta, bi bilo treba jasno označiti kot takšno in jo na ustrezen način ločiti od naročenih bonitetnih ocen. | (21) | An unsolicited credit rating, namely a credit rating not initiated at the request of the issuer or rated entity, should be clearly identified as such and should be distinguished from solicited credit ratings by appropriate means. |
| (22) | Da se preprečijo morebitna nasprotja interesov, bi morale bonitetne agencije svojo poklicno dejavnost usmeriti v izdajo bonitetnih ocen. Bonitetni agencij ne bi smelo biti dovoljeno opravljati posvetovalnih ali svetovalnih storitev. Še zlasti bonitetna agencija ne bi smela dajati predlogov ali priporočil glede zasnove strukturiranih finančnih instrumentov. Vendar pa bi bonitetnim agencijam moralo biti dovoljeno opravljati pomožne storitve, kadar to ne povzroča potencialnih nasprotij interesov v zvezi z izdajo bonitetnih ocen. | (22) | In order to avoid potential conflicts of interest, credit rating agencies focus in their professional activity on the issuing of credit ratings. A credit rating agency should not be allowed to carry out consultancy or advisory services. In particular, a credit rating agency should not make proposals or recommendations regarding the design of a structured finance instrument. However, credit rating agencies should be able to provide ancillary services where this does not create potential conflicts of interest with the issuing of credit ratings. |
| (23) | Bonitetne agencije bi morale uporabljati ocenjevalne metodologije, ki so stroge, sistematične in ustaljene ter jih je mogoče ovrednotiti tudi na podlagi primernih preteklih izkušenj in s testiranjem za nazaj. Vendar pa ta zahteva ne bi smela omogočiti, da bi pristojni organi in države članice posegali v vsebino bonitetnih ocen in metodologij. Podobno tudi zahteva, da bonitetne agencije vsaj enkrat na leto revidirajo bonitetne ocene, ne bi smela ogrožati obveznosti bonitetnih agencij, da redno spremljajo in po potrebi revidirajo bonitetne ocene. Te zahteve se ne bi smele uporabljati tako, da bi se novim bonitetnim agencijam preprečil vstop na trg. | (23) | Credit rating agencies should use rating methodologies that are rigorous, systematic, continuous and subject to validation including by appropriate historical experience and back-testing. Such a requirement should not, however, provide grounds for interference with the content of credit ratings and methodologies by the competent authorities and the Member States. Similarly, the requirement that credit rating agencies review credit ratings at least annually should not compromise the obligation on credit rating agencies to monitor credit ratings on a continuous basis and review credit ratings as necessary. Those requirements should not be applied in such a way as to prevent new credit rating agencies from entering the market. |
| (24) | Bonitetne ocene bi morale biti dobro zasnovane in trdno utemeljene, da bi se izognili kompromisom. | (24) | Credit ratings should be well-founded and solidly substantiated, in order to avoid rating compromises. |
| (25) | Bonitetne agencije bi morale javnosti razkriti informacije o metodologijah, modelih in glavnih ocenjevalnih predpostavkah, ki jih uporabljajo pri dejavnostih bonitetnega ocenjevanja. Razkrite informacije o modelih bi morale biti tako natančne, da bi tudi uporabniki bonitetnih ocen lahko opravili analizo skrbnosti pri ocenjevanju, ali naj se zanesejo na te bonitetne ocene ali ne. Vendar se z razkritjem informacij o modelih ne bi smelo izdati občutljivih poslovnih podatkov ali resno zavirati inovacij. | (25) | Credit rating agencies should disclose information to the public on the methodologies, models and key rating assumptions which they use in their credit rating activities. The level of detail concerning the disclosure of information concerning models should be such as to give adequate information to the users of credit ratings in order to perform their own due diligence when assessing whether to rely or not on those credit ratings. Disclosure of information concerning models should not, however, reveal sensitive business information or seriously impede innovation. |
| (26) | Bonitetne agencije bi morale oblikovati ustrezne notranje politike in postopke glede zaposlenih in drugih oseb, ki so vključeni v bonitetni postopek, da preprečijo, ugotovijo, odpravijo ali obvladujejo in razkrijejo vsa nasprotja interesov in v vsakem trenutku zagotovijo kakovost, integriteto in temeljitost bonitetnega postopka in postopka pregleda. Med takšne politike in postopke bi moral biti vključen zlasti mehanizem notranjega nadzora in funkcija spremljanja skladnosti. | (26) | Credit rating agencies should establish appropriate internal policies and procedures in relation to employees and other persons involved in the credit rating process in order to prevent, identify, eliminate or manage and disclose any conflicts of interest and ensure at all times the quality, integrity and thoroughness of the credit rating and review process. Such policies and procedures should, in particular, include the internal control mechanisms and compliance function. |
| (27) | Bonitetne agencije bi se morale izogibati nasprotjem interesov in jih obvladovati, kadar se jim ni mogoče izogniti, da zagotovijo svojo neodvisnost. Bonitetne agencije bi morale pravočasno razkriti nasprotja interesov. Voditi bi morale tudi evidence vseh pomembnih nevarnosti za neodvisnost bonitetne agencije in njenih zaposlenih ter drugih oseb, vključenih v bonitetni postopek, ter uporabljenih zaščitnih ukrepov za zmanjševanje teh nevarnosti. | (27) | Credit rating agencies should avoid situations of conflict of interest and manage those conflicts adequately when they are unavoidable in order to ensure their independence. Credit rating agencies should disclose conflicts of interest in a timely manner. They should also keep records of all significant threats to the independence of the credit rating agency and that of its employees and other persons involved in the credit rating process, as well as the safeguards applied to mitigate those threats. |
| (28) | Bonitetna agencija ali skupina bonitetnih agencij bi morala vzdrževati ureditev dobrega upravljanja podjetja. Pri določanju ureditve upravljanja podjetja bi morala bonitetna agencija ali skupina bonitetnih agencij upoštevati potrebo po zagotavljanju bonitetnih ocen, ki so neodvisne, nepristranske in primerne kakovosti. | (28) | A credit rating agency or group of credit rating agencies should maintain arrangements for sound corporate governance. In determining its corporate governance arrangements, the credit rating agency or group of credit rating agencies should have regard to the need to ensure that it issues credit ratings that are independent, objective and of adequate quality. |
| (29) | Da bi se zagotovila neodvisnost bonitetnega postopka od poslovnega interesa bonitetne agencije kot podjetja, bi morale bonitetne agencije poskrbeti, da je vsaj ena tretjina članov, vendar ne manj kot dva člana, upravnega odbora ali nadzornega sveta neodvisnih na način, skladen s točko 13 oddelka III Priporočila Komisije 2005/162/ES z dne 15. februarja 2005 o vlogi neizvršnih direktorjev ali članov nadzornega odbora javnih družb in o komisijah upravnega odbora ali (nadzornega) sveta ( 13 ). Poleg tega mora imeti višje vodstvo, vključno z vsemi neodvisnimi člani upravnega ali nadzornega odbora, dovolj strokovnega znanja na ustreznih področjih finančnih storitev. Uradnik za spremljanje skladnosti bi moral o opravljanju svojih dolžnosti redno poročati višjemu vodstvu in neodvisnim članom upravnega odbora ali nadzornega sveta. | (29) | In order to ensure the independence of the credit rating process from the business interest of the credit rating agency as a company, credit rating agencies should ensure that at least one third, but no less than two, of the members of the administrative or supervisory board are independent in a manner consistent with point 13 in Section III of Commission Recommendation 2005/162/EC of 15 February 2005 on the role of non-executive or supervisory directors of listed companies and on the committees of the (supervisory) board ( 13 ). Moreover, it is necessary that the majority of the senior management, including all independent members of the administrative or supervisory board, have sufficient expertise in appropriate areas of financial services. The compliance officer should report regularly on the carrying out of his or her duties to the senior management and the independent members of the administrative or supervisory board. |
| (30) | Da se preprečijo nasprotja interesov, osebni prejemki neodvisnih članov upravnega odbora ali nadzornega odbora ne bi smeli biti odvisni od poslovnih rezultatov bonitetne agencije. | (30) | In order to avoid conflicts of interest, the compensation of independent members of the administrative or supervisory board should not depend on the business performance of the credit rating agency. |
| (31) | Bonitetna agencija bi morala svoji bonitetni dejavnosti dodeliti dovolj zaposlenih s primernim znanjem in izkušnjami. Zlasti bi morala bonitetna agencija poskrbeti, da se izdaji bonitetnih ocen ter njihovemu spremljanju in posodabljanju dodeli dovolj kadrovskih virov in finančnih sredstev. | (31) | A credit rating agency should allocate a sufficient number of employees with appropriate knowledge and experience to its credit rating activities. In particular, the credit rating agency should ensure that adequate human and financial resources are allocated to the issuing, monitoring and updating of credit ratings. |
| (32) | Da bi se upoštevale posebne okoliščine bonitetnih agencij, ki imajo manj kot 50 zaposlenih, bi morali imeti pristojni organi možnost, da takšne bonitetne agencije izvzamejo iz nekaterih obveznosti iz te uredbe v zvezi z vlogo neodvisnih članov odbora, funkcijo spremljanja skladnosti in mehanizmom rotacije, če lahko te bonitetne agencije dokažejo, da izpolnjujejo posebne pogoje. Pristojni organi bi morali preučiti zlasti, ali je velikost bonitetne agencije določena tako, da se bonitetna agencija ali skupina bonitetnih agencij lahko izogne izpolnjevanju zahtev iz te uredbe. Pristojni organi držav članic bi morali to izvzemanje izvajati tako, da se izognejo nevarnosti razdrobitve notranjega trga in da zagotovijo enotno uporabo zakonodaje Skupnosti. | (32) | In order to take account of the specific condition of credit rating agencies that have fewer than 50 employees, the competent authorities should be able to exempt such credit rating agencies from some of the obligations laid down by this Regulation as regards the role of the independent members of the board, the compliance function and the rotation mechanism, and provided that those credit rating agencies are able to demonstrate that they comply with specific conditions. The competent authorities should examine, in particular, whether the size of a credit rating agency has been determined in such a way as to avoid compliance with the requirements of this Regulation by the credit rating agency or by a group of credit rating agencies. The application of the exemption by competent authorities of Member States should be made in such a way as to avoid the risks of fragmenting the internal market and to guarantee the uniform application of Community law. |
| (33) | Dolgotrajna razmerja z istimi ocenjevanimi subjekti ali njihovimi povezanimi tretjimi stranmi bi lahko ogrozila neodvisnost bonitetnih analitikov in oseb, odgovornih za odobritev bonitetnih ocen. Zato bi bilo za te analitike in osebe treba uporabljati ustrezen mehanizem rotacije, ki bi moral zagotoviti postopno spremembo v skupinah analitikov in bonitetnih komisijah. | (33) | Long-lasting relationships with the same rated entities or their related third parties could compromise the independence of rating analysts and persons approving credit ratings. Those analysts and persons should therefore be subject to an appropriate rotation mechanism which should provide for a gradual change in analytical teams and credit rating committees. |
| (34) | Bonitetne agencije bi morale zagotoviti, da se metodologije, modeli in ključne ocenjevalne predpostavke, kot so matematične, korelacijske in druge predpostavke, ki se uporabljajo za določanje bonitetnih ocen, primerno vzdržujejo, posodabljajo in celovito revidirajo v rednih časovnih presledkih, njihovi opisi pa so objavljeni na način, ki omogoča obširno revizijo. Kadar se zaradi pomanjkanja zanesljivih podatkov ali zapletenosti nove vrste strukture finančnih instrumentov, zlasti strukturiranih finančnih instrumentov, postavljajo resna vprašanja glede tega, ali lahko bonitetna agencija izdela verodostojno bonitetno oceno, bi morala bonitetna agencija zavrniti izdajo bonitetne ocene ali preklicati obstoječo bonitetno oceno. Spremembe kakovosti razpoložljivih informacij za spremljanje že izdane bonitetne ocene bi se morale objaviti skupaj s to revizijo, po potrebi pa bi se morala opraviti revizija bonitetne ocene. | (34) | Credit rating agencies should ensure that methodologies, models and key rating assumptions such as mathematical or correlation assumptions used for determining credit ratings are properly maintained, up-to-date and subject to a comprehensive review on a periodic basis and that their descriptions are published in a manner permitting comprehensive review. In cases where the lack of reliable data or the complexity of the structure of a new type of financial instrument, in particular structured finance instruments, raises serious questions as to whether the credit rating agency can produce a credible credit rating, the credit rating agency should not issue a credit rating or should withdraw an existing credit rating. Changes in the quality of information available for monitoring an existing credit rating should be disclosed with that review and, if appropriate, a revision of the credit rating should be made. |
| (35) | Da bi bonitetna agencija zagotovila kakovost bonitetnih ocen, bi morala sprejeti ukrepe, s katerimi bi poskrbela, da so informacije, uporabljene za dodelitev bonitetne ocene, zanesljive. V ta namen bi morala bonitetna agencija med drugim imeti možnost, da predvidi opiranje na neodvisno revidirane računovodske izkaze in javna razkritja; preverjanje s storitvami uglednih tretjih strani; pregledovanje prejetih informacij z naključnim vzorčenjem ali pogodbene določbe, v katerih je jasno določena odgovornost za ocenjevani subjekt ali s slednjim povezane tretje osebe, če so informacije, zagotovljene na podlagi pogodbe, zavedno bistveno napačne ali zavajajoče ali če ocenjevani subjekt ali z njim povezane tretje strani niso razumno skrbni glede točnosti informacij, kot je določeno v pogojih pogodbe. | (35) | In order to ensure the quality of credit ratings, a credit rating agency should take measures to ensure that the information it uses in assigning a credit rating is reliable. For that purpose, a credit rating agency should be able to envisage, inter alia, reliance on independently audited financial statements and public disclosures; verification by reputable third-party services; random sampling examination of the information received; or contractual provisions clearly stipulating liability for the rated entity or its related third parties, if the information provided under the contract is knowingly materially false or misleading or if the rated entity or its related third parties fail to conduct reasonable due diligence regarding the accuracy of the information as specified under the terms of the contract. |
| (36) | Ta uredba ne posega v dolžnost bonitetnih agencij, da ščitijo pravico fizičnih oseb do zasebnosti v zvezi z obdelavo osebnih podatkov v skladu z Direktivo 95/46/ES Evropskega parlamenta in Sveta z dne 24. oktobra 1995 o varstvu posameznikov pri obdelavi osebnih podatkov in o prostem pretoku takih podatkov ( 14 ). | (36) | This Regulation is without prejudice to the duty of credit rating agencies to protect the right to privacy of natural persons with respect to the processing of personal data in accordance with Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data ( 14 ). |
| (37) | Bonitetne agencije morajo vzpostaviti primerne postopke za reden pregled metodologij, modelov in ključnih ocenjevalnih predpostavk, ki jih uporablja bonitetna agencija, da lahko pravilno odražajo spremenljive pogoje na zadevnih trgih. Da se zagotovi preglednost, bi bilo treba vse bistvene spremembe metodologij in praks ter postopkov in procesov bonitetne agencije razkriti, preden začnejo te spremembe veljati, razen če je treba zaradi skrajnih tržnih pogojev nemudoma spremeniti bonitetno oceno. | (37) | It is necessary for credit rating agencies to establish proper procedures for the regular review of methodologies, models and key rating assumptions used by the credit rating agency in order to be able to properly reflect the changing conditions in the underlying asset markets. With a view to ensuring transparency, disclosure of any material modification to the methodologies and practices, procedures and processes of credit rating agencies should be made prior to their coming into effect, unless extreme market conditions require an immediate change in the credit rating. |
| (38) | Bonitetna agencija bi morala navesti vsa ustrezna opozorila glede tveganj, vključno z analizo občutljivosti zadevnih predpostavk. V tej analizi bi bilo treba pojasniti, kako lahko razna dogajanja na trgu, zaradi katerih se spreminjajo parametri, vključeni v model, vplivajo na spremembe bonitetnih ocen (na primer nestanovitnost). Bonitetna agencija bi morala zagotoviti, da je mogoče informacije o preteklih stopnjah neplačil za njene bonitetne kategorije preveriti in kvantificirati ter da te informacije zagotavljajo zadostno podlago za zainteresirane strani, da te razumejo pretekle rezultate za vsako bonitetno kategorijo ter če in kako so se bonitetne kategorije spreminjale. Če je zaradi značaja bonitetne ocene ali drugih okoliščin pretekla stopnja neplačil neprimerna, statistično nepomembna ali je zaradi česa drugega verjetno, da bodo zaradi nje uporabniki bonitetne ocene zavedeni, bi morala bonitetna agencija navesti ustrezna pojasnila. Te informacije bi morale biti, kolikor je to mogoče, primerljive z vsemi drugimi obstoječimi vzorci v panogi, da lahko vlagatelji primerjajo rezultate različnih bonitetnih agencij. | (38) | A credit rating agency should indicate any appropriate risk warning, including a sensitivity analysis of the relevant assumptions. That analysis should explain how various market developments that move the parameters built into the model may influence the credit rating changes (for example volatility). The credit rating agency should ensure that the information on historical default rates of its rating categories is verifiable and quantifiable and provides a sufficient basis for interested parties to understand the historical performance of each rating category and if and how rating categories have changed. If the nature of the credit rating or other circumstances makes a historical default rate inappropriate, statistically invalid, or otherwise likely to mislead the users of the credit rating, the credit rating agency should provide appropriate clarification. That information should, to the extent possible, be comparable with any existing industry patterns in order to assist investors in drawing performance comparisons between different credit rating agencies. |
| (39) | Da bi okrepili preglednost bonitetnih ocen in prispevali k varovanju investitorjev, bi moral CESR vzdrževati osrednji register, kjer bi se hranile informacije o preteklih dejavnostih bonitetnih agencij in o bonitetnih ocenah, izdanih v preteklosti. Bonitetne agencije bi morale zagotoviti informacije za ta register v standardizirani obliki. CESR bi moral omogočiti javni dostop do teh informacij in letno objaviti povzetek informacij glede bistvenega opaženega razvoja. | (39) | In order to reinforce transparency of credit ratings and contribute to the protection of investors, CESR should maintain a central repository where information on the past performances of credit rating agencies and information about credit ratings issued in the past should be kept. Credit rating agencies should provide information to that repository in standardised form. CESR should make that information available to the public and should, annually, publish summary information on the main developments observed. |
| (40) | Učinki strukturiranih finančnih instrumentov so lahko v določenih okoliščinah drugačni od učinkov tradicionalnih dolžniških instrumentov podjetij. Uporaba istih bonitetnih kategorij za obe vrsti instrumentov brez dodatne razlage je lahko za vlagatelje zavajajoča. Bonitetne agencije bi morale imeti pomembno vlogo pri osveščanju uporabnikov bonitetnih ocen o posebnostih strukturiranih finančnih produktov glede na tradicionalne. Bonitetne agencije bi morale zato jasno razlikovati med bonitetnimi kategorijami, uporabljenimi za ocenjevanje strukturiranih finančnih instrumentov na eni strani, in bonitetnimi kategorijami, uporabljenimi za druge finančne instrumente ali finančne obveznosti na drugi strani, tako da bonitetni kategoriji dodajo primeren simbol. | (40) | Under certain circumstances structured finance instruments may have effects which are different from traditional corporate debt instruments. It could be misleading for investors to apply the same rating categories to both types of instruments without further explanation. Credit rating agencies should play an important role in raising awareness of the users of credit ratings about the specificities of the structured finance products in relation to traditional ones. Credit rating agencies should therefore clearly differentiate between rating categories used for rating structured finance instruments on the one hand, and rating categories used for other financial instruments or financial obligations on the other, by adding an appropriate symbol to the rating category. |
| (41) | Bonitetne agencije bi morale sprejeti ukrepe, s katerimi preprečijo, da bi izdajatelji zaprosili številne bonitetne agencije za predhodno oceno zadevnega strukturiranega finančnega instrumenta, da bi ugotovili, katera ponuja najboljšo bonitetno oceno za predlagano strukturo. Takim praksam bi se morali izogibati tudi izdajatelji. | (41) | Credit rating agencies should take measures to avoid situations where issuers request the preliminary rating assessment of the structured finance instrument concerned from a number of credit rating agencies in order to identify the one offering the best credit rating for the proposed structure. Issuers should also avoid applying such practices. |
| (42) | Bonitetna agencija bi morala voditi evidence o metodologiji za bonitetne ocene in jih redno posodabljati, voditi pa bi morala tudi evidence bistvenih elementov dialoga med bonitetnim analitikom in ocenjevanim subjektom ali njegovimi povezanimi tretjimi stranmi. | (42) | A credit rating agency should keep records of the methodology for credit ratings and regularly update changes thereto and also keep a record of the substantial elements of the dialogue between the rating analyst and the rated entity or its related third parties. |
| (43) | Da se zagotovi visoka raven zaupanja vlagateljev in potrošnikov v notranji trg, bi morale bonitetne agencije, ki izdajajo bonitetne ocene v Skupnosti, biti registrirane. Takšna registracija je glavni predpogoj, da lahko bonitete agencije izdajajo bonitetne ocene, namenjene za uporabo v regulatorne namene v Skupnosti. Zato je treba določiti usklajene pogoje in postopek za odobritev, začasno razveljavitev in razveljavitev te registracije. | (43) | In order to ensure a high level of investor and consumer confidence in the internal market, credit rating agencies which issue credit ratings in the Community should be subject to registration. Such a registration is the principal prerequisite for credit rating agencies to issue credit ratings intended to be used for regulatory purposes in the Community. It is therefore necessary to lay down the harmonised conditions and the procedure for the granting, suspension and withdrawal of such registration. |
| (44) | Ta uredba ne bi smela nadomestiti uveljavljenega procesa priznavanja zunanjih bonitetnih institucij v skladu z Direktivo 2006/48/ES. Zunanje bonitetne institucije, ki so že priznane v Skupnosti, bi morale zaprositi za registracijo v skladu s to uredbo. | (44) | This Regulation should not replace the established process of recognising External Credit Assessment Institutions (ECAIs) in accordance with Directive 2006/48/EC. The ECAIs already recognised in the Community should apply for registration in accordance with this Regulation. |
| (45) | Bonitetna agencija, ki jo registrira pristojni organ zadevne države članice, lahko izdaja bonitetne ocene v celotni Skupnosti. Zato je treba za vsako bonitetno agencijo uvesti skupni postopek registracije, ki je veljavna v celotni Skupnosti. Registracija bonitetne agencije bi morala začeti veljati, ko v skladu z zadevnim nacionalnim pravom začne učinkovati odločba o registraciji, ki jo je izdal pristojni organ matične države članice. | (45) | A credit rating agency registered by the competent authority of the relevant Member State should be allowed to issue credit ratings throughout the Community. It is therefore necessary to establish a single registration procedure for each credit rating agency which is effective throughout the Community. The registration of a credit rating agency should become effective once the registration decision issued by the competent authority of the home Member State has taken effect under relevant national law. |
| (46) | Vzpostaviti je treba enotno točko vstopa za predložitev vlog za registracijo. Vloge za registracijo bi moral prejemati CESR in učinkovito obveščati pristojne organe v vseh državah članicah. CESR bi moral pristojnemu organu matične države članice tudi svetovati o popolnosti vloge. Vloge za registracijo bi moral pregledati ustrezni pristojni organ na nacionalni ravni. Da bi se bonitetne agencije obravnavale učinkovito, bi morali pristojni organi vzpostaviti operativno mrežo („kolegij“), podprto z učinkovito infrastrukturo informacijske tehnologije. CESR bi moral ustanoviti pododbor, specializiran za bonitetne ocene vseh razredov finančnih instrumentov, ki jih ocenjujejo bonitetne agencije. | (46) | It is necessary to establish a single point of entry for the submission of applications for registration. CESR should receive applications for registration and effectively inform the competent authorities in all the Member States. CESR should also provide advice in respect of the completeness of the application to the competent authority of the home Member State. The examination of applications for registration should be carried out at national level by the relevant competent authority. In order to deal efficiently with credit rating agencies, competent authorities should set up operational networks (colleges) supported by an efficient information technology infrastructure. CESR should establish a subcommittee specialised in the field of credit ratings of each of the asset classes rated by credit rating agencies. |
| (47) | Nekatere bonitetne agencije so sestavljene iz več pravnih oseb, ki skupaj tvorijo skupino bonitetnih agencij. Pri registraciji posameznih bonitetnih agencij iz take skupine bi morali pristojni organi zadevne države članice uskladiti preverjanje vlog, ki jih predložijo bonitetne agencije v isti skupini, in postopek odločanja o odobritvi registracij. Vendar bi moralo biti možno, da se bonitetni agenciji iz skupine bonitetnih agencij registracija zavrne, če takšna bonitetna agencija ne izpolnjuje zahtev za registracijo, ostala podjetja te skupine pa izpolnjujejo vse zahteve za registracijo iz te uredbe. Ker kolegij ne bi smel biti pooblaščen za izdajo pravno zavezujočih odločitev, bi moral vsak pristojni organ države članice, ki je matična država podjetja iz skupine bonitetnih agencij, izdati posamično odločitev v zvezi z bonitetno agencijo, ustanovljeno na ozemlju zadevne države članice. | (47) | Some credit rating agencies are composed of several legal entities which, together, form a group of credit rating agencies. When registering each of the credit rating agencies being part of such a group, the competent authorities of the Member States concerned should coordinate the examination of the applications submitted by credit rating agencies belonging to the same group and the decision-making concerning the granting of registration. It should be possible, however, to refuse registration to a credit rating agency within a group of credit rating agencies when such a credit rating agency does not meet the requirements for registration while other members of such a group comply with all of the requirements for registration under this Regulation. As the college should not be entrusted with power to issue legally binding decisions, the competent authorities of home Member States of the members of the group of credit rating agencies should each issue an individual decision in respect of the credit rating agency established on the territory of the Member State concerned. |
| (48) | Kolegij bi moral biti učinkovita platforma za izmenjavo informacije o nadzoru med pristojnimi organi ter usklajevanje njihovih dejavnosti in nadzornih ukrepov, potrebnih za učinkovit nadzor bonitetnih agencij. Zlasti bi moral kolegij omogočiti spremljanje izpolnjevanja pogojev za odobritev bonitetnih ocen, izdanih v tretjih državah, certificiranje ureditev zunanjega izvajanja in izjeme za bonitetne agencije iz te uredbe. Dejavnosti kolegija bi morale prispevati k usklajeni uporabi pravil po tej uredbi in k zbližanju nadzornih praks. | (48) | The college should represent the effective platform for an exchange of supervisory information among competent authorities, coordination of their activities and supervisory measures necessary for the effective supervision of credit rating agencies. In particular, the college should facilitate the monitoring of the fulfilment of conditions for the endorsement of credit ratings issued in third countries, certification, outsourcing arrangements, and exemptions provided for in this Regulation. The activities of the college should contribute to the harmonised application of rules under this Regulation and to the convergence of supervisory practices. |
| (49) | Da bi okrepili praktično usklajevanje dejavnosti kolegija, bi morali njegovi člani iz svojih vrst izbrati povezovalca. Povezovalec bi moral voditi srečanja kolegija, pripraviti pisno ureditev usklajevanja za kolegij in usklajevati njegovo delovanje. Med registracijskim postopkom bi moral povezovalec oceniti, ali je treba podaljšati obdobje za preverjanje vloge, usklajevati takšno preverjanje in sodelovati s CESR. | (49) | In order to enhance the practical coordination of activities of the college, its members should select among themselves a facilitator. The facilitator should chair the meetings of the college, establish its written coordination arrangements and coordinate its actions. During the registration process, the facilitator should assess the need to extend the period for examination of applications, coordinate such examination, and liaise with CESR. |
| (50) | Komisija je novembra 2008 ustanovila skupino na visoki ravni, ki se bo ukvarjala s prihodnjo evropsko nadzorno strukturo na področju finančnih storitev, vključno z vlogo CESR. | (50) | In November 2008, the Commission set up a high level group with the task of examining the future European supervisory architecture in the field of financial services, including the role of CESR. |
| (51) | Sedanja nadzorna struktura ne bi smela veljati za dolgoročno rešitev glede nadzora nad bonitetnimi agencijami. Kolegiji pristojnih organov, od katerih se pričakuje, da bodo na tem področju v Skupnosti racionalizirali nadzorno sodelovanje in konvergenco, so pomemben korak naprej, a ne bodo nadomestili vseh prednosti bolj konsolidiranega nadzora nad bonitetno industrijo. Kriza na mednarodnih finančnih trgih je jasno pokazala, da bi bilo primerno še dodatno pregledati potrebo po obsežnih reformah regulativnega in nadzornega modela finančnega sektorja Skupnosti. Nadaljnje obsežne reforme regulativnega in nadzornega modela finančnega sektorja Skupnosti so nujno potrebne, Komisija pa bi jih morala predlagati čim prej, ob ustreznem upoštevanju zaključkov z dne 25. februarja 2009 skupine strokovnjakov, ki ji predseduje Jacques de Larosière, da bo dosežena potrebna raven nadzorne konvergence in nadzornega sodelovanja v Skupnosti ter da bo imela stabilnost finančnega sistema večjo podporo. Komisija bi morala čim prej in v vsakem primeru do 1. julija 2010 poročati Evropskemu parlamentu, Svetu in drugim zadevnim institucijam o vseh ugotovitvah s tem v zvezi in predložiti vse zakonodajne predloge, potrebne za reševanje opredeljenih pomanjkljivosti glede nadzornega usklajevanja in ureditev sodelovanja. | (51) | The current supervisory architecture should not be considered as the long-term solution for the oversight of credit rating agencies. Colleges of competent authorities, which are expected to streamline supervisory cooperation and convergence in this area in the Community, are a considerable step forward, but may not substitute all the advantages of more consolidated supervision of the credit rating industry. The crisis in international financial markets has clearly demonstrated that it is appropriate to examine further the need for wide-ranging reforms of the regulatory and supervisory model of the Community financial sector. In order to achieve the necessary level of Community supervisory convergence and cooperation and to underpin the stability of the financial system, further wide-ranging reforms of the regulatory and supervisory model of the Community financial sector are highly needed and should be put forward swiftly by the Commission with due consideration to the conclusions presented by the group of experts chaired by Jacques de Larosière on 25 February 2009. The Commission should, as soon as possible, and in any event by 1 July 2010, report to the European Parliament, the Council and other institutions concerned any findings in this respect and should put forward any legislative proposal needed to tackle the shortcomings identified as regards supervisory coordination and cooperation arrangements. |
| (52) | Znatne spremembe v sistemu odobritve, v dogovorih o zunanjem izvajanju ter pri odpiranju in zapiranju podružnic bi morale med drugim veljati za bistvene spremembe pogojev za začetno registracijo bonitetne agencije. | (52) | Significant changes in the endorsement regime, outsourcing arrangements as well as the opening and closing of branches should, inter alia, be considered as material changes to the conditions for initial registration of a credit rating agency. |
| (53) | Nadzor bonitetne agencije bi moral izvajati pristojni organ matične države članice v sodelovanju s pristojnimi organi drugih zadevnih držav članic, ki mu pomaga zadevni kolegij, sam pa skrbi za ustrezno vključevanje CESR. | (53) | The supervision of a credit rating agency should be carried out by the competent authority of the home Member State in cooperation with the competent authorities of the other Member States concerned, using the relevant college and keeping CESR appropriately involved. |
| (54) | Zmožnosti pristojnega organa države članice in drugih članov zadevnega kolegija, da ocenijo in spremljajo, kako bonitetna agencija izpolnjuje svoje obveznosti v skladu s to uredbo, ne bi smel omejevati noben dogovor o zunanjem izvajanju, ki ga je sklenila bonitetna agencija. Bonitetna agencija bi morala biti še naprej odgovorna za vse njene obveznosti iz te uredbe v primeru dogovorov o zunanjem izvajanju. | (54) | The ability of the competent authority of the home Member State and other members of the relevant college to assess and monitor compliance of a credit rating agency with the obligations provided for under this Regulation should not be limited by any outsourcing arrangements entered into by the credit rating agency. The credit rating agency should remain responsible for any of its obligations under this Regulation in the event of the use of outsourcing arrangements. |
| (55) | Da se ohrani visoka raven zaupanja vlagateljev in potrošnikov ter omogoči stalen nadzor bonitetnih ocen, izdanih v Skupnosti, bi morale bonitetne agencije s sedežem zunaj Skupnosti ustanoviti v Skupnosti hčerinsko podjetje, da omogočijo učinkovit nadzor svojih dejavnosti v Skupnosti in učinkovito uporabo sistema odobritve. Spodbujati bi bilo treba tudi pojav novih akterjev na trgu bonitetnih agencij. | (55) | In order to maintain a high level of investor and consumer confidence and enable the ongoing supervision of credit ratings issued in the Community, credit rating agencies whose headquarters are located outside the Community should be required to set up a subsidiary in the Community in order to allow for the efficient supervision of their activities in the Community and the effective use of the endorsement regime. The emergence of new actors on the credit rating agency market should also be encouraged. |
| (56) | Pristojni organi bi morali imeti možnost, da uporabijo v tej uredbi opredeljena pooblastila v zvezi z bonitetnimi agencijami, osebami, vključenimi v dejavnosti bonitetnega ocenjevanja, ocenjevanimi subjekti in njihovimi povezanimi tretjimi osebami, tretjimi osebami, ki so jim bonitetne agencije oddale v zunanje izvajanje nekatere funkcije ali dejavnosti, in ostalimi osebami, ki so drugače povezane z bonitetnimi agencijami oziroma dejavnostmi bonitetnega ocenjevanja ali jih te agencije oziroma dejavnosti zadevajo. Med takšne osebe bi morali spadati tudi delničarji ali člani upravnega odbora ali nadzornega sveta bonitetnih agencij in ocenjevanih subjektov. | (56) | The competent authorities should be able to use powers defined in this Regulation in relation to credit rating agencies, persons involved in credit rating activities, rated entities and related third parties, third parties to whom the credit rating agencies have outsourced certain functions or activities, and other persons otherwise related or connected to credit rating agencies or credit rating activities. Such persons should include shareholders or members of the supervisory or administrative boards of the credit rating agencies and rated entities. |
| (57) | Določbe te uredbe o nadomestilih za nadzor ne bi smele posegati v zadevne predpise nacionalne zakonodaje, ki urejajo nadomestila za nadzor ali podobna nadomestila. | (57) | The provisions of this Regulation regarding supervisory fees should be without prejudice to relevant provisions of national law governing supervisory or similar fees. |
| (58) | Oblikovati je treba mehanizem, ki zagotavlja učinkovito izvrševanje uredbe. Pristojni organi držav članic bi morali imeti na razpolago potrebna sredstva za zagotovitev, da se bonitetne ocene, ki se izdajajo v Skupnosti, izdajajo v skladu s to uredbo. Uporabo teh nadzornih ukrepov bi moral vedno usklajevati zadevni kolegij. Ukrepa, kot sta razveljavitev registracije ali začasna prepoved uporabe bonitetnih ocen v regulativne namene, bi se morala uporabiti, če se ocenjuje, da sta sorazmerna s pomenom kršitve obveznosti na podlagi te uredbe. Pristojni organi bi morali pri izvajanju svojih nadzornih pristojnosti upoštevati interese vlagateljev in stabilnost trga. Ker bi bilo treba ohraniti neodvisnost bonitetne agencije v postopku izdajanja bonitetnih ocen, niti pristojni organi niti države članice ne bi smeli posegati v vsebino bonitetnih ocen in metodologij, s katerimi bonitetna agencija določa bonitetne ocene, da bi preprečili dogovorjene bonitetne ocene. Če je bonitetna agencija izpostavljena pritisku, bi morala o tem obvestiti Komisijo in CESR. Komisija bi morala od primera do primera preveriti, ali je treba proti državi članici, ki ni izpolnila obveznosti iz te uredbe, sprejeti nadaljnje ukrepe. | (58) | It is appropriate to create a mechanism to ensure the effective enforcement of this Regulation. The competent authorities of the Member States should have at their disposal the necessary means to ensure that ratings issued in the Community are issued in compliance with this Regulation. The use of these supervisory measures should always be coordinated within the relevant college. Measures such as the withdrawal of registration or the suspension of the use for regulatory purposes of credit ratings should be imposed when they are considered to be proportionate to the significance of the breach of the obligations arising from this Regulation. In exercising their supervisory powers, competent authorities should have due regard to the interests of investors and market stability. Since the independence of a credit rating agency in the process of issuing its credit ratings should be preserved, neither the competent authorities nor the Member States should interfere in relation to the substance of credit ratings and the methodologies by which a credit rating agency determines credit ratings in order to avoid credit ratings to be compromised. In the event that a credit rating agency is subjected to pressure, it should notify the Commission and CESR. The Commission should examine on a case-by-case basis whether further action is to be taken against the Member State concerned for failure to comply with its obligations under this Regulation. |
| (59) | Zaželeno je zagotoviti, da postopek odločanja iz te uredbe temelji na tesnem sodelovanju pristojnih organov iz držav članic in da je odločitve o registraciji treba sprejemati na podlagi dogovora. To je nujen predpogoj za učinkovit registracijski postopek in izvajanje nadzora. Odločanje bi moralo biti učinkovito, hitro in soglasno. | (59) | It is desirable to ensure that decision-making referred to in this Regulation be based on close cooperation between the Member States’ competent authorities, and the adoption of the registration decisions should therefore take place on the basis of an agreement. This is a necessary prerequisite for the efficient process of registration and performance of supervision. The decision-making should be effective, expeditious and consensual. |
| (60) | Da se zagotovi učinkovit nadzor in prepreči podvajanje nalog, bi morali pristojni organi držav članic sodelovati. | (60) | For the efficiency of supervision and in order to avoid duplication of tasks, the competent authorities of the Member States should cooperate. |
| (61) | Prav tako je pomembno zagotoviti izmenjavo informacij med pristojnimi organi, za nadzor bonitetnih agencij po tej uredbi, in pristojnimi organi, ki nadzirajo finančne institucije, zlasti s pristojnimi organi za bonitetni nadzor ali za finančno stabilnost v državah članicah. | (61) | It is also important to provide for exchange of information between competent authorities responsible for supervision of credit rating agencies under this Regulation and competent authorities supervising financial institutions, in particular those responsible for prudential supervision or financial stability in the Member States. |
| (62) | Pristojni organi držav članic, ki niso pristojni organi matične države članice, bi morali imeti možnost, da po predhodni obvestitvi pristojnega organa matične države članice in posvetovanju z zadevnim kolegijem posredujejo in sprejmejo ustrezne nadzorne ukrepe, če ugotovijo, da registrirana bonitetna agencija, katere ocene se uporabljajo na njihovem ozemlju, krši obveznosti iz te uredbe. | (62) | The competent authorities of Member States other than the competent authority of the home Member State should be able to intervene and take appropriate supervisory measures, after informing CESR and the competent authority of the home Member State and after consulting the relevant college in the event that they have established that a registered credit rating agency whose ratings are used within their territory breaches the obligations arising from this Regulation. |
| (63) | Če ta uredba ne določa posebnega postopka glede registracije, certificiranja ali razveljavitve, sprejetja nadzornih ukrepov ali uveljavljanja nadzornih pooblastil, bi se morala uporabljati nacionalna zakonodaja, ki ureja takšne postopke, vključno z jezikovnimi ureditvami, poklicno skrivnostjo in varovanjem poklicne skrivnosti odvetnikov, pravice bonitetnih agencij in drugih oseb, ki spadajo pod to zakonodajo, pa ne bi smele biti ogrožene. | (63) | Unless this Regulation provides for a specific procedure as regards registration, certification or withdrawal thereof, the adoption of supervisory measures or the performance of supervisory powers, the national law governing such procedures including linguistic regimes, professional secrecy and legal professional privilege, should apply and the rights of the credit rating agencies and other persons under that law should not be affected. |
| (64) | Povečati je treba konvergenco pooblastil pristojnih organov, da se doseže enakomerna intenzivnost izvrševanja na celotnem notranjem trgu. | (64) | It is necessary to enhance convergence of the powers at the disposal of the competent authorities in order to achieve an equivalent intensity of enforcement across the internal market. |
| (65) | CESR bi moral zagotoviti usklajeno uporabo te uredbe. Okrepiti in olajšati bi moral sodelovanje in usklajevanje pristojnih organov pri nadzornih dejavnostih ter po potrebi izdati smernice. Zato bi moral vzpostaviti mehanizem posredovanja in medsebojnih pregledov, da pristojnim organom omogoči skladen pristop. | (65) | CESR should ensure coherence in the application of this Regulation. It should enhance and facilitate the cooperation and coordination of competent authorities in supervisory activities and issue guidance where appropriate. CESR should therefore establish a mediation mechanism and peer review in order to facilitate a coherent approach by the competent authorities. |
| (66) | Države članice bi morale določiti pravila o kaznih za kršitve določb te uredbe in zagotoviti, da se ta pravila izvajajo. Kazni bi morale biti učinkovite, sorazmerne in odvračilne ter bi morale biti predvidene vsaj za primere grobih poklicnih napak in pomanjkanja skrbnosti dobrega gospodarja. Države članice bi morale imeti možnost, da v upravnem ali kazenskem pravu določijo kazni. CESR bi moral določiti smernice o zbliževanju praks na področju takšnih kazni. | (66) | Member States should lay down rules on penalties applicable to infringements of the provisions of this Regulation and ensure that they are implemented. Those penalties should be effective, proportionate and dissuasive and should at least cover cases of gross professional misconduct and lack of due diligence. It should be possible for Member States to provide for administrative or criminal penalties. CESR should establish guidelines on the convergence of practices relating to such penalties. |
| (67) | Vsaka izmenjava ali prenos informacij med pristojnimi organi, drugimi organi, telesi ali osebami bi moral biti v skladu s pravili o posredovanju osebnih podatkov, določenimi v Direktivi 95/46/ES. | (67) | Any exchange or transmission of information between competent authorities, other authorities, bodies or persons should be in accordance with the rules on transfer of personal data as laid down in Directive 95/46/EC. |
| (68) | Ta uredba bi morala določati tudi pravila v zvezi z izmenjavo informacij s pristojnimi organi v tretjih državah, zlasti s pristojnimi organi, ki so odgovorni za nadzor bonitetnih agencij, vključenih v odobritev in certificiranje. | (68) | This Regulation should also provide for rules relating to exchange of information with competent authorities in third countries, particularly with those responsible for the supervision of the credit rating agencies involved in endorsement and certification. |
| (69) | Brez poseganja v uporabo prava Skupnosti bi se morala vsaka tožba bonitetne agencije v zvezi z kakršno koli kršitvijo določb te uredbe vložiti v skladu z nacionalno zakonodajo o civilni odgovornosti. | (69) | Without prejudice to the application of Community law, any claim against credit rating agencies in relation to any infringement of the provisions of this Regulation should be made in accordance with the applicable national law on civil liability. |
| (70) | Ukrepe, ki so potrebni za izvajanje te uredbe, bi bilo treba sprejeti v skladu s Sklepom Sveta 1999/468/ES z dne 28. junija 1999 o postopkih za izvajanje Komisiji podeljenih izvedbenih pooblastil ( 15 ). | (70) | The measures necessary for the implementation of this Regulation should be adopted in accordance with Council Decision 1999/468/EC of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission ( 15 ). |
| (71) | Zlasti bi bilo treba Komisiji podeliti pooblastila, da ob upoštevanju mednarodnih razmer spremeni prilogi I in II k tej uredbi, v katerih so določena posebna merila za presojanje, ali bonitetna agencija izpolnjuje svoje obveznosti v zvezi z notranjo organizacijo, operativnimi ureditvami, predpisi za zaposlene, predstavitvijo bonitetnih ocen in razkrivanjem, ter določi ali spremeni merila za določanje enakovrednosti regulativnega in nadzornega pravnega okvira tretjih držav z določbami te uredbe. Ker so ti ukrepi splošnega obsega in so namenjeni spreminjanju nebistvenih določb te uredbe, med drugim z njenim dopolnjevanjem z novimi nebistvenimi določbami, jih je treba sprejeti v skladu z regulativnim postopkom s pregledom iz člena 5a Sklepa 1999/468/ES. | (71) | In particular, the Commission should be empowered, while taking account of international developments, to amend Annexes I and II, which lay down the specific criteria for assessing the compliance of a credit rating agency with its duties in terms of internal organisation, operational arrangements, rules on employees, presentation of credit ratings and disclosure, and to specify or amend the criteria for determining the equivalence of the regulatory and supervisory legal framework of third countries with the provisions of this Regulation. Since those measures are of general scope and are designed to amend non-essential elements of this Regulation, inter alia, by supplementing it with new non-essential elements, they must be adopted in accordance with the regulatory procedure with scrutiny provided for in Article 5a of Decision 1999/468/EC. |
| (72) | Ob upoštevanju nadaljnjega razvoja na finančnih trgih bi morala Komisija predložiti Evropskemu parlamentu in Svetu poročilo z oceno o uporabi te uredbe, zlasti opiranje na bonitetne ocene v regulativne namene, pa tudi primernost plačila, ki ga ocenjeni subjekt nameni bonitetni agenciji. Na podlagi te ocene bi morala Komisija pripraviti ustrezne zakonodajne predloge. | (72) | With a view to taking into account further developments in the financial markets, the Commission should submit a report to the European Parliament and the Council assessing the application of this Regulation, in particular the regulatory reliance on credit ratings as well as the appropriateness of the remuneration of the credit rating agency by the rated entity. In the light of that assessment, the Commission should put forward appropriate legislative proposals. |
| (73) | Komisija bi morala prav tako predložiti poročilo Evropskemu parlamentu in Svetu, ki bo vsebovalo oceno spodbud izdajateljem za uporabo bonitetnih agencij s sedežem v Skupnosti za del svojih ocen, možnih alternativ modelu „izdajatelj plača“, vključno z ustanovitvijo javne bonitetne agencije Skupnosti, in zbliževanja nacionalnih predpisov o kršitvah določb te uredbe. Na podlagi te ocene bi morala Komisija pripraviti ustrezne zakonodajne predloge. | (73) | The Commission should also submit a report to the European Parliament and the Council assessing incentives for issuers to use credit rating agencies established in the Community for a proportion of their ratings, possible alternatives to the ‘issuer-pays’ model including the creation of a public Community credit rating agency, and convergence of national rules concerning infringements of the provisions of this Regulation. In the light of that assessment, the Commission should put forward appropriate legislative proposals. |
| (74) | Komisija bi prav tako morala predložiti poročilo Evropskemu parlamentu in Svetu, v katerem bi ocenila razvoj regulativnega in nadzornega okvira za bonitetne agencije v tretjih državah in učinke tega razvoja ter prehodnih določb iz te uredbe na stabilnost finančnih trgov v Skupnosti. | (74) | The Commission should also submit a report to the European Parliament and the Council assessing developments in the regulatory and supervisory framework for credit rating agencies in third countries and the effects of those developments and of transitional provisions referred to in this Regulation on the stability of the financial markets in the Community. |
| (75) | Ker cilja te uredbe, in sicer zagotoviti visoko raven zaščite potrošnikov in vlagateljev z določitvijo skupnega okvira za kakovost bonitetnih ocen, izdanih na notranjem trgu, države članice ne morejo zadovoljivo doseči, saj trenutno ni veliko nacionalne zakonodaje, večina bonitetnih agencij pa ima sedež zunaj Skupnosti, in ker ta cilj lažje doseže Skupnost, lahko Skupnost sprejme ukrepe v skladu z načelom subsidiarnosti iz člena 5 Pogodbe. V skladu z načelom sorazmernosti iz navedenega člena ta uredba ne presega okvirov, ki so potrebni za doseganje navedenega cilja. | (75) | Since the objective of this Regulation, namely to ensure a high level of consumer and investor protection by laying down a common framework with regard to the quality of credit ratings to be issued in the internal market, cannot be sufficiently achieved by the Member States, given the current scarcity of national legislation in this field and the fact that the majority of existing credit rating agencies are established outside the Community, and can therefore be better achieved at Community level, the Community may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty. In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve that objective, |
| SPREJELA NASLEDNJO UREDBO: | HAVE ADOPTED THIS REGULATION: |
| NASLOV I | TITLE I |
| VSEBINA, PODROČJE UPORABE IN OPREDELITVE | SUBJECT MATTER, SCOPE AND DEFINITIONS |
| ▼M3 | ▼M3 |
| Člen 1 | Article 1 |
| Vsebina | Subject matter |
| S to uredbo se uvaja skupni regulativni pristop za izboljšanje integritete, preglednosti, odgovornosti, dobrega upravljanja in neodvisnosti dejavnosti bonitetnega ocenjevanja, kar prispeva h kakovosti izdanih bonitetnih ocen v Uniji in k nemotenemu delovanju notranjega trga ob hkratnem doseganju visoke ravni zaščite potrošnikov in vlagateljev. Določa pogoje za izdajo bonitetnih ocen in pravila glede organizacije in ravnanja bonitetnih agencij, vključno z njihovimi delničarji in družbeniki, da se spodbuja njihova neodvisnost, izogibanje nasprotjem interesov ter okrepi zaščita potrošnikov in vlagateljev. | This Regulation introduces a common regulatory approach in order to enhance the integrity, transparency, responsibility, good governance and independence of credit rating activities, contributing to the quality of credit ratings issued in the Union and to the smooth functioning of the internal market, while achieving a high level of consumer and investor protection. It lays down conditions for the issuing of credit ratings and rules on the organisation and conduct of credit rating agencies, including their shareholders and members, to promote credit rating agencies’ independence, the avoidance of conflicts of interest, and the enhancement of consumer and investor protection. |
| Ta uredba določa tudi obveznosti izdajateljev, originatorjev in sponzorjev, ustanovljenih v Uniji, glede strukturiranih finančnih instrumentov. | This Regulation also lays down obligations for issuers, originators and sponsors established in the Union regarding structured finance instruments. |
| ▼B | ▼B |
| Člen 2 | Article 2 |
| Področje uporabe | Scope |
| 1. Ta uredba se uporablja za bonitetne ocene, ki jih izdajo bonitetne agencije, registrirane v ►M3 Uniji ◄ , in ki se javno razkrivajo ali distribuirajo na podlagi naročniškega razmerja. | 1. This Regulation applies to credit ratings issued by credit rating agencies registered in the ►M3 Union ◄ and which are disclosed publicly or distributed by subscription. |
| 2. Ta uredba se ne uporablja za: | 2. This Regulation does not apply to: |
| (a) zasebne bonitetne ocene, ki so izdelane na podlagi posameznega naročila in posredovane izključno osebi, ki je to naročilo dala, in ki niso namenjene javnemu razkritju oziroma distribuciji na podlagi naročniškega razmerja; | (a) private credit ratings produced pursuant to an individual order and provided exclusively to the person who placed the order and which are not intended for public disclosure or distribution by subscription; |
| (b) kreditne točke, kreditni točkovalni sistemi ali podobne ocene v zvezi z obveznostmi, ki izhajajo iz potrošniških, komercialnih ali industrijskih razmerij; | (b) credit scores, credit scoring systems or similar assessments related to obligations arising from consumer, commercial or industrial relationships; |
| (c) bonitetne ocene, ki jih pripravijo kreditne izvozne agencije v skladu s točko 1.3 dela 1 Priloge VI k Direktivi 2006/48/ES; ali | (c) credit ratings produced by export credit agencies in accordance with point 1.3 of Part 1 of Annex VI to Directive 2006/48/EC; or |
| (d) bonitetne ocene, ki jih izdelajo centralne banke in ki: | (d) credit ratings produced by the central banks and which: |
| (i) jih ocenjevani subjekt ne plača; | (i) are not paid for by the rated entity; |
| (ii) niso dostopne javnosti; | (ii) are not disclosed to the public; |
| (iii) se izdajo v skladu z načeli, standardi in postopki, ki zagotavljajo ustrezno integriteto in neodvisnost dejavnosti bonitetnega ocenjevanja, kot je določeno v tej uredbi; in | (iii) are issued in accordance with the principles, standards and procedures which ensure the adequate integrity and independence of credit rating activities as provided for by this Regulation; and |
| (iv) niso povezane s finančnimi instrumenti, ki jih izdajo države članice zadevnih centralnih bank. | (iv) do not relate to financial instruments issued by the respective central banks’ Member States. |
| ▼M4 ————— | ▼M4 ————— |
| ▼B | ▼B |
| 4. Da bi zagotovili enotno uporabo točke (d) odstavka 2, lahko Komisija na podlagi zahteve države članice, v skladu z regulativnim postopkom iz člena 38(3) in v skladu z merili, določenimi v točki (d) odstavka 2 tega člena, sprejme odločitev, da centralna banka spada na področje uporabe navedene točke in se zato za njene bonitetne ocene ta uredba ne uporablja. | 4. In order to ensure the uniform application of paragraph 2(d), the Commission may, upon submission of a request by a Member State, in accordance with the regulatory procedure referred to in Article 38(3) and in accordance with paragraph 2(d) of this Article, adopt a decision stating that a central bank falls within the scope of that point and that its credit ratings are therefore exempt from the application of this Regulation. |
| Komisija na svoji spletni strani objavi seznam centralnih bank, ki spadajo na področje uporabe točke (d) odstavka 2 tega člena. | The Commission shall publish on its website the list of central banks falling within the scope of paragraph 2(d) of this Article. |
| Člen 3 | Article 3 |
| Opredelitev pojmov | Definitions |
| 1. Za namene te uredbe se uporabljajo naslednje opredelitve pojmov: | 1. For the purpose of this Regulation, the following definitions shall apply: |
| (a) „bonitetna ocena“ pomeni mnenje o kreditni sposobnosti subjekta, dolga ali finančne obveznosti, dolžniških vrednostnih papirjev, prednostnih delnic ali drugega finančnega instrumenta ali izdajatelja takega dolga ali finančne obveznosti, dolžniških vrednostnih papirjev, prednostnih delnic ali drugega finančnega instrumenta, ki se izda na podlagi uveljavljenega in opredeljenega sistema razvrščanja bonitetnih kategorij; | (a) ‘credit rating’ means an opinion regarding the creditworthiness of an entity, a debt or financial obligation, debt security, preferred share or other financial instrument, or of an issuer of such a debt or financial obligation, debt security, preferred share or other financial instrument, issued using an established and defined ranking system of rating categories; |
| (b) „bonitetna agencija“ pomeni pravno osebo, katere dejavnost vključuje izdajo bonitetnih ocen na profesionalni podlagi; | (b) ‘credit rating agency’ means a legal person whose occupation includes the issuing of credit ratings on a professional basis; |
| (c) „matična država članica“ pomeni državo članico, v kateri ima bonitetna agencija registriran sedež; | (c) ‘home Member State’ means the Member State in which the credit rating agency has its registered office; |
| (d) „bonitetni analitik“ pomeni osebo, ki opravlja analitične naloge, potrebne za izdajo bonitetne ocene; | (d) ‘rating analyst’ means a person who performs analytical functions that are necessary for the issuing of a credit rating; |
| (e) „glavni bonitetni analitik“ pomeni osebo, ki je v prvi vrsti odgovorna za pripravo bonitetne ocene ali za komunikacijo z izdajateljem glede določene bonitetne ocene ali, na splošno, glede bonitetne ocene finančnega instrumenta, ki ga izda ta izdajatelj, in, če je ustrezno, pripravo priporočil bonitetnemu odboru o takšni oceni; | (e) ‘lead rating analyst’ means a person with primary responsibility for elaborating a credit rating or for communicating with the issuer with respect to a particular credit rating or, generally, with respect to the credit rating of a financial instrument issued by that issuer and, where relevant, for preparing recommendations to the rating committee in relation to such rating; |
| (f) „ocenjevani subjekt“ pomeni pravno osebo, katere kreditna sposobnost je eksplicitno ali implicitno ocenjena v bonitetni oceni, ne glede na to, ali je ta pravna oseba za to bonitetno oceno zaprosila oziroma ali je zanjo priskrbela informacije; | (f) ‘rated entity’ means a legal person whose creditworthiness is explicitly or implicitly rated in the credit rating, whether or not it has solicited that credit rating and whether or not it has provided information for that credit rating; |
| ▼M3 | ▼M3 |
| (g) „regulativni nameni“ pomeni uporabo bonitetnih ocen v posebne namene zagotavljanja skladnosti s pravom Unije ali s pravom Unije, kakor je preneseno v nacionalno zakonodajo držav članic; | (g) ‘regulatory purposes’ means the use of credit ratings for the specific purpose of complying with Union law, or with Union law as implemented by the national legislation of the Member States; |
| ▼B | ▼B |
| (h) „bonitetna kategorija“ pomeni ocenjevalni simbol, kot je črka ali številka, ki ji lahko sledijo dodatni identifikacijski znaki, ki se uporabljajo pri bonitetnem ocenjevanju za zagotovitev relativne mere tveganja, tako da je mogoče razlikovati med različnimi značilnostmi tveganj pri vrstah ocenjevanih subjektov, izdajateljev ali finančnih instrumentov ali drugih sredstev; | (h) ‘rating category’ means a rating symbol, such as a letter or numerical symbol which might be accompanied by appending identifying characters, used in a credit rating to provide a relative measure of risk to distinguish the different risk characteristics of the types of rated entities, issuers and financial instruments or other assets; |
| (i) „povezana tretja oseba“ pomeni originatorja, organizatorja, sponzorja, ponudnika storitev ali katero koli drugo tretjo osebo, ki sodeluje z bonitetno agencijo v imenu ocenjevanega subjekta, vključno s katero koli osebo, ki je z obvladovanjem neposredno ali posredno povezana z ocenjevanim subjektom; | (i) ‘related third party’ means the originator, arranger, sponsor, servicer or any other party that interacts with a credit rating agency on behalf of a rated entity, including any person directly or indirectly linked to that rated entity by control; |
| (j) „obvladovanje“ pomeni razmerje med nadrejenim in podrejenim podjetjem, kakor je opredeljeno v členu 1 Direktive Sveta 83/349/EGS z dne 13. junija 1983 o konsolidiranih računovodskih izkazih ( 16 ), ali tesno povezavo med katero koli fizično ali pravno osebo in podjetjem; | (j) ‘control’ means the relationship between a parent undertaking and a subsidiary, as described in Article 1 of Council Directive 83/349/EEC of 13 June 1983 on consolidated accounts ( 16 ), or a close link between any natural or legal person and an undertaking; |
| (k) „finančni instrument“ pomeni kateri koli instrument iz oddelka C Priloge I k Direktivi 2004/39/ES Evropskega parlamenta in Sveta z dne 21. aprila 2004 o trgih finančnih instrumentov ( 17 ); | (k) ‘financial instrument’ means any of the instruments listed in Section C of Annex I to Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments ( 17 ); |
| (l) „strukturiran finančni instrument“ pomeni finančni instrument ali druga sredstva, ki so rezultat posla ali sheme listinjenja iz člena 4(36) Direktive 2006/48/ES; | (l) ‘structured finance instrument’ means a financial instrument or other assets resulting from a securitisation transaction or scheme referred to in Article 4(36) of Directive 2006/48/EC; |
| (m) „skupina bonitetnih agencij“ pomeni skupino podjetij, ustanovljenih v ►M3 Uniji ◄ , ki je sestavljena iz nadrejenega podjetja in temu podrejenih podjetij v smislu členov 1 in 2 Direktive 83/349/EGS oziroma iz podjetij, ki so medsebojno povezana v smislu člena 12(1) Direktive 83/349/EGS ter katerih dejavnost vključuje izdajo bonitetnih ocen. Za namene točke (a) člena 4(3) skupina bonitetnih agencij vključuje tudi bonitetne agencije, ustanovljene v tretjih državah; | (m) ‘group of credit rating agencies’ means a group of undertakings established in the ►M3 Union ◄ consisting of a parent undertaking and its subsidiaries within the meaning of Articles 1 and 2 of Directive 83/349/EEC as well as undertakings linked to each other by a relationship within the meaning of Article 12(1) of Directive 83/349/EEC and whose occupation includes the issuing of credit ratings. For the purposes of Article 4(3)(a), a group of credit rating agencies shall also include credit rating agencies established in third countries; |
| (n) „višje vodstvo“ pomeni osebo ali osebe, ki dejansko usmerjajo poslovanje bonitetne agencije, in člana ali člane upravnega odbora ali nadzornega sveta; | (n) ‘senior management’ means the person or persons who effectively direct the business of the credit rating agency and the member or members of its administrative or supervisory board; |
| (o) „dejavnosti bonitetnega ocenjevanja“ pomenijo analizo podatkov in informacij ter ocenjevanje, odobritev, izdajo in pregled bonitetnih ocen; | (o) ‘credit rating activities’ means data and information analysis and the evaluation, approval, issuing and review of credit ratings; |
| ▼M1 | ▼M1 |
| (p) „pristojni organipomeni organe“ ki jih države članice imenujejo v skladu s členom 22; | (p) ‘competent authorities’ means the authorities designated by each Member State in accordance with Article 22; |
| ▼M3 | ▼M3 |
| (pa) „kreditna institucija“ pomeni kreditno institucijo, kakor je opredeljena v točki 1 člena 4 Direktive 2006/48/ES; | (pa) ‘credit institution’ means a credit institution as defined in point (1) of Article 4 of Directive 2006/48/EC; |
| (pb) „investicijsko podjetje“ pomeni investicijsko podjetje, kakor je opredeljeno v točki 1 člena 4 Direktive 2004/39/ES; | (pb) ‘investment firm’ means an investment firm as defined in point (1) of Article 4(1) of Directive 2004/39/EC; |
| (pc) „zavarovalnica“ pomeni zavarovalnico, kakor je opredeljena v točki 1 člena 13 Direktive 2009/138/ES Evropskega parlamenta in Sveta z dne 25. novembra 2009 o začetku opravljanja in opravljanju dejavnosti zavarovanja in pozavarovanja (Solventnost II) ( 18 ); | (pc) ‘insurance undertaking’ means an insurance undertaking as defined in point (1) of Article 13 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) ( 18 ); |
| (pd) „pozavarovalnica“ pomeni pozavarovalnico, kakor je opredeljena v točki 4 člena 13 Direktive 2009/138/ES; | (pd) ‘reinsurance undertaking’ means a reinsurance undertaking as defined in point (4) of Article 13 of Directive 2009/138/EC; |
| (pe) „institucija za poklicno pokojninsko zavarovanje“ pomeni institucijo za poklicno pokojninsko zavarovanje, kakor je opredeljena v členu 6(a) Direktive 2003/41/ES; | (pe) ‘institution for occupational retirement provision’ means an institution for occupational retirement provision as defined in Article 6(a) of Directive 2003/41/EC; |
| (pf) „družba za upravljanje“ pomeni družbo za upravljanje, kakor je opredeljena v členu 2(1)(b) Direktive 2009/65/ES Evropskega parlamenta in Sveta z dne 13. julija 2009 o usklajevanju zakonov in drugih predpisov o kolektivnih naložbenih podjemih za vlaganja v prenosljive vrednostne papirje (KNPVP) ( 19 ); | (pf) ‘management company’ means a management company as defined in Article 2(1)(b) of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) ( 19 ); |
| (pg) „investicijska družba“ pomeni investicijsko družbo, odobreno v skladu z Direktivo 2009/65/ES; | (pg) ‘investment company’ means an investment company authorised in accordance with Directive 2009/65/EC; |
| (ph) „upravitelj alternativnih investicijskih skladov“ pomeni UAIS, kakor je opredeljen v členu 4(1)(b) Direktive 2011/61/EU Evropskega parlamenta in Sveta z dne 8. junija 2011 o upraviteljih alternativnih investicijskih skladov ( 20 ); | (ph) ‘alternative investment fund manager’ means an AIFM as defined in Article 4(1)(b) of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers ( 20 ); |
| (pi) „centralna nasprotna stranka“ pomeni CNS, kakor je opredeljena v točki 1 člena 2 Uredbe (EU) št. 648/2012 Evropskega parlamenta in Sveta z dne 4. julija 2012 o izvedenih finančnih instrumentih OTC, centralnih nasprotnih strankah in repozitorijih sklenjenih poslov ( 21 ), ki pridobi dovoljenje v skladu s členom 14 navedene uredbe; | (pi) ‘central counterparty’ means a CCP as defined in point (1) of Article 2 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories ( 21 ) which is authorised in accordance with Article 14 of that Regulation; |
| (pj) „prospekt“ pomeni prospekt, objavljen na podlagi Direktive 2003/71/ES in Uredbe (ES) št. 809/2004; | (pj) ‘prospectus’ means a prospectus published under Directive 2003/71/EC and Regulation (EC) No 809/2004; |
| ▼M3 | ▼M3 |
| (q) „področna zakonodaja“ pomeni zakonodajne akte Unije iz točk (pa) do (pj); | (q) ‘sectoral legislation’ means the legislative acts of the Union referred to in points (pa) to (pj); |
| (r) „področni pristojni organi“ pomeni nacionalne pristojne organe, ki so po zadevni področni zakonodaji določeni za nadzor kreditnih institucij, investicijskih podjetij, zavarovalnic, pozavarovalnic, institucij za poklicno pokojninsko zavarovanje, družb za upravljanje, investicijskih družb, upraviteljev alternativnih investicijskih skladov, centralnih nasprotnih strank in prospektov; | (r) ‘sectoral competent authorities’ means the national competent authorities designated under the relevant sectoral legislation for the supervision of credit institutions, investment firms, insurance undertakings, reinsurance undertakings, institutions for occupational retirement provision, management companies, investment companies, alternative investment fund managers, central counterparties and prospectuses; |
| ▼M3 | ▼M3 |
| (s) „izdajatelj“ pomeni izdajatelja, kakor je opredeljen v točki (h) člena (2)1 Direktive 2003/71/ES; | (s) ‘issuer’ means an issuer as defined in Article 2(1)(h) of Directive 2003/71/EC; |
| (t) „originator“ pomeni originatorja, kakor je opredeljen v točki 41 člena 4 Direktive 2006/48/ES; | (t) ‘originator’ means an originator as defined in point (41) of Article 4 of Directive 2006/48/EC; |
| (u) „sponzor“ pomeni sponzorja, kakor je opredeljen v točki 42 člena 4 Direktive 2006/48/ES; | (u) ‘sponsor’ means a sponsor as defined in point (42) of Article 4 of Directive 2006/48/EC; |
| (v) „bonitetna ocena države“ pomeni: | (v) ‘sovereign rating’ means: |
| (i) bonitetno oceno, kadar je ocenjevani subjekt država ali regionalni ali lokalni organ države, | (i) a credit rating where the entity rated is a State or a regional or local authority of a State; |
| (ii) bonitetno oceno, kadar je izdajatelj dolga ali finančne obveznosti, dolžniškega vrednostnega papirja ali drugega finančnega instrumenta država, regionalni ali lokalni organ države ali namenska družba za države ali za regionalne ali lokalne organe; | (ii) a credit rating where the issuer of the debt or financial obligation, debt security or other financial instrument is a State or a regional or local authority of a State, or a special purpose vehicle of a State or of a regional or local authority; |
| (iii) bonitetno oceno, kadar jo izda mednarodna finančna institucija, ki jo ustanovita dve ali več držav ter katere namen je zagotoviti financiranje in finančno pomoč za članice te mednarodne finančne institucije, ki imajo resne finančne težave ali jim te grozijo; | (iii) a credit rating where the issuer is an international financial institution established by two or more States which has the purpose of mobilising funding and providing financial assistance for the benefit of the members of that international financial institution which are experiencing or threatened by severe financing problems; |
| (w) „obeti glede bonitetne ocene“ pomeni mnenje o verjetnem kratkoročnem ali srednjeročnem gibanju bonitetne ocene ali obeh; | (w) ‘rating outlook’ means an opinion regarding the likely direction of a credit rating over the short term, the medium term or both; |
| (x) „nenaročena bonitetna ocena“ in „nenaročena bonitetna ocena držav“ pomeni bonitetno oceno oziroma bonitetno oceno držav, ki jo bonitetne agencije ne pripravijo po naročilu; | (x) ‘unsolicited credit rating’ and ‘unsolicited sovereign rating’ mean, respectively, a credit rating or a sovereign rating assigned by a credit rating agency other than upon request; |
| (y) „kreditno točkovanje“ pomeni merilo kreditne sposobnosti, ki izhaja iz povzetih in izraženih podatkov, temelječih samo na predhodno določenem statističnem sistemu ali modelu, brez bistvenega dodatnega analitičnega vložka bonitetnega analitika pri posamezni bonitetni oceni; | (y) ‘credit score’ means a measure of creditworthiness derived from summarising and expressing data based only on a pre-established statistical system or model, without any additional substantial rating-specific analytical input from a rating analyst; |
| (z) „regulirani trg“ pomeni regulirani trg, kakor je opredeljen v točki 14 člena 4(1) Direktive 2004/39/ES in vzpostavljen v Uniji; | (z) ‘regulated market’ means a regulated market as defined in point (14) of Article 4(1) of Directive 2004/39/EC and established in the Union; |
| (aa) „pozicija re-listinjenja“ pomeni pozicijo re-listinjenja, kakor je opredeljena v točki 40a člena 4 Direktive 2006/48/ES. | (aa) ‘re-securitisation’ means re-securitisation as defined in point (40a) of Article 4 of Directive 2006/48/EC. |
| ▼B | ▼B |
| 2. Za namene točke (a) odstavka 1 se za bonitetne ocene ne šteje naslednje: | 2. For the purposes of paragraph 1(a), the following shall not be considered to be credit ratings: |
| (a) priporočila v smislu člena 1(3) Direktive Komisije 2003/125/ES ( 22 ); | (a) recommendations within the meaning of Article 1(3) of Commission Directive 2003/125/EC ( 22 ); |
| (b) investicijske raziskave, kakor so opredeljene v členu 24(1) Direktive 2006/73/ES ( 23 ), in druge oblike splošnih priporočil, na primer „kupi“, „prodaj“ ali „drži“, glede transakcij s finančnimi instrumenti ali finančnih obveznosti; ali | (b) investment research as defined in Article 24(1) of Directive 2006/73/EC ( 23 ) and other forms of general recommendation, such as ‘buy’, ‘sell’ or ‘hold’, relating to transactions in financial instruments or to financial obligations; or |
| (c) mnenja glede vrednosti finančnega instrumenta ali finančne obveznosti. | (c) opinions about the value of a financial instrument or a financial obligation. |
| ▼M3 | ▼M3 |
| 3. Za namene te uredbe pojem „delničar“ zajema dejanskega lastnika, kakor je opredeljen v točki 6 člena 3 Direktive 2005/60/ES Evropskega parlamenta in Sveta z dne 26. oktobra 2005 o preprečevanju uporabe finančnega sistema za pranje denarja in financiranje terorizma ( 24 ). | 3. For the purposes of this Regulation, the term ‘shareholder’ includes beneficial owners, as defined in point (6) of Article 3 of Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing ( 24 ). |
| ▼B | ▼B |
| Člen 4 | Article 4 |
| Uporaba bonitetnih ocen | Use of credit ratings |
| ▼M3 | ▼M3 |
| 1. Kreditne institucije, investicijska podjetja, zavarovalnice, pozavarovalnice, institucije za poklicno pokojninsko zavarovanje, družbe za upravljanje in investicijske družbe, upravitelji alternativnih investicijskih skladov in centralne nasprotne stranke lahko v regulativne namene uporabljajo samo bonitetne ocene, ki jih izdajo bonitetne agencije s sedežem v Uniji in registrirane v skladu s to uredbo. | 1. Credit institutions, investment firms, insurance undertakings, reinsurance undertakings, institutions for occupational retirement provision, management companies, investment companies, alternative investment fund managers and central counterparties may use credit ratings for regulatory purposes only if they are issued by credit rating agencies established in the Union and registered in accordance with this Regulation. |
| Kadar prospekt vsebuje sklicevanje na bonitetno oceno ali bonitetne ocene, izdajatelj, ponudnik ali oseba, ki zaprosi za sprejem v trgovanje na organiziranem trgu, zagotovi, da prospekt vključuje tudi jasne in pomembne informacije o tem, ali je bonitetne ocene izdala bonitetna agencija, ustanovljena v Uniji in registrirana v skladu s to uredbo. | Where a prospectus contains a reference to a credit rating or credit ratings, the issuer, offeror, or person asking for admission to trading on a regulated market shall ensure that the prospectus also includes clear and prominent information stating whether or not such credit ratings are issued by a credit rating agency established in the Union and registered under this Regulation. |
| ▼B | ▼B |
| 2. Šteje se, da je bonitetna agencija, ki je ustanovljena v ►M3 Uniji ◄ in registrirana v skladu s to uredbo, izdala bonitetno oceno, če je ta objavljena na njenem spletnem mestu ali kje drugje ali je distribuirana na podlagi naročniškega razmerja ter predstavljena in razkrita v skladu z obveznostmi iz člena 10, pri čemer je jasno navedeno, ali je bonitetna ocena odobrena v skladu z odstavkom 3 tega člena. | 2. A credit rating agency established in the ►M3 Union ◄ and registered in accordance with this Regulation shall be deemed to have issued a credit rating when the credit rating has been published on the credit rating agency’s website or by other means or distributed by subscription and presented and disclosed in accordance with the obligations of Article 10, clearly identifying that the credit rating is endorsed in accordance with paragraph 3 of this Article. |
| 3. Bonitetne agencije, ustanovljene v ►M3 Uniji ◄ in registrirane v skladu s to uredbo, lahko odobrijo bonitetno oceno, izdano v tretjih državah, samo če dejavnosti bonitetnega ocenjevanja, na podlagi katerih se izda takšna bonitetna ocena, izpolnjujejo naslednje pogoje: | 3. A credit rating agency established in the ►M3 Union ◄ and registered in accordance with this Regulation may endorse a credit rating issued in a third country only when credit rating activities resulting in the issuing of such a credit rating comply with the following conditions: |
| (a) dejavnosti bonitetnega ocenjevanja, na podlagi katerih se izda bonitetna ocena, ki jo je treba odobriti, delno ali v celoti izvaja odobritvena bonitetna agencija ali bonitetne agencije iz iste skupine; | (a) the credit rating activities resulting in the issuing of the credit rating to be endorsed are undertaken in whole or in part by the endorsing credit rating agency or by credit rating agencies belonging to the same group; |
| ▼M3 | ▼M3 |
| (b) bonitetna agencija je preverila, da dejavnosti bonitetnega ocenjevanja, ki jih izvaja bonitetna agencija tretje države in na podlagi katerih se izda bonitetna ocena, ki jo je treba odobriti, izpolnjujejo zahteve, ki so vsaj tako stroge kot zahteve iz členov 6 do 12 in Priloge I, z izjemo členov 6a, 6b, 8a, 8b, 8c in 11a, točke (ba) točke 3 ter točk 3a in 3b oddelka B Priloge I, ter lahko to neprekinjeno dokazuje Evropskemu nadzornemu organu (Evropski organ za vrednostne papirje in trge) (ESMA), ustanovljenemu z Uredbo (EU) št. 1095/2010 Evropskega parlamenta in Sveta ( 25 ); | (b) the credit rating agency has verified and is able to demonstrate on an ongoing basis to the European Supervisory Authority (European Securities and Markets Authority) (ESMA) established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council ( 25 ), that the conduct of the credit rating activities by the third-country credit rating agency resulting in the issuing of the credit rating to be endorsed fulfils requirements which are at least as stringent as the requirements set out in Articles 6 to 12 and Annex I, with the exception of Articles 6a, 6b, 8a, 8b, 8c and 11a, point (ba) of point 3 and points 3a and 3b of Section B of Annex I. |
| ▼M1 | ▼M1 |
| (c) zmožnost ESMA, da ocenjuje in spremlja izpolnjevanja zahtev iz točke (b) s strani bonitetne agencije, ustanovljene v tretji državi, ni omejena; | (c) the ability of ESMA to assess and monitor the compliance of the credit rating agency established in the third country with the requirements referred to in point (b) is not limited; |
| (d) bonitetna agencija predloži na zahtevo ESMAju vse potrebne informacije, da omogoči ESMA neprekinjen nadzor skladnosti z zahtevami iz te uredbe; | (d) the credit rating agency makes available on request to ESMA all the information necessary to enable ESMA to supervise on an ongoing basis the compliance with the requirements of this Regulation; |
| ▼B | ▼B |
| (e) obstaja objektiven razlog, da se bonitetna ocena izdela v tretji državi; | (e) there is an objective reason for the credit rating to be elaborated in a third country; |
| (f) bonitetna agencija, ustanovljena v tretji državi, ima dovoljenje oziroma je registrirana in je predmet nadzora v tej tretji državi; | (f) the credit rating agency established in the third country is authorised or registered, and is subject to supervision, in that third country; |
| (g) regulatorna ureditev v tej tretji državi preprečuje poseganje pristojnih organov in drugih javnih organov v tej državi v vsebino bonitetnih ocen in metodologij; ter | (g) the regulatory regime in that third country prevents interference by the competent authorities and other public authorities of that third country with the content of credit ratings and methodologies; and |
| ▼M1 | ▼M1 |
| (h) med ESMA in ustreznim nadzornim organom bonitetne agencije, ustanovljene v tretji državi obstaja ustrezen sporazum o sodelovanju. ESMA zagotovi, da so v sporazumu o sodelovanju določeni vsaj: | (h) there is an appropriate cooperation arrangement between ESMA and the relevant supervisory authority of the credit rating agency established in a third country. ESMA shall ensure that such a cooperation arrangement shall specify at least: |
| (i) mehanizem za izmenjavo informacij med ESMA in ustreznim nadzornim organom bonitetne agencije v tretji državi, in | (i) the mechanism for the exchange of information between ESMA and the relevant supervisory authority of the credit rating agency established in a third country; and |
| (ii) postopki o usklajevanju nadzornih dejavnosti, da se ESMA omogoči neprekinjeno spremljanje dejavnosti bonitetnega ocenjevanja, na podlagi katerega se izda odobrena bonitetna ocena. | (ii) the procedures concerning the coordination of supervisory activities in order to enable ESMA to monitor credit rating activities resulting in the issuing of the endorsed credit rating on an ongoing basis. |
| ▼B | ▼B |
| 4. Bonitetna ocena, odobrena v skladu z odstavkom 3, se obravnava kot bonitetna ocena, ki jo izda bonitetna agencija, ustanovljena v ►M3 Uniji ◄ in registrirana v skladu s to uredbo. | 4. A credit rating endorsed in accordance with paragraph 3 shall be considered to be a credit rating issued by a credit rating agency established in the ►M3 Union ◄ and registered in accordance with this Regulation. |
| Bonitetna agencija, ustanovljena v ►M3 Uniji ◄ in registrirana v skladu s to uredbo ne uporablja odobritve z namenom izogniti se zahtevam te uredbe. | A credit rating agency established in the ►M3 Union ◄ and registered in accordance with this Regulation shall not use such endorsement with the intention of avoiding the requirements of this Regulation. |
| 5. Bonitetna agencija, ki je odobrila bonitetno oceno, izdano v tretji državi, v skladu z odstavkom 3, je v celoti odgovorna za takšno bonitetno oceno in za izpolnjevanje pogojev iz omenjenega odstavka. | 5. The credit rating agency that has endorsed a credit rating issued in a third country in accordance with paragraph 3 shall remain fully responsible for such a credit rating and for the fulfilment of conditions set out therein. |
| 6. V primeru, ko je Komisija v skladu s členom 5(6) priznala pravni in nadzorni okvir tretje države kot enakovrednega zahtevam te uredbe in ko so sporazumi o sodelovanju iz člena 5(7) vzpostavljeni, bonitetni agenciji, ki odobrava bonitetne ocene, izdane v tej tretji državi, ni več treba preverjati ali dokazovati, da so pogoji iz točke (g) odstavka 3 tega člena izpolnjeni. | 6. Where the Commission has recognised, in accordance with Article 5(6), the legal and supervisory framework of a third country as equivalent to the requirements of this Regulation and the cooperation arrangements referred to in Article 5(7) are operational, the credit rating agency endorsing credit ratings issued in that third country shall no longer be required to verify or demonstrate that the condition laid down in paragraph 3(g) of this Article is fulfilled. |
| Člen 5 | Article 5 |
| Enakovrednost in certificiranje, ki temelji na enakovrednosti | Equivalence and certification based on equivalence |
| 1. Bonitetne ocene, ki so povezane s subjekti, ustanovljenimi v tretjih državah, ali finančnimi instrumenti, izdanimi v tretjih državah, in ki jih je izdala bonitetna agencija, ustanovljena v tretji državi, se lahko uporabljajo v ►M3 Uniji ◄ v skladu s členom 4(1) brez odobritve v skladu s členom 4(3), če: | 1. The credit ratings that are related to entities established or financial instruments issued in third countries and that are issued by a credit rating agency established in a third country may be used in the ►M3 Union ◄ under Article 4(1) without being endorsed in accordance with Article 4(3), provided that: |
| (a) ima bonitetna agencija dovoljenje oziroma je registrirana in je predmet nadzora v tej tretji državi; | (a) the credit rating agency is authorised or registered in and is subject to supervision in that third country; |
| (b) je Komisija sprejela odločitev o enakovrednosti v skladu z odstavkom 6 tega člena, s čimer pravni in nadzorni okvir tretje države priznava za enakovrednega zahtevam te uredbe; | (b) the Commission has adopted an equivalence decision in accordance with paragraph 6 of this Article, recognising the legal and supervisory framework of that third country as equivalent to the requirements of this Regulation; |
| (c) so vzpostavljeni sporazumi o sodelovanju iz odstavka 7 tega člena; | (c) the cooperation arrangements referred to in paragraph 7 of this Article are operational; |
| (d) bonitetne ocene, ki jih je izdala bonitetna agencija, in njene dejavnosti bonitetnega ocenjevanja nimajo sistemskega pomena za finančno stabilnost ali celovitost finančnih trgov ene ali več držav članic; in | (d) the credit ratings issued by the credit rating agency and its credit rating activities are not of systemic importance to the financial stability or integrity of the financial markets of one or more Member States; and |
| (e) če je bonitetna agencija certificirana v skladu z odstavkom 2 tega člena. | (e) the credit rating agency is certified in accordance with paragraph 2 of this Article. |
| ▼M1 | ▼M1 |
| 2. Bonitetna agencija iz odstavka 1 lahko vloži vlogo za certificiranje. Vlogo se predloži ESMA v skladu z ustreznimi določbami člena 15. | 2. The credit rating agency referred to in paragraph 1 may apply for certification. The application shall be submitted to ESMA in accordance with the relevant provisions of Article 15. |
| 3. ESMA pregleda in sprejme odločitev glede vloge za certificiranje v skladu s postopkom iz člena 16. Odločitev o certificiranju temelji na merilih iz točk (a) do (d) odstavka 1 tega člena. | 3. ESMA shall examine and decide on the application for certification in accordance with the procedure set out in Article 16. The certification decision shall be based on the criteria set out in points (a) to (d) of paragraph 1 of this Article. |
| ▼B | ▼B |
| Odločitev o certificiranju se sporoči in objavi v skladu s členom 18. | The certification decision shall be notified and published in accordance with Article 18. |
| ▼M1 | ▼M1 |
| 4. Bonitetna agencija iz odstavka 1 lahko poda tudi vlogo za izvzetje: | 4. The credit rating agency referred to in paragraph 1 may also apply to be exempted: |
| (a) za vsak primer posebej, iz obveznosti izpolnjevanja nekaterih ali vseh zahtev iz oddelka A Priloge I in člena 7(4), če lahko dokaže, da zahteve niso sorazmerne z naravo, obsegom in kompleksnostjo njenih poslov ter z naravo in obsegom izdajanja bonitetnih ocen; | (a) on a case-by-case basis from complying with some or all of the requirements set out in Section A of Annex I and Article 7(4) if the credit rating agency is able to demonstrate that the requirements are not proportionate in view of the nature, scale and complexity of its business and the nature and range of its issuing of credit ratings; |
| (b) iz zahteve po fizični prisotnosti v Uniji, kadar bi bila takšna zahteva preveč obremenjujoča in nesorazmerna z naravo, obsegom in kompleksnostjo njenih poslov ter z naravo in obsegom izdajanja bonitetnih ocen. | (b) from the requirement of physical presence in the Union where such a requirement would be too burdensome and disproportionate in view of the nature, scale and complexity of its business and the nature and range of its issuing of credit ratings. |
| Bonitetna agencija vloži vlogo za izvzetje v skladu s točko (a) ali (b) prvega pododstavka skupaj z vlogo za certificiranje. ESMA pri oceni vloge za izvzetje upošteva velikost bonitetne agencije iz odstavka 1 ob upoštevanju narave, obsega in kompleksnosti njenih poslov ter narave in obsega izdajanja bonitetnih ocen in vpliva bonitetnih ocen, ki jih je izdala bonitetna agencija, na finančno stabilnost in integriteto finančnih trgov ene ali več držav članic. Na podlagi teh dejavnikov lahko ESMA bonitetni agenciji iz odstavka 1 odobri izvzetje. | An application for an exemption under point (a) or (b) of the first subparagraph shall be submitted by the credit rating agency together with the application for certification. When assessing such an application, ESMA shall take into consideration the size of the credit rating agency referred to in paragraph 1, having regard to the nature, scale and complexity of its business and the nature and range of its issuing of credit ratings, as well as the impact of the credit ratings issued by the credit rating agency on the financial stability and integrity of the financial markets of one or more Member States. On the basis of those considerations, ESMA may grant such exemption to the credit rating agency referred to in paragraph 1. |
| ▼M1 ————— | ▼M1 ————— |
| ▼B | ▼B |
| 6. Komisija lahko sprejme odločitev o enakovrednosti v skladu z regulativnim postopkom iz člena 38(3), v okviru katere poda izjavo, da pravni in nadzorni okvir tretje države zagotavlja, da bonitetne agencije, ki imajo dovoljenje oziroma so registrirane v tej tretji državi, izpolnjujejo pravno zavezujoče zahteve, ki so enake zahtevam iz te uredbe in v zvezi s katerimi se opravlja učinkovit nadzor in izvrševanje v tej tretji državi. | 6. The Commission may adopt an equivalence decision in accordance with the regulatory procedure referred to in Article 38(3), stating that the legal and supervisory framework of a third country ensures that credit rating agencies authorised or registered in that third country comply with legally binding requirements which are equivalent to the requirements resulting from this Regulation and which are subject to effective supervision and enforcement in that third country. |
| Pravni in nadzorni okvir tretje države se lahko obravnava kot okvir, enakovreden tej uredbi, če izpolnjuje vsaj naslednje pogoje: | A third-country legal and supervisory framework may be considered equivalent to this Regulation if that framework fulfils at least the following conditions: |
| (a) bonitetne agencije v tej tretji državi imajo dovoljenje oziroma so registrirane ter so predmet stalnega učinkovitega nadzora in izvrševanja; | (a) credit rating agencies in that third country are subject to authorisation or registration and are subject to effective supervision and enforcement on an ongoing basis; |
| ▼M3 | ▼M3 |
| (b) za bonitetne agencije v tej tretji državi veljajo pravno zavezujoča pravila, ki so enaka pravilom iz členov 6 do 12 in Priloge I, z izjemo členov 6a, 6b, 8a, 8b, 8c in 11a, točke (ba) točke 3 ter točk 3a in 3b oddelka B Priloge I, ter | (b) credit rating agencies in that third country are subject to legally binding rules which are equivalent to those set out in Articles 6 to 12 and Annex I, with the exception of Articles 6a, 6b, 8a, 8b, 8c and 11a, point (ba) of point 3 and points 3a and 3b of Section B of Annex I; and |
| ▼B | ▼B |
| (c) regulatorna ureditev v tej tretji državi preprečuje poseganje nadzornih organov in drugih javnih organov te tretje države v vsebino bonitetnih ocen in metodologij. | (c) the regulatory regime in that third country prevents interference by the supervisory authorities and other public authorities of that third country with the content of credit ratings and methodologies. |
| ▼M1 | ▼M1 |
| Da se upošteva razvoj dogodkov na finančnih trgih, Komisija z delegiranimi akti v skladu s členom 38a in pod pogoji iz členov 38b in 38c sprejme ukrepe, s katerimi podrobneje opredeli ali spremeni merila iz točk (a), (b) in (c) drugega pododstavka tega odstavka. | In order to take account of developments on financial markets, the Commission shall adopt, by means of delegated acts in accordance with Article 38a, and subject to the conditions of Articles 38b and 38c, measures to specify further or amend the criteria set out in points (a), (b) and (c) of the second subparagraph of this paragraph. |
| 7. ESMA sklene sporazume o sodelovanju z ustreznimi nadzornimi organi tretjih držav, katerih pravni in nadzorni okvir se štejejo za enakovrednega tej uredbi v skladu z odstavkom 6. Takšen sporazum določa vsaj: | 7. ESMA shall establish cooperation agreements with the relevant supervisory authorities of third countries whose legal and supervisory frameworks have been considered equivalent to this Regulation in accordance with paragraph 6. Such arrangements shall specify at least: |
| (a) mehanizem za izmenjavo informacij med ESMA in zadevnimi nadzornimi organi zadevnih tretjih držav, in | (a) the mechanism for the exchange of information between ESMA and the relevant supervisory authorities of the third countries concerned; and |
| (b) postopke v zvezi z usklajevanjem nadzornih dejavnosti. | (b) the procedures concerning the coordination of supervisory activities. |
| ▼M3 | ▼M3 |
| 8. Členi 20, 23b in 24 se uporabljajo za bonitetne agencije, certificirane v skladu s členom 5(3), in bonitetne ocene, ki jih te agencije izdajo. | 8. Articles 20, 23b and 24 shall apply to credit rating agencies certified in accordance with Article 5(3) and to credit ratings issued by them. |
| ▼M3 | ▼M3 |
| Člen 5a | Article 5a |
| Preveliko zanašanje finančnih institucij na bonitetne ocene | Over-reliance on credit ratings by financial institutions |
| 1. Subjekti iz prvega pododstavka člena 4(1) pripravljajo lastne ocene kreditnega tveganja in se pri ocenjevanju kreditne sposobnosti subjekta ali kreditne kakovosti finančnega instrumenta ne zanašajo izključno ali sistematično na bonitetne ocene. | 1. The entitites referred to in the first subparagraph of Article 4(1) shall make their own credit risk assessment and shall not solely or mechanistically rely on credit ratings for assessing the creditworthiness of an entity or financial instrument. |
| 2. Področni organi, pristojni za nadzor subjektov iz prvega pododstavka člena 4(1), ob upoštevanju narave, obsega in kompleksnosti njihovih dejavnosti, spremljajo ustreznost njihovih postopkov za ocenjevanje kreditnega tveganja, ocenijo uporabo pogodbenih sklicev na bonitetne ocene, in po potrebi spodbujajo k ublažitvi vpliva teh sklicev, zato da se zmanjša izključno in sistematično zanašanje na bonitetne ocene, v skladu s posebno področno zakonodajo. | 2. Sectoral competent authorities in charge of supervising the entities referred to in the first subparagraph of Article 4(1) shall, taking into account the nature, scale and complexity of their activities, monitor the adequacy of their credit risk assessment processes, assess the use of contractual references to credit ratings and, where appropriate, encourage them to mitigate the impact of such references, with a view to reducing sole and mechanistic reliance on credit ratings, in line with specific sectoral legislation. |
| Člen 5b | Article 5b |
| Zanašanje evropskih nadzornih organov in Evropskega odbora za sistemska tveganja na bonitetne ocene | Reliance on credit ratings by the European Supervisory Authorities and the European Systemic Risk Board |
| 1. Evropski nadzorni organ (Evropski bančni organ) (EBA), ustanovljen z Uredbo (EU) št. 1093/2010 Evropskega parlamenta in Sveta ( 26 ), Evropski nadzorni organ (Evropski organ za zavarovanja in poklicne pokojnine) (EIOPA), ustanovljen z Uredbo (EU) št. 1094/2010 Evropskega parlamenta in Sveta ( 27 ), in ESMA se v svojih smernicah, priporočilih in osnutkih tehničnih standardov ne smejo sklicevati na bonitetne ocene, kadar bi takšno sklicevanje lahko sprožilo izključno ali sistematično zanašanje pristojnih organov, pristojnih področnih organov ali subjektov iz prvega pododstavka člena 4(1) ali drugih udeležencev na trgu finančnih storitev na bonitetne ocene. EBA, EIOPA in ESMA so v skladu s tem dolžni najpozneje do 31. decembra 2013 pregledati obstoječe smernice in priporočila ter, kjer je primerno, odstraniti iz njih vsa taka sklicevanja na bonitetne ocene. | 1. The European Supervisory Authority (European Banking Authority) (EBA) established by Regulation (EU) No 1093/2010 of the European Parliament and of the Council ( 26 ), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) (EIOPA) established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council ( 27 ) and ESMA shall not refer to credit ratings in their guidelines, recommendations and draft technical standards where such references have the potential to trigger sole or mechanistic reliance on credit ratings by the competent authorities, the sectoral competent authorities, the entitites referred to in the first subparagraph of Article 4(1) or other financial market participants. Accordingly, by 31 December 2013, EBA, EIOPA and ESMA shall review and remove, where appropriate, all such references to credit ratings in existing guidelines and recommendations. |
| 2. Evropski odbor za sistemska tveganja (v nadaljnjem besedilu: ESRB), ustanovljen z Uredbo (EU) št. 1092/2010 Evropskega parlamenta in Sveta z dne 24. novembra 2010 o makrobonitetnem nadzoru nad finančnim sistemom Evropske unije in ustanovitvi Evropskega odbora za sistemska tveganja ( 28 ), se v svojih opozorilih in priporočilih ne sme sklicevati na bonitetne ocene, kadar bi takšno sklicevanje lahko sprožilo izključno ali sistematično zanašanje na bonitetne ocene. | 2. The European Systemic Risk Board (ESRB) established by Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board ( 28 ) shall not refer to credit ratings in its warnings and recommendations where such references have the potential to trigger sole or mechanistic reliance on credit ratings. |
| Člen 5c | Article 5c |
| Preveliko zanašanje na bonitetne ocene v pravu Unije | Over-reliance on credit ratings in Union law |
| Brez poseganja v njeno pravico do pobude Komisija še naprej pregleduje, ali sklicevanja na bonitetne ocene v pravu Unije povzročajo ali bi utegnile povzročiti izključno ali sistematično zanašanje pristojnih organov, področnih pristojnih organov, subjektov iz prvega pododstavka člena 4(1) ali drugih udeležencev na finančnem trgu na bonitetne ocene, z namenom, da se v pravu Unije za regulativne namene do 1. januarja 2020 odpravijo vsa sklicevanja na bonitetne ocene, pod pogojem, da so opredeljene in se izvajajo ustrezne alternative ocenjevanju kreditne sposobnosti. | Without prejudice to its right of initiative, the Commission shall continue to review whether references to credit ratings in Union law trigger or have the potential to trigger sole or mechanistic reliance on credit ratings by the competent authorities, the sectoral competent authorities, the entities referred to in the first subparagraph of Article 4(1) or other financial market participants with a view to deleting all references to credit ratings in Union law for regulatory purposes by 1 January 2020, provided that appropriate alternatives to credit risk assessment have been identified and implemented. |
| ▼B | ▼B |
| NASLOV II | TITLE II |
| IZDAJA BONITETNIH OCEN | ISSUING OF CREDIT RATINGS |
| Člen 6 | Article 6 |
| Neodvisnost in izogibanje nasprotjem interesov | Independence and avoidance of conflicts of interest |
| ▼M3 | ▼M3 |
| 1. Bonitetna agencija sprejme vse potrebne ukrepe za zagotavljanje, da na izdajo bonitetne ocene ali obetov glede bonitetne ocene ne vpliva nobeno obstoječe ali potencialno nasprotje interesov ali poslovni odnos, ki vključuje bonitetno agencijo, ki izdaja bonitetno oceno ali obete glede bonitetne ocene, njene družbenike, vodilno osebje, bonitetne analitike, zaposlene ali katero koli drugo fizično osebo, katere storitve so dane na voljo ali so pod nadzorom bonitetne agencije, ali katero koli osebo, ki je z agencijo neposredno ali posredno povezana z obvladovanjem. | 1. A credit rating agency shall take all necessary steps to ensure that the issuing of a credit rating or a rating outlook is not affected by any existing or potential conflicts of interest or business relationship involving the credit rating agency issuing the credit rating or the rating outlook, its shareholders, managers, rating analysts, employees or any other natural person whose services are placed at the disposal or under the control of the credit rating agency, or any person directly or indirectly linked to it by control. |
| ▼B | ▼B |
| 2. Da se zagotovi skladnost z odstavkom 1, bonitetna agencija izpolni zahteve, določene v oddelkih A in B Priloge I. | 2. In order to ensure compliance with paragraph 1, a credit rating agency shall comply with the requirements set out in Sections A and B of Annex I. |
| ▼M3 | ▼M3 |
| 3. ESMA lahko bonitetno agencijo na njeno zahtevo oprosti izpolnjevanja zahtev iz točk 2, 5, 6 in 9 oddelka A Priloge I in člena 7(4), če lahko bonitetna agencija dokaže, da te zahteve niso sorazmerne z naravo, obsegom in kompleksnostjo njenega poslovanja ter z naravo in obsegom izdajanja bonitetnih ocen in da: | 3. At the request of a credit rating agency, ESMA may exempt a credit rating agency from complying with the requirements of points 2, 5, 6 and 9 of Section A of Annex I and Article 7(4) if the credit rating agency is able to demonstrate that those requirements are not proportionate in view of the nature, scale and complexity of its business and the nature and range of issue of credit ratings and that: |
| ▼B | ▼B |
| (a) ima bonitetna agencija manj kot 50 zaposlenih; | (a) the credit rating agency has fewer than 50 employees; |
| (b) je bonitetna agencija vzpostavila ukrepe in postopke, zlasti na področju mehanizma notranjih kontrol, ureditve poročanja in ukrepov za zagotovitev neodvisnosti bonitetnih analitikov in oseb, ki odobrijo bonitetne ocene, kar zagotavlja dejansko skladnost s cilji te uredbe; ter | (b) the credit rating agency has implemented measures and procedures, in particular internal control mechanisms, reporting arrangements and measures ensuring independence of rating analysts and persons approving credit ratings, which ensure the effective compliance with the objectives of this Regulation; and |
| (c) da velikost bonitetne agencije ni določena na način, ki bi bonitetni agenciji ali skupini bonitetnih agencij omogočila izogibanje izpolnjevanju zahtev te uredbe. | (c) the size of the credit rating agency is not determined in such a way as to avoid compliance with the requirements of this Regulation by a credit rating agency or a group of credit rating agencies. |
| ▼M1 | ▼M1 |
| Pri skupini bonitetnih agencij ESMA zagotovi, da vsaj ena bonitetna agencija iz skupine ni oproščena izpolnjevanja zahtev iz točk 2, 5 in 6 oddelka A Priloge I in člena 7(4). | In the case of a group of credit rating agencies, ESMA shall ensure that at least one of the credit rating agencies in the group is not exempted from complying with the requirements of points 2, 5 and 6 of Section A of Annex I and Article 7(4). |
| ▼M3 | ▼M3 |
| 4. Bonitetne agencije vzpostavijo, vzdržujejo, izvajajo in dokumentirajo učinkovito strukturo notranjega nadzora, s katero izvajajo politike in postopke za preprečevanje in zmanjševanje morebitnih navzkrižij interesov ter zagotavljajo neodvisnost bonitetnih ocen, bonitetnih analitikov in ocenjevalnih ekip v zvezi z delničarji, upravnimi in poslovodnimi organi ter dejavnostmi prodaje in trženja. Bonitetne agencije uvedejo standardne delovne postopke za področje korporativnega upravljanja, organizacije in obvladovanja nasprotij interesov. Navedene standardne delovne postopke redno spremljajo in pregledujejo, da se oceni učinkovitost in potreba po posodobitvi teh postopkov. | 4. Credit rating agencies shall establish, maintain, enforce and document an effective internal control structure governing the implementation of policies and procedures to prevent and mitigate possible conflicts of interest and to ensure the independence of credit ratings, rating analysts and rating teams regarding shareholders, administrative and management bodies and sales and marketing activities. Credit rating agencies shall establish standard operating procedures (SOPs) with regard to corporate governance, organisation, and the management of conflicts of interest. They shall periodically monitor and review those SOPs in order to evaluate their effectiveness and assess whether they should be updated. |
| Člen 6a | Article 6a |
| Nasprotja interesov v zvezi z naložbami v bonitetnih agencijah | Conflicts of interest concerning investments in credit rating agencies |
| 1. Delničarju ali družbeniku bonitetne agencije, ki ima najmanj 5 % bodisi kapitala ali glasovalnih pravic v navedeni bonitetni agenciji ali v družbi, ki ima možnost izvrševati nadzor ali prevladujoči vpliv nad navedeno bonitetno agencijo, ni dovoljeno: | 1. A shareholder or a member of a credit rating agency holding at least 5 % of either the capital or the voting rights in that credit rating agency or in a company which has the power to exercise control or a dominant influence over that credit rating agency, shall be prohibited from: |
| (a) imeti 5 % ali več kapitala v kateri koli drugi bonitetni agenciji; | (a) holding 5 % or more of the capital of any other credit rating agency; |
| (b) imeti pravice ali možnosti izvrševati 5 % ali več glasovalnih pravic v kateri koli drugi bonitetni agenciji; | (b) having the right or the power to exercise 5 % or more of the voting rights in any other credit rating agency; |
| (c) imeti pravice ali možnosti imenovati ali razreševati člane upravnega odbora ali nadzornega organa katere koli druge bonitetne agencije; | (c) having the right or the power to appoint or remove members of the administrative or supervisory board of any other credit rating agency; |
| (d) biti član upravnega odbora ali nadzornega organa katere koli druge bonitetne agencije; | (d) being a member of the administrative or supervisory board of any other credit rating agency; |
| (e) dejansko izvrševati ali imeti možnosti izvrševati nadzor ali prevladujoči vpliv v drugih bonitetnih agencijah. | (e) exercising or having the power to exercise control or a dominant influence over any other credit rating agency. |
| Prepoved iz točke (a) prvega pododstavka ne velja za deleže v razpršenih kolektivnih naložbenih shemah, vključno z upravljanimi skladi, kot so pokojninski skladi in življenjska zavarovanja, pod pogojem, da take sheme delničarju ali družbeniku bonitetne agencije ne omogočajo izvrševanja pomembnega vpliva na poslovne dejavnosti teh shem. | The prohibition referred to in point (a) of the first subparagraph does not apply to holdings in diversified collective investment schemes, including managed funds such as pension funds or life insurance, provided that the holdings in such schemes do not put the shareholder or member of a credit rating agency in a position to exercise significant influence on the business activities of those schemes. |
| 2. Ta člen se ne uporablja za naložbe v drugih bonitetnih agencijah, ki so del iste skupine bonitetnih agencij. | 2. This Article does not apply to investments in other credit rating agencies belonging to the same group of credit rating agencies. |
| Člen 6b | Article 6b |
| Najdaljše obdobje trajanja pogodbenega razmerja z bonitetno agencijo | Maximum duration of the contractual relationship with a credit rating agency |
| 1. Kadar bonitetna agencija z izdajateljem ali z njim povezano tretjo osebo sklene pogodbo o izdajanju bonitetnih ocen pozicij re-listinjenja, ne sme izdajati bonitetnih ocen za pozicije re-listinjenja s sredstvi istega originatorja dlje kot štiri leta. | 1. Where a credit rating agency enters into a contract for the issuing of credit ratings on re-securitisations, it shall not issue credit ratings on new re-securitisations with underlying assets from the same originator for a period exceeding four years. |
| 2. Kadar bonitetna agencija sklene pogodbo o izdajanju bonitetnih ocen pozicij re-listinjenja, izdajatelja zaprosi, da: | 2. Where a credit rating agency enters into a contract for rating re-securitisations, it shall request that the issuer: |
| (a) opredeli število bonitetnih agencij, ki imajo sklenjeno pogodbo o izdajanju bonitetnih ocen re-listinjenja s sredstvi istega originatorja; | (a) determine the number of credit rating agencies which have a contractual relationship for the issuing of credit ratings on re-securitisations with underlying assets from the same originator; |
| (b) izračuna odstotni delež vseh neporavnanih ocenjenih pozicij re-listinjenja s sredstvi istega originatorja, za katerega posamezna bonitetna agencija opravlja bonitetne ocene. | (b) calculate the percentage of the total number of outstanding rated re-securitisations with underlying assets from the same originator for which each credit rating agency issues credit ratings. |
| Kadar vsaj štiri bonitetne agencije ocenijo po več kot 10 % skupnega števila neporavnanih ocenjenih pozicij re-listinjenja, se omejitve iz odstavka 1 ne uporabljajo. | Where at least four credit rating agencies each rate more than 10 % of the total number of outstanding rated re-securitisations, the limitations set out in paragraph 1 shall not apply. |
| Izvzetje iz drugega pododstavka se uporablja vsaj dotlej, dokler bonitetna agencija ne sklene nove pogodbe o oceni pozicij re-listinjenja s sredstvi istega originatorja. Kadar pri sklenitvi nove pogodbe niso izpolnjena merila iz drugega pododstavka, se obdobje iz odstavka 1 izračuna od datuma sklenitve nove pogodbe. | The exemption set out in the second subparagraph shall continue to apply at least until the credit rating agency enters into a new contract for rating re-securitisations with underlying assets from the same originator. Where the criteria set out in the second subparagraph are not met when entering into such a contract, the period referred to in paragraph 1 shall be calculated from the date on which the new contract was entered into. |
| 3. Bonitetna agencija ob izteku pogodbe v skladu z odstavkom 1 ne sklene nove pogodbe za izdajo bonitetnih ocen pozicij re-listinjenja s sredstvi istega originatorja, in sicer v obdobju, enakem trajanju pretekle pogodbe z istim originatorjem, a ne več kot štiri leta. | 3. As from the expiry of a contract pursuant to paragraph 1, a credit rating agency shall not enter into a new contract for the issuing of credit ratings on re-securitisations with underlying assets from the same originator for a period equal to the duration of the expired contract but not exceeding four years. |
| Prvi pododstavek se uporablja tudi za: | The first subparagraph shall also apply to: |
| (a) bonitetno agencijo, ki je del iste skupine bonitetnih agencij kot bonitetna agencija iz odstavka 1; | (a) a credit rating agency belonging to the same group of credit rating agencies as the credit rating agency referred to in paragraph 1; |
| (b) bonitetno agencijo, ki je delničar ali družbenik bonitetne agencije iz odstavka 1; | (b) a credit rating agency which is a shareholder or member of the credit rating agency referred to in paragraph 1; |
| (c) bonitetno agencijo, katere delničar ali družbenik je bonitetna agencija iz odstavka 1. | (c) a credit rating agency in which the credit rating agency referred to in paragraph 1 is a shareholder or member. |
| 4. Brez poseganja v odstavek 1 velja, da če bonitetna agencija izda bonitetno oceno pozicij re-listinjenja pred iztekom najdaljšega obdobja pogodbenega razmerja iz odstavka 1, lahko bonitetna agencija na zahtevo še naprej spremlja in posodablja te bonitetne ocene v vsem obdobju trajanja navedenih pozicij re-listinjenja. | 4. Notwithstanding paragraph 1, where a credit rating of a re-securitisation is issued before the end of the maximum duration of the contractual relationship as referred to in paragraph 1, a credit rating agency may continue to monitor and update those credit ratings, on a solicited basis, for the duration of the re-securitisation. |
| 5. Ta člen se ne uporablja za bonitetne agencije z manj kot 50 zaposlenimi na ravni skupine, ki so vključeni v dejavnosti bonitetnega ocenjevanja, ali katerih letni promet iz dejavnosti bonitetnega ocenjevanja je nižji od 10 milijonov EUR na ravni skupine. | 5. This Article shall not apply to credit rating agencies that have fewer than 50 employees at group level involved in the provision of credit rating activities, or that have an annual turnover generated from credit rating activities of less than EUR 10 million at group level. |
| 6. Kadar bonitetna agencija sklene pogodbo o izdajanju bonitetnih ocen pozicij re-listinjenja pred 20. junijem 2013, se obdobje iz odstavka 1 izračuna od tega datuma dalje. | 6. Where a credit rating agency enters into a contract for the issuing of credit ratings on re-securitisations before 20 June 2013, the period referred to in paragraph 1 shall be calculated from that date. |
| ▼B | ▼B |
| Člen 7 | Article 7 |
| Bonitetni analitiki, zaposleni in druge osebe, vključene v izdajo bonitetnih ocen | Rating analysts, employees and other persons involved in the issuing of credit ratings |
| 1. Bonitetna agencija poskrbi, da imajo bonitetni analitiki, zaposleni v bonitetni agenciji ter katera koli fizična oseba, katere storitve so na voljo bonitetni agenciji ali so pod njenim nadzorom, in ki so neposredno vključeni v dejavnosti bonitetnega ocenjevanja, ustrezno znanje in izkušnje za dodeljene dolžnosti. | 1. A credit rating agency shall ensure that rating analysts, its employees and any other natural person whose services are placed at its disposal or under its control and who are directly involved in credit rating activities have appropriate knowledge and experience for the duties assigned. |
| 2. Bonitetna agencija zagotovi, da osebam iz odstavka 1 ni dovoljeno začenjati pogajanj ali sodelovati v pogajanjih glede honorarjev ali plačil s katerim koli ocenjevanim subjektom, povezano tretjo osebo ali katero koli osebo, ki je z ocenjevanim subjektom neposredno ali posredno povezana z obvladovanjem. | 2. A credit rating agency shall ensure that persons referred to in paragraph 1 shall not be allowed to initiate or participate in negotiations regarding fees or payments with any rated entity, related third party or any person directly or indirectly linked to the rated entity by control. |
| 3. Bonitetna agencija zagotovi, da osebe iz odstavka 1 izpolnjujejo zahteve, določene v oddelku C Priloge I. | 3. A credit rating agency shall ensure that persons referred to in paragraph 1 meet the requirements set out in Section C of Annex I. |
| 4. Bonitetna agencija vzpostavi ustrezen postopen mehanizem rotacije za bonitetne analitike, in osebe, ki so v skladu z oddelkom C Priloge I odgovorne za odobritev bonitetnih ocen. Ta mehanizem rotacije se vzpostavi postopno na podlagi izmenjave posameznikov, ne pa na izmenjavi celotne ekipe. | 4. A credit rating agency shall establish an appropriate gradual rotation mechanism with regard to the rating analysts and persons approving credit ratings as defined in Section C of Annex I. That rotation mechanism shall be undertaken in phases on the basis of individuals rather than of a complete team. |
| ▼M3 | ▼M3 |
| 5. Osebni prejemki in ocena uspešnosti zaposlenih, vključenih v dejavnosti bonitetnega ocenjevanja ali objavljanje obetov glede bonitetne ocene, in oseb, odgovornih za odobritev bonitetnih ocen ali obetov glede bonitetne ocene, niso odvisni od višine prihodka, ki ga bonitetna agencija prejme od ocenjevanih subjektov ali povezanih tretjih oseb. | 5. Compensation and performance evaluation of employees involved in the credit rating activities or rating outlooks, as well as persons approving the credit ratings or rating outlooks, shall not be contingent on the amount of revenue that the credit rating agency derives from the rated entities or related third parties. |
| ▼B | ▼B |
| Člen 8 | Article 8 |
| Metodologije, modeli in ključne predpostavke ocenjevanja | Methodologies, models and key rating assumptions |
| 1. Bonitetna agencija javno razkriva metodologije, modele in ključne predpostavke ocenjevanja, ki jih uporablja v njenih dejavnostih bonitetnega ocenjevanja, kot je opredeljeno v točki 5 dela I oddelka E Priloge I. | 1. A credit rating agency shall disclose to the public the methodologies, models and key rating assumptions it uses in its credit rating activities as defined in point 5 of Part I of Section E of Annex I. |
| ▼M3 | ▼M3 |
| 2. Bonitetna agencija sprejme, izvaja in izvršuje ustrezne ukrepe za zagotovitev, da bonitetne ocene in obeti glede bonitetne ocene, ki jih izdaja, temeljijo na poglobljeni analizi vseh informacij, ki so ji na voljo in so pomembne za njeno analizo glede na veljavne metodologije bonitetnega ocenjevanja. Bonitetna agencija sprejme vse potrebne ukrepe, da so informacije, ki jih uporablja pri dodeljevanju bonitetnih ocen in obetov glede bonitetne ocene, dovolj kakovostne in da so viri teh informacij zanesljivi. Bonitetna agencija pri izdajanju bonitetnih ocen in obetov glede bonitetne ocene navede, da je bonitetna ocena njeno mnenje in da bi se bilo treba nanjo zanašati le do določene meje. | 2. A credit rating agency shall adopt, implement and enforce adequate measures to ensure that the credit ratings and the rating outlooks it issues are based on a thorough analysis of all the information that is available to it and that is relevant to its analysis according to the applicable rating methodologies. It shall adopt all necessary measures so that the information it uses in assigning credit ratings and rating outlooks is of sufficient quality and from reliable sources. The credit rating agency shall issue credit ratings and rating outlooks stipulating that the rating is the agency’s opinion and should be relied upon to a limited degree. |
| 2a. Spremembe v bonitetnih ocenah se izdajo v skladu z objavljenimi metodologijami bonitetnega ocenjevanja bonitetne agencije. | 2a. Changes in credit ratings shall be issued in accordance with the credit rating agency’s published rating methodologies. |
| ▼B | ▼B |
| 3. Bonitetna agencija uporablja metodologije ocenjevanja, ki so rigorozne, sistematične in ustaljene ter jih je mogoče ovrednotiti na podlagi preteklih izkušenj, vključno s testiranjem za nazaj. | 3. A credit rating agency shall use rating methodologies that are rigorous, systematic, continuous and subject to validation based on historical experience, including back-testing. |
| 4. Kadar bonitetna agencija za osnovne ali strukturirane finančne instrumente uporablja obstoječo bonitetno oceno, ki jo je izdelala druga bonitetna agencija, ne sme zavrniti izdaje bonitetne ocene o subjektu ali finančnem instrumentu, z utemeljitvijo, da je del tega subjekta ali finančnega instrumenta predhodno ocenila druga bonitetna agencija. | 4. Where a credit rating agency is using an existing credit rating prepared by another credit rating agency with respect to underlying assets or structured finance instruments, it shall not refuse to issue a credit rating of an entity or a financial instrument because a portion of the entity or the financial instrument had been previously rated by another credit rating agency. |
| Bonitetna agencija evidentira vse primere, kjer v svojem postopku bonitetnega ocenjevanja odstopa od obstoječih bonitetnih ocen, ki jih je v zvezi z zadevnimi osnovnimi ali strukturiranimi finančnimi instrumenti izdelala druga bonitetna agencija, in utemelji odstopajočo oceno. | A credit rating agency shall record all instances where in its credit rating process it departs from existing credit ratings prepared by another credit rating agency with respect to underlying assets or structured finance instruments providing a justification for the differing assessment. |
| 5. Bonitetna agencija stalno in najmanj enkrat letno spremlja in pregleduje svoje bonitetne ocene in metodologije, zlasti če nastanejo bistvene spremembe, ki lahko vplivajo na bonitetno oceno. Določi tudi notranje postopke za spremljanje učinka, ki ga imajo spremembe makroekonomskih razmer ali razmer na finančnih trgih na bonitetne ocene. | 5. A credit rating agency shall monitor credit ratings and review its credit ratings and methodologies on an ongoing basis and at least annually, in particular where material changes occur that could have an impact on a credit rating. A credit rating agency shall establish internal arrangements to monitor the impact of changes in macroeconomic or financial market conditions on credit ratings. |
| ▼M3 | ▼M3 |
| Bonitetne ocene držav se revidirajo najmanj vsakih šest mesecev. | Sovereign ratings shall be reviewed at least every six months. |
| 5a. Bonitetna agencija, ki namerava vsebinsko spremeniti obstoječe metodologije bonitetnega ocenjevanja ali uporabiti nove metodologije, modele ali ključne predpostavke ocenjevanja, ki bi utegnile vplivati na bonitetno oceno, na svojem spletišču objavi predlagane vsebinsko spremenjene ali predlagane nove metodologije bonitetnega ocenjevanja ter pozvati zainteresirane strani, da podajo pripombe v roku enega meseca, skupaj s podrobno razlago razlogov za predlagane vsebinske spremembe ali predlagane nove metodologije bonitetnega ocenjevanja in njihovimi posledicami. | 5a. A credit rating agency that intends to make a material change to, or use, new rating methodologies, models or key rating assumptions which could have an impact on a credit rating shall publish the proposed material changes or proposed new rating methodologies on its website inviting stakeholders to submit comments for a period of one month together with a detailed explanation of the reasons for and the implications of the proposed material changes or proposed new rating methodologies. |
| ▼M3 | ▼M3 |
| 6. Kadar se metodologije bonitetnega ocenjevanja, modeli ali ključne predpostavke ocenjevanja, uporabljene pri dejavnostih bonitetnega ocenjevanja, spremenijo v skladu s členom 14(3), bonitetna agencija: | 6. Where rating methodologies, models or key rating assumptions used in credit rating activities are changed in accordance with Article 14(3), a credit rating agency shall: |
| ▼B | ▼B |
| (a) nemudoma razkrije verjetni obseg bonitetnih ocen, na katere bodo spremembe vplivale, pri tem pa uporabi enaka komunikacijska sredstva, kot so bila uporabljena pri distribuciji zadevnih bonitetnih ocen; | (a) immediately, using the same means of communication as used for the distribution of the affected credit ratings, disclose the likely scope of credit ratings to be affected; |
| ▼M3 | ▼M3 |
| (aa) nemudoma obvesti ESMA in na svojem spletišču objavi rezultate posvetovanj ter nove metodologije bonitetnega ocenjevanja skupaj z njihovo podrobno obrazložitvijo ter datumom začetka njihove uporabe; | (aa) immediately inform ESMA and publish on its website the results of the consultation and the new rating methodologies together with a detailed explanation thereof and their date of application; |
| (ab) na svojem spletišču nemudoma objavi odzive posvetovanj iz odstavka 5a, razen kadar udeleženec posvetovanja zaprosi za zaupnost; | (ab) immediately publish on its website the responses to the consultation referred to in paragraph 5a except in cases where confidentiality is requested by the respondent to the consultation; |
| ▼B | ▼B |
| (b) takoj, ko je to mogoče, vendar najpozneje 6 mesecev po spremembi, pregleda zadevne bonitetne ocene, na katere so spremembe vplivale, medtem pa te bonitetne ocene opazuje; ter | (b) review the affected credit ratings as soon as possible and no later than six months after the change, in the meantime placing those ratings under observation; and |
| (c) ponovno oceni vse bonitetne ocene, ki so bile izdelane na podlagi teh metodologij, modelov ali ključnih predpostavk ocenjevanja, če je s pregledom ugotovljeno, da skupni učinek teh sprememb vpliva na te bonitetne ocene. | (c) re-rate all credit ratings that have been based on those methodologies, models or key rating assumptions if, following the review, the overall combined effect of the changes affects those credit ratings. |
| ▼M3 | ▼M3 |
| 7. Kadar bonitetna agencija izve za napake v svojih metodologijah bonitetnega ocenjevanja ali pri njihovi uporabi, nemudoma: | 7. Where a credit rating agency becomes aware of errors in its rating methodologies or in their application it shall immediately: |
| (a) sporoči te napake ESMA in vsem prizadetim ocenjevanim subjektom ter razloži vpliv na svoje ocene ter potrebo po reviziji izdanih ocen; | (a) notify those errors to ESMA and all affected rated entities explaining the impact on its ratings including the need to review issued ratings; |
| (b) kadar te napake vplivajo na bonitetno oceno, jih objavi na svojem spletišču; | (b) where errors have an impact on its credit ratings, publish those errors on its website; |
| (c) odpravi te napake v metodologijah bonitetnega ocenjevanja in | (c) correct those errors in the rating methodologies; and |
| (d) izvede ukrepe iz točk (a), (b) in (c) odstavka 6. | (d) apply the measures referred to in points (a), (b) and (c) of paragraph 6. |
| Člen 8a | Article 8a |
| Bonitetne ocene držav | Sovereign ratings |
| 1. Bonitetne ocene držav se izdajo na način, ki zagotavlja, da so bile analizirane individualne posebnosti države članice. Izjava o napovedani reviziji skupine držav je prepovedana, če je ne spremljajo tudi poročila o posameznih državah. Taka poročila so javno objavljena. | 1. Sovereign ratings shall be issued in a manner which ensures that the individual specificity of a particular Member State has been analysed. A statement announcing revision of a given group of countries shall be prohibited if it is not accompanied by individual country reports. Such reports shall be made publicly available. |
| 2. Javna sporočila, ki niso bonitetne ocene, obeti glede bonitetnih ocen ali spremljajoča sporočila za javnost ali poročila iz točke 5 dela I oddelka D Priloge I, povezani z morebitnimi spremembami v bonitetni oceni držav, ne temeljijo na informacijah, ki jih ima ocenjeni subjekt in ki so bile razkrite brez soglasja ocenjenega subjekta, razen če so na razpolago v splošno dostopnih virih ali če ni upravičenih razlogov, zakaj ocenjeni subjekt ne bi dal soglasja za razkritje teh informacij. | 2. Public communications other than credit ratings, rating outlooks, or accompanying press releases or reports as referred to in point 5 of Part I of Section D of Annex I, which relate to potential changes in sovereign ratings shall not be based on information within the sphere of the rated entity that has been disclosed without the consent of the rated entity, unless it is available from generally accessible sources or unless there are no legitimate reasons for the rated entity not to give its consent to the disclosure of the information. |
| 3. Bonitetna agencija ob upoštevanju drugega pododstavka člena 8(5) v skladu s točko 3 dela III oddelka D Priloge I na svojem spletišču objavi in organu ESMA vsako leto konec decembra predloži koledarski razpored za naslednjih 12 mesecev, v katerem določi največ tri datume za objavo nenaročenih bonitetnih ocen držav in s tem povezanih obetov pa tudi datume za objavo naročenih bonitetnih ocen držav in s tem povezanih obetov. Vsi taki datumi so na petek. | 3. A credit rating agency shall, taking into consideration the second subparagraph of Article 8(5), publish on its website and submit to ESMA on an annual basis, in accordance with point 3 of Part III of Section D of Annex I, a calendar at the end of December for the following 12 months, setting a maximum of three dates for the publication of unsolicited sovereign ratings and related rating outlooks and setting the dates for the publication of solicited sovereign ratings and related rating outlooks. Such dates shall be set on a Friday. |
| 4. Odstopanje od datuma objave bonitetnih ocen držav ali s tem povezanih obetov je mogoče samo, kadar bonitetna agencija to potrebuje za izpolnitev svojih obveznosti iz člena 8(2), člena 10(1) in člena 11(1), priložena pa mora biti podrobna obrazložitev razlogov za odstopanje od napovedanega koledarskega razporeda. | 4. Deviation of the publication of sovereign ratings or related rating outlooks from the calendar shall only be possible where necessary for the credit rating agency to comply with its obligations under Article 8(2), Article 10(1) and Article 11(1) and shall be accompanied by a detailed explanation of the reasons for the deviation from the announced calendar. |
| Člen 8b | Article 8b |
| Informacije o strukturiranih finančnih instrumentih | Information on structured finance instruments |
| 1. Izdajatelj, originator in sponzor strukturiranega finančnega instrumenta, ustanovljeni v Uniji, na spletni strani, ki jo vzpostavi ESMA v skladu z odstavkom 4, skupaj objavijo informacije o kreditni kakovosti in uspešnosti sredstva, na katerem temelji strukturiran finančni instrument, strukturi posla listinjenja, denarnih tokovih in kakršnih koli zavarovanjih za kritje izpostavljenosti iz naslova pozicije listinjenja, ter vse informacije, ki so potrebne za izvedbo obsežnih in dobro premišljenih testov izjemnih situacij glede denarnih tokov in vrednosti zavarovanja za kritje izpostavljenosti iz naslova pozicije listinjenja. | 1. The issuer, the originator and the sponsor of a structured finance instrument established in the Union shall, on the website set up by ESMA pursuant to paragraph 4, jointly publish information on the credit quality and performance of the underlying assets of the structured finance instrument, the structure of the securitisation transaction, the cash flows and any collateral supporting a securitisation exposure as well as any information that is necessary to conduct comprehensive and well-informed stress tests on the cash flows and collateral values supporting the underlying exposures. |
| 2. Obveznost objave informacij na podlagi odstavka 1 se ne razširi, kadar bi taka objava kršila nacionalno pravo ali pravo Unije, ki ureja varstvo zaupnosti virov informacij ali obdelavo osebnih podatkov. | 2. The obligation under paragraph 1 to publish information shall not extend to where such publication would breach national or Union law governing the protection of confidentiality of information sources or the processing of personal data. |
| 3. ESMA pripravi osnutke regulativnih tehničnih standardov s podrobno opredelitvijo: | 3. ESMA shall develop draft regulatory technical standards to specify: |
| (a) informacij, ki jih morajo osebe iz odstavka 1 objaviti, da izpolnijo obveznost, ki izhaja iz odstavka 1 v skladu z odstavkom 2; | (a) the information that the persons referred to in paragraph 1 must publish in order to comply with the obligation resulting from paragraph 1 in accordance with paragraph 2; |
| (b) pogostosti posodabljanja informacij iz točke (a); | (b) the frequency with which the information referred to in point (a) is to be updated; |
| (c) predstavitev informacij iz točke (a) v obliki standardizirane predloge za razkritje. | (c) the presentation of the information referred to in point (a) by means of a standardised disclosure template. |
| ESMA te osnutke regulativnih tehničnih standardov predloži Komisiji do 21. junija 2014. | ESMA shall submit those draft regulatory technical standards to the Commission by 21 June 2014. |
| Na Komisijo se prenese pooblastilo za sprejetje regulativnih tehničnih standardov iz prvega pododstavka v skladu s postopkom iz členov 10 do 14 Uredbe (EU) št. 1095/2010. | Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010. |
| 4. ESMA vzpostavi spletno stran za objavljanje informacij o strukturiranih finančnih instrumentih iz odstavka 1. | 4. ESMA shall set up a website for the publication of the information on structured finance instruments as referred to in paragraph 1. |
| Člen 8c | Article 8c |
| Dvojna bonitetna ocena strukturiranih finančnih instrumentov | Double credit rating of structured finance instruments |
| 1. Kadar namerava izdajatelj ali povezana tretja oseba naročiti bonitetno oceno strukturiranega finančnega instrumenta, za to pooblasti najmanj dve med seboj neodvisni bonitetni agenciji. | 1. Where an issuer or a related third party intends to solicit a credit rating of a structured finance instrument, it shall appoint at least two credit rating agencies to provide credit ratings independently of each other. |
| 2. Izdajatelj ali povezana tretja oseba iz odstavka 1 zagotovi, da izbrane bonitetne agencije izpolnjujejo naslednje pogoje: | 2. The issuer or a related third party as referred to in paragraph 1 shall ensure that the appointed credit rating agencies comply with the following conditions: |
| (a) niso del iste skupine bonitetnih agencij; | (a) they do not belong to the same group of credit rating agencies; |
| (b) niso delničarke ali družbenice katere koli druge bonitetne agencije; | (b) they are not a shareholder or a member of any of the other credit rating agencies; |
| (c) nimajo pravice ali možnosti izvrševati glasovalnih pravic v kateri koli drugi bonitetni agenciji; | (c) they do not have the right or the power to exercise voting rights in any of the other credit rating agencies; |
| (d) nimajo pravice ali možnosti imenovati ali razreševati članov upravnega odbora ali nadzornega organa katere koli druge bonitetne agencije; | (d) they do not have the right or the power to appoint or remove members of the administrative or supervisory board of any of the other credit rating agencies; |
| (e) noben član upravnega odbora ali nadzornega organa ni član upravnega odbora ali nadzornega organa katere koli druge bonitetne agencije; | (e) none of the members of their administrative or supervisory boards are a member of the administrative or supervisory boards of any of the other credit rating agencies; |
| (f) ne izvršuje ali ima možnost izvrševati nadzor ali prevladujoči vpliv v kateri koli drugi bonitetni agenciji. | (f) they do not exercise, or have the power to exercise, control or a dominant influence over any of the other credit rating agencies. |
| Člen 8d | Article 8d |
| Uporaba več bonitetnih agencij | Use of multiple credit rating agencies |
| 1. Kadar namerava izdajatelj ali povezana tretja oseba pooblastiti vsaj dve bonitetni agenciji za bonitetno oceno istega vrednostnega papirja ali subjekta, izdajatelj ali povezana tretja oseba razmisli o pooblastitvi za vsaj eno oceno bonitetne agencije, ki nima več kot 10 % skupnega tržnega deleža in za katero izdajatelj ali povezana tretja oseba presodi, da je zmožna oceniti zadevni vrednostni papir ali subjekt, pod pogojem, da je na seznamu ESMA iz odstavka 2 na voljo bonitetna agencija za ocenjevanje vrednostnega papirja ali subjekta. Kadar izdajatelj ali povezana tretja oseba ne pooblasti vsaj ene bonitetne agencije, ki nima več kot 10-odstotnega skupnega tržnega deleža, se to zabeleži. | 1. Where an issuer or a related third party intends to appoint at least two credit rating agencies for the credit rating of the same issuance or entity, the issuer or a related third party shall consider appointing at least one credit rating agency with no more than 10 % of the total market share, which can be evaluated by the issuer or a related third party as capable of rating the relevant issuance or entity, provided that, based on ESMA’s list referred to in paragraph 2, there is a credit rating agency available for rating the specific issuance or entity. Where the issuer or a related third party does not appoint at least one credit rating agency with no more than 10 % of the total market share, this shall be documented. |
| 2. Da se izdajatelju ali povezani tretji osebi olajša presoja iz odstavka 1, ESMA na svojem spletišču vsako leto objavi seznam registriranih bonitetnih agencij in navede njihov skupni tržni delež in vrsto izdanih bonitetnih ocen, kar lahko izdajatelj uporabijo kot izhodišče svoje presoje. | 2. With a view to facilitating the evaluation by the issuer or a related third party under paragraph 1, ESMA shall annually publish on its website a list of registered credit rating agencies, indicating their total market share and the types of credit ratings issued, which can be used by the issuer as a starting point for its evaluation. |
| 3. Za namene tega člena se skupni tržni delež meri s sklicevanjem na letni promet iz dejavnosti bonitetnega ocenjevanja in pomožnih storitev na ravni skupine. | 3. For the purposes of this Article, total market share shall be measured with reference to annual turnover generated from credit rating activities and ancillary services, at group level. |
| ▼M1 | ▼M1 |
| Člen 9 | Article 9 |
| Zunanje izvajanje | Outsourcing |
| Oddajanje pomembnih operativnih funkcij v zunanje izvajanje ne sme biti opravljeno tako, da bi se bistveno poslabšala kakovost notranjih kontrol bonitetne agencije in zmožnost ESMA, da nadzira, ali bonitetna agencija izpolnjuje obveznosti v skladu s to uredbo. | Outsourcing of important operational functions shall not be undertaken in such a way as to impair materially the quality of the credit rating agency's internal control and the ability of ESMA to supervise the credit rating agency's compliance with obligations under this Regulation. |
| ▼B | ▼B |
| Člen 10 | Article 10 |
| Razkritje in predstavitev bonitetnih ocen | Disclosure and presentation of credit ratings |
| ▼M3 | ▼M3 |
| 1. Bonitetna agencija neselektivno in pravočasno razkrije vse bonitetne ocene in obete glede bonitetne ocene ter vse odločitve glede prenehanja bonitetnega ocenjevanja. V primeru odločitve o prenehanju bonitetnega ocenjevanja se navedejo tudi vsi razlogi za to odločitev. | 1. A credit rating agency shall disclose any credit rating or rating outlook, as well as any decision to discontinue a credit rating, on a non-selective basis and in a timely manner. In the event of a decision to discontinue a credit rating, the information disclosed shall include full reasons for the decision. |
| Prvi pododstavek velja tudi za bonitetne ocene, ki se distribuirajo na podlagi naročniškega razmerja. | The first subparagraph shall also apply to credit ratings that are distributed by subscription. |
| 2. Bonitetne agencije zagotovijo, da so bonitetne ocene in obeti glede bonitetne ocene predstavljeni ter obdelani v skladu z zahtevami iz oddelka D Priloge I, niso pa predstavljeni drugi dejavniki razen tistih, ki so povezani z bonitetno oceno. | 2. Credit rating agencies shall ensure that credit ratings and rating outlooks are presented and processed in accordance with the requirements set out in Section D of Annex I and shall not present factors other than those related to the credit ratings. |
| 2a. Bonitetne ocene, obeti glede bonitetne ocene in s tem povezane informacije do razkritja javnosti štejejo za notranje informacije, kakor so opredeljene v Direktivi 2003/6/ES in v skladu z njo. | 2a. Until disclosure to the public of credit ratings, rating outlooks and information relating thereto, they shall be deemed to be inside information as defined in, and in accordance with, Directive 2003/6/EC. |
| V zvezi z dolžno zaupnostjo bonitetnih agencij in obveznim vzdrževanjem seznama oseb z dostopom do bonitetnih ocen, obetov glede bonitetne ocene ali s tem povezanih informacij pred razkritjem se uporablja smiselno člen 6(3) navedene direktive. | Article 6(3) of that Directive shall apply mutatis mutandis to credit rating agencies as regards their duty of confidentiality and their obligation to maintain a list of persons who have access to their credit ratings, rating outlooks or related information before disclosure. |
| Seznam oseb, ki so o bonitetni oceni, obetih glede bonitetne ocene in s tem povezanimi informacijami obveščene pred razkritjem, je omejen na osebe, ki jih vsak ocenjevani subjekt opredeli v ta namen. | The list of persons to whom credit ratings, rating outlooks and information relating thereto are communicated before being disclosed shall be limited to persons identified by each rated entity for that purpose. |
| ▼B | ▼B |
| 3. Kadar bonitetna agencija izdaja bonitetne ocene za strukturirane finančne instrumente, zagotovi, da se bonitetne kategorije, ki se dodelijo strukturiranim finančnim instrumentom, jasno razlikujejo z uporabo dodatnega simbola, ki jih razlikuje od bonitetnih ocen, ki se uporabljajo za vse druge subjekte, finančne instrumente ali finančne obveznosti. | 3. When a credit rating agency issues credit ratings for structured finance instruments, it shall ensure that rating categories that are attributed to structured finance instruments are clearly differentiated using an additional symbol which distinguishes them from rating categories used for any other entities, financial instruments or financial obligations. |
| 4. Bonitetna agencija razkrije svoje politike in postopke v zvezi z nenaročenimi bonitetnimi ocenami. | 4. A credit rating agency shall disclose its policies and procedures regarding unsolicited credit ratings. |
| ▼M3 | ▼M3 |
| 5. Kadar bonitetna agencija izda nenaročeno bonitetno oceno, v njej jasno barvno označi različne bonitetne kategorije ter razvidno navede, ali je ocenjevani subjekt ali povezana tretja oseba sodelovala v postopku bonitetnega ocenjevanja ali ne in ali je imela bonitetna agencija dostop do poslovnih knjig, vodstvenih in drugih pomembnih notranjih dokumentov ocenjevanega subjekta ali povezane tretje osebe. | 5. Where a credit rating agency issues an unsolicited credit rating, it shall state prominently in the credit rating, using a clearly distinguishable different colour code for the rating category, whether or not the rated entity or a related third party participated in the credit rating process and whether the credit rating agency had access to the accounts, management and other relevant internal documents for the rated entity or a related third party. |
| ▼B | ▼B |
| Nenaročene bonitetne ocene se označijo kot take. | Unsolicited credit ratings shall be identified as such. |
| ▼M1 | ▼M1 |
| 6. Bonitetna agencija imena ESMA ali katerega koli pristojnega organa ne uporablja na način, ki bi namigoval ali nakazoval, da je ESMA ali pristojni organ potrdil ali odobril bonitetne ocene ali kakršne koli dejavnosti bonitetnega ocenjevanja, ki jih izvaja bonitetna agencija. | 6. A credit rating agency shall not use the name of ESMA or any competent authority in such a way that would indicate or suggest endorsement or approval by ESMA or any competent authority of the credit ratings or any credit rating activities of the credit rating agency. |
| ▼B | ▼B |
| Člen 11 | Article 11 |
| Splošna in redna razkritja | General and periodic disclosures |
| 1. Bonitetna agencija v celoti razkrije javnosti ter takoj posodobi informacije o zadevah, določenih v delu I oddelka E Priloge I. | 1. A credit rating agency shall fully disclose to the public and update immediately information relating to the matters set out in Part I of Section E of Annex I. |
| ▼M3 | ▼M3 |
| 2. Registrirana ali certificirana bonitetna agencija v centralnem registru, ki ga vzpostavi ESMA, da na voljo informacije o svojih preteklih rezultatih, vključno s pogostostjo prehoda bonitetnih ocen, ter informacije o bonitetnih ocenah, izdanih v preteklosti, in o njihovih spremembah. Taka bonitetna agencija zagotovi informacije za centralni register v standardizirani obliki, ki jo določi ESMA. ESMA omogoči javni dostop do teh informacij in vsako leto objavi povzetek informacij glede bistvenih ugotovljenih sprememb. | 2. A registered or certified credit rating agency shall make available in a central repository established by ESMA information on its historical performance data, including the ratings transition frequency, and information about credit ratings issued in the past and on their changes. Such a credit rating agency shall provide information to that repository on a standard form as provided for by ESMA. ESMA shall make that information accessible to the public and shall publish summary information on the main developments observed on an annual basis. |
| ▼M1 | ▼M1 |
| 3. Bonitetna agencija ESMA vsako leto do 31. marca zagotovi informacije o zadevah, določenih v točki 2 dela II oddelka E Priloge I. | 3. A credit rating agency shall provide annually, by 31 March, to ESMA information relating to matters set out in point 2 of Part II of Section E of Annex I. |
| ▼B | ▼B |
| Člen 12 | Article 12 |
| Poročilo o preglednosti | Transparency report |
| Bonitetna agencija letno objavi poročilo o preglednosti, ki vsebuje informacije o zadevah, določenih v delu III oddelka E Priloge I. Bonitetna agencija objavi svoje poročilo o preglednosti najpozneje tri mesece po izteku vsakega finančnega leta in poskrbi, da je poročilo vsaj pet let dostopno na njeni spletni strani. | A credit rating agency shall publish annually a transparency report which includes information on matters set out in Part III of Section E of Annex I. The credit rating agency shall publish its transparency report at the latest three months after the end of each financial year and shall ensure that it remains available on the website of the agency for at least five years. |
| Člen 13 | Article 13 |
| Pristojbine za javno razkritje | Public disclosure fees |
| Bonitetna agencija ne zaračunava pristojbin za informacije, zagotovljene v skladu s členi od 8 do 12. | A credit rating agency shall not charge a fee for the information provided in accordance with Articles 8 to 12. |
| NASLOV III | TITLE III |
| NADZOR DEJAVNOSTI BONITETNEGA OCENJEVANJA | SURVEILLANCE OF CREDIT RATING ACTIVITIES |
| POGLAVJE I | CHAPTER I |
| Registracijski postopek | Registration procedure |
| Člen 14 | Article 14 |
| Zahteva za registracijo | Requirement for registration |
| 1. Bonitetna agencija zaprosi za registracijo za namene člena 2(1), če je ta bonitetna agencija pravna oseba, ustanovljena v ►M3 Uniji ◄ . | 1. A credit rating agency shall apply for registration for the purposes of Article 2(1) provided that it is a legal person established in the ►M3 Union ◄ . |
| ▼M1 | ▼M1 |
| 2. Registracija velja za celotno ozemlje Unije, potem ko začne veljati odločitev o registraciji bonitetne agencije, ki jo sprejme ESMA v skladu s členom 16(3) ali členom 17(3). | 2. The registration shall be effective for the entire territory of the Union once the decision to register a credit rating agency adopted by ESMA as referred to in Article 16(3) or Article 17(3) has taken effect. |
| ▼B | ▼B |
| 3. Registrirana bonitetna agencija v vsakem trenutku izpolnjuje pogoje za začetno registracijo. | 3. A registered credit rating agency shall comply at all times with the conditions for initial registration. |
| ▼M1 | ▼M1 |
| Bonitetna agencija nemudoma uradno obvesti ESMA o vsaki bistveni spremembi pogojev za začetno registracijo, vključno z morebitnim odprtjem ali zaprtjem podružnice v Uniji. | A credit rating agency shall, without undue delay, notify ESMA of any material changes to the conditions for initial registration, including any opening or closing of a branch within the Union. |
| ▼M3 | ▼M3 |
| Bonitetna agencija brez poseganja v drugi pododstavek obvesti ESMA o nameravanih vsebinskih spremembah metodologij bonitetnega ocenjevanja, modelih ali ključnih predpostavkah ocenjevanja ali predlaganih novih metodologijah bonitetnega ocenjevanja, modelih ali ključnih predpostavkah ocenjevanja, ko predlagane spremembe ali predlagane nove metodologije bonitetnega ocenjevanja v skladu s členom 8(5a) objavi na svojem spletišču. Bonitetna agencija po preteku posvetovalnega obdobja obvesti ESMA o kakršnih koli spremembah, nastalih zaradi posvetovanja. | Without prejudice to the second subparagraph, the credit rating agency shall notify ESMA of the intended material changes to the rating methodologies, models or key rating assumptions or the proposed new rating methodologies, models or key rating assumptions when the credit rating agency publishes the proposed changes or proposed new rating methodologies on its website in accordance with Article 8(5a). After the expiry of the consultation period, the credit rating agency shall notify ESMA of any changes due to the consultation. |
| ▼M1 | ▼M1 |
| 4. Brez poseganja v člen 16 ali 17 ESMA registrira bonitetno agencijo, če ob upoštevanju členov 4 in 6 pri pregledu vloge ugotovi, da bonitetna agencija izpolnjuje pogoje za izdajanje bonitetnih ocen, določene v tej uredbi. | 4. Without prejudice to Article 16 or 17, ESMA shall register the credit rating agency if it concludes from the examination of the application that the credit rating agency complies with the conditions for the issuing of credit ratings set out in this Regulation, taking into consideration Articles 4 and 6. |
| 5. ESMA ne postavlja zahtev glede registracije, ki niso predvidene v tej uredbi. | 5. ESMA shall not impose requirements regarding registration which are not provided for in this Regulation. |
| Člen 15 | Article 15 |
| Vloga za registracijo | Application for registration |
| 1. Bonitetna agencija vloži vlogo za registracijo pri ESMA. Vloga vsebuje informacije o zadevah, določenih v Prilogi II. | 1. The credit rating agency shall submit an application for registration to ESMA. The application shall contain information on the matters set out in Annex II. |
| 2. Če vloge za registracijo predloži skupina bonitetnih agencij, članice skupine pooblastijo eno izmed njih, da v imenu skupine vloži vse vloge pri ESMA. Pooblaščena bonitetna agencija zagotovi informacije o zadevah, določenih v Prilogi II, za vsako članico skupine. | 2. Where a group of credit rating agencies applies for registration, the members of the group shall mandate one of their number to submit all the applications to ESMA on behalf of the group. The mandated credit rating agency shall provide the information on the matters set out in Annex II for each member of the group. |
| 3. Bonitetna agencija vloži vlogo v katerem koli uradnem jeziku institucij Unije. Določbe Uredbe št. 1 z dne 15. aprila 1958 o določitvi jezikov, ki se uporabljajo v Evropski gospodarski skupnosti ( 29 ) se smiselno uporabljajo za vse drugo sporočanje med ESMA ter bonitetnimi agencijami in njihovim osebjem. | 3. A credit rating agency shall submit its application in any of the official languages of the institutions of the Union. The provisions of Regulation No 1 of 15 April 1958 determining the languages to be used by the European Economic Community ( 29 ) shall apply mutatis mutandis to any other communication between ESMA and the credit rating agencies and their staff. |
| 4. ESMA v dvajsetih delovnih dneh od prejema vloge oceni, ali je vloga popolna. Če vloga ni popolna, ESMA določi rok, do katerega mora bonitetna agencija zagotoviti dodatne informacije. | 4. Within 20 working days of receipt of the application, ESMA shall assess whether the application is complete. If the application is not complete, ESMA shall set a deadline by which the credit rating agency is to provide additional information. |
| Ko ESMA oceni, da je vloga popolna, o tem uradno obvesti bonitetno agencijo. | After assessing an application as complete, ESMA shall notify the credit rating agency accordingly. |
| Člen 16 | Article 16 |
| Pregled vloge za registracijo bonitetne agencije, ki ga opravi ESMA | Examination of the application for registration of a credit rating agency by ESMA |
| 1. ESMA v 45 delovnih dneh od uradnega obvestila iz drugega pododstavka člena 15(4) pregleda vlogo za registracijo bonitetne agencije na podlagi usklajenosti bonitetne agencije s pogoji iz te uredbe. | 1. ESMA shall, within 45 working days of the notification referred to in the second subparagraph of Article 15(4), examine the application for registration of a credit rating agency based on the compliance of the credit rating agency with the conditions set out in this Regulation. |
| 2. ESMA lahko podaljša obdobje pregleda za nadaljnjih 15 delovnih dni, zlasti če bonitetna agencija: | 2. ESMA may extend the period of examination by 15 working days, in particular if the credit rating agency: |
| (a) namerava odobriti bonitetne ocene iz člena 4(3); | (a) envisages endorsing credit ratings as referred to in Article 4(3); |
| (b) namerava uporabiti zunanje izvajanje, ali | (b) envisages using outsourcing; or |
| (c) zahteva oprostitev izpolnjevanja zahtev v skladu s členom 6(3). | (c) requests exemption from compliance in accordance with Article 6(3). |
| 3. ESMA v 45 delovnih dneh od uradnega obvestila iz drugega pododstavka člena 15(4) oziroma v 60 delovnih dneh v primerih, kadar velja odstavek 2 tega člena, sprejme v celoti utemeljeno odločitev o registraciji ali zavrnitvi registracije. | 3. Within 45 working days of the notification referred to in the second subparagraph of Article 15(4), or within 60 working days thereof where paragraph 2 of this Article applies, ESMA shall adopt a fully reasoned decision to register or refuse registration. |
| 4. Odločitev, ki jo ESMA sprejme v skladu z odstavkom 3, začne veljati peti delovni dan po njenem sprejetju. | 4. The decision adopted by ESMA pursuant to paragraph 3 shall take effect on the fifth working day following its adoption. |
| Člen 17 | Article 17 |
| Pregled vloge za registracijo skupine bonitetnih agencij, ki ga opravi ESMA | Examination of the applications for registration of a group of credit rating agencies by ESMA |
| 1. ESMA v 55 delovnih dneh od uradnega obvestila iz drugega pododstavka člena 15(4) pregleda vloge za registracijo skupine bonitetnih agencij na podlagi usklajenosti teh bonitetnih agencij s pogoji iz te uredbe. | 1. ESMA shall, within 55 working days of the notification referred to in the second subparagraph of Article 15(4), examine the applications for registration of a group of credit rating agencies based on the compliance of those credit rating agencies with the conditions set out in this Regulation. |
| 2. ESMA lahko podaljša obdobje pregleda za nadaljnjih 15 delovnih dni, zlasti, če katera izmed bonitetnih agencij v skupini: | 2. ESMA may extend the period of examination by 15 working days, in particular if any of the credit rating agencies in the group: |
| (a) namerava odobriti bonitetne ocene iz člena 4(3); | (a) envisages endorsing credit ratings as referred to in Article 4(3); |
| (b) namerava uporabiti zunanje izvajanje, ali | (b) envisages using outsourcing; or |
| (c) zahteva oprostitev izpolnjevanja zahtev v skladu s členom 6(3). | (c) requests exemption from compliance in accordance with Article 6(3). |
| 3. ESMA v 55 delovnih dneh od uradnega obvestila iz drugega pododstavka člena 15(4) oziroma v 70 delovnih dneh, kadar velja odstavek 2 tega člena, sprejme v celoti utemeljeno individualno odločitev o registraciji ali zavrnitvi registracije za vsako bonitetno agencijo v skupini. | 3. Within 55 working days of the notification as referred to in the second subparagraph of Article 15(4), or within 70 working days thereof where paragraph 2 of this Article applies, ESMA shall adopt a fully reasoned individual decision to register or refuse registration for each credit rating agency of the group. |
| 4. Odločitev, ki jo ESMA sprejme v skladu z odstavkom 3, začne veljati peti delovni dan po njenem sprejetju. | 4. The decision adopted by ESMA pursuant to paragraph 3 shall take effect on the fifth working day following its adoption. |
| Člen 18 | Article 18 |
| Obvestilo o odločitvi o registraciji, zavrnitvi ali razveljavitvi registracije in objava seznama registriranih bonitetnih agencij | Notification of a decision to register, refuse or withdraw registration, and publication of the list of registered credit rating agencies |
| 1. V petih delovnih dneh po sprejetju odločitve v skladu s členom 16, 17 ali 20 ESMA o odločitvi uradno obvesti zadevno bonitetno agencijo. Kadar ESMA zavrne registracijo bonitetne agencije ali razveljavi registracijo bonitetne agencije, v odločitvi poda v celoti utemeljene razloge. | 1. Within five working days of the adoption of a decision under Article 16, 17 or 20 ESMA shall notify its decision to the credit rating agency concerned. Where ESMA refuses to register the credit rating agency or withdraws the registration of the credit rating agency, it shall provide full reasons in its decision. |
| ▼M3 | ▼M3 |
| 2. ESMA sporoči Komisiji, EBA, EIOPA, pristojnim organom in pristojnim področnim organom vse odločitve, sprejete v skladu s členi 16, 17 ali 20. | 2. ESMA shall communicate to the Commission, EBA, EIOPA, the competent authorities and the sectoral competent authorities, any decision under Article 16, 17 or 20. |
| ▼M1 | ▼M1 |
| 3. ESMA na svojem spletnem mestu objavi seznam bonitetnih agencij, registriranih v skladu s to uredbo. Ta seznam se posodobi v petih delovnih dneh po sprejetju odločitve v skladu s členom 16, 17 ali 20. Komisija v tridesetih dneh po posodobitvi objavi ta posodobljeni seznam v Uradnem listu Evropske unije. | 3. ESMA shall publish on its website a list of credit rating agencies registered in accordance with this Regulation. That list shall be updated within five working days following the adoption of a decision under Article 16, 17 or 20. The Commission shall publish that updated list in the Official Journal of the European Union within 30 days following such update. |
| Člen 19 | Article 19 |
| Pristojbina za registracijo in taksa za nadzor | Registration and supervisory fees |
| ▼M3 | ▼M3 |
| 1. ESMA bonitetnim agencijam zaračuna pristojbino v skladu s to uredbo in uredbo Komisije iz odstavka 2. Pristojbina v celoti pokrije stroške ESMA v zvezi z registracijo, certificiranjem in nadzorom bonitetnih agencij ter poplačilo vseh stroškov, ki bi jih lahko imeli pristojni organi pri izvajanju nalog na podlagi te uredbe, zlasti zaradi prenosa nalog v skladu s členom 30. | 1. ESMA shall charge credit rating agencies fees in accordance with this Regulation and with the Commission regulation referred to in paragraph 2. Those fees shall fully cover ESMA’s necessary expenditure relating to the registration, certification and supervision of credit rating agencies and the reimbursement of any costs that the competent authorities may incur carrying out work pursuant to this Regulation, in particular as a result of any delegation of tasks in accordance with Article 30. |
| ▼M1 | ▼M1 |
| 2. Komisija sprejme uredbo o pristojbinah in taksah. Navedena uredba določa zlasti vrsto pristojbin in taks ter zadeve, za katere je treba plačati pristojbine in takse, višino pristojbin in taks, način, kako jih je treba plačati, in način, kako ESMA pristojnim organom povrne vse stroške, ki bi jih lahko imeli zaradi izvajanja svojih nalog v skladu s to uredbo, zlasti zaradi prenosa nalog v skladu s členom 30. | 2. The Commission shall adopt a regulation on fees. That regulation shall determine in particular the type of fees and the matters for which fees are due, the amount of the fees, the way in which they are to be paid and the way in which ESMA is to reimburse competent authorities in respect of any costs that they may incur carrying out work pursuant to this Regulation, in particular as a result of any delegation of tasks in accordance with Article 30. |
| Višina pristojbine in takse, ki se zaračuna bonitetni agenciji, pokrije vse upravne stroške in je sorazmerna s prometom zadevne bonitetne agencije. | The amount of a fee charged to a credit rating agency shall cover all administrative costs and be proportionate to the turnover of the credit rating agency concerned. |
| Komisija sprejme uredbo o pristojbinah in taksah iz prvega pododstavka z delegiranim aktom v skladu s členom 38a in ob upoštevanju pogojev iz členov 38b in 38c. | The Commission shall adopt the regulation on fees referred to in the first subparagraph by means of a delegated act in accordance with Article 38a and subject to the conditions of Articles 38b and 38c. |
| Člen 20 | Article 20 |
| Razveljavitev registracije | Withdrawal of registration |
| 1. Brez poseganja v člen 24 ESMA razveljavi registracijo bonitetne agencije, kadar: | 1. Without prejudice to Article 24, ESMA shall withdraw the registration of a credit rating agency where the credit rating agency: |
| (a) se bonitetna agencija izrecno odreče registraciji ali če v zadnjih šestih mesecih ni izdala nobene bonitetne ocene; | (a) expressly renounces the registration or has provided no credit ratings for the preceding six months; |
| (b) je bonitetna agencija pridobila registracijo z navajanjem lažnih podatkov ali na kakršen koli drug nepravilen način, ali | (b) obtained the registration by making false statements or by any other irregular means; or |
| (c) ne izpolnjuje več pogojev, pod katerimi je bila registrirana. | (c) no longer meets the conditions under which it was registered. |
| 2. Če je po mnenju pristojnega organa države članice, v kateri se uporabljajo bonitetne ocene, ki jih je izdala zadevna bonitetna agencija, izpolnjen eden izmed pogojev iz odstavka 1, lahko ta pristojni organ od ESMA zahteva, da preveri, ali so izpolnjeni pogoji za razveljavitev registracije zadevne bonitetne agencije. Če se ESMA odloči, da ne bo razveljavil registracije zadevne bonitetne agencije, navede utemeljena razloge za to. | 2. The competent authority of a Member State in which credit ratings issued by the credit rating agency concerned are used and which considers that one of the conditions referred to in paragraph 1 has been met may request that ESMA examine whether the conditions for the withdrawal of the registration of the credit rating agency concerned are met. If ESMA decides not to withdraw the registration of the credit rating agency concerned, it shall provide full reasons. |
| 3. Odločitev o razveljavitvi registracije začne veljati takoj v vsej Uniji, s pridržkom prehodnega obdobja za uporabo bonitetnih ocen iz člena 24(4). | 3. The decision on the withdrawal of registration shall take immediate effect throughout the Union, subject to the transitional period for the use of credit ratings referred to in Article 24(4). |
| POGLAVJE II | CHAPTER II |
| Nadzor ESMA | Supervision by ESMA |
| Člen 21 | Article 21 |
| ESMA | ESMA |
| 1. Brez poseganja v člen 25a ESMA zagotovi, da se ta uredba uporablja. | 1. Without prejudice to Article 25a, ESMA shall ensure that this Regulation is applied. |
| 2. ESMA v skladu s členom 16 Uredbe (EU) št. 1095/2010 izda in posodobi smernice za sodelovanje med ESMA, pristojnimi organi ter področnimi pristojnimi organi za namene te uredbe in zadevne področne zakonodaje, vključno s postopki in podrobnimi pogoji v zvezi s prenosom nalog. | 2. In accordance with Article 16 of Regulation (EU) No 1095/2010, ESMA shall issue and update guidelines on the cooperation between ESMA, the competent authorities and the sectoral competent authorities for the purposes of this Regulation and for those of the relevant sectoral legislation, including the procedures and detailed conditions relating to the delegation of tasks. |
| 3. V skladu s členom 16 Uredbe (EU) št. 1095/2010, ESMA v sodelovanju z EBA in EIOPA do 7. junija 2011 izda in posodobi smernice o uporabi sistema odobritve v skladu s členom 4(3) te uredbe. | 3. In accordance with Article 16 of Regulation (EU) No 1095/2010, ESMA shall, in cooperation with EBA and EIOPA, issue and update guidelines on the application of the endorsement regime under Article 4(3) of this Regulation by 7 June 2011. |
| ▼M3 | ▼M3 |
| 4. ESMA pripravi osnutke regulativnih tehničnih standardov s podrobno opredelitvijo: | 4. ESMA shall develop draft regulatory technical standards to specify: |
| ▼M1 | ▼M1 |
| (a) informacij, ki jih mora zagotoviti bonitetna agencija v svoji vlogi za registracijo, kot je določeno v Prilogi II; | (a) the information to be provided by a credit rating agency in its application for registration as set out in Annex II; |
| (b) informacij, ki jih morajo bonitetne agencije zagotoviti za vlogo za certificiranje in za oceno njenega sistemskega pomena za finančno stabilnost ali integriteto finančnih trgov iz člena 5; | (b) information that the credit rating agency must provide for the application for certification and for the assessment of its systemic importance to the financial stability or integrity of financial markets referred to in Article 5; |
| (c) predstavitve informacij, vključno s strukturo, obliko, metodo in obdobjem poročanja, ki jih razkrivajo bonitetne agencije v skladu s členom 11(2) in točko 1 dela II oddelka E Priloge I; | (c) the presentation of the information, including structure, format, method and period of reporting, that credit rating agencies shall disclose in accordance with Article 11(2) and point 1 of Part II of Section E of Annex I; |
| (d) ocene skladnosti metodologij bonitetnega ocenjevanja z zahtevami iz člena 8(3); | (d) the assessment of compliance of credit rating methodologies with the requirements set out in Article 8(3); |
| ▼M3 | ▼M3 |
| (e) vsebine in oblike rednega poročanja o podatkih bonitetnega ocenjevanja, za katere bodo zaprošene registrirane in certificirane bonitetne agencije z namenom neprekinjenega nadzora ESMA. | (e) the content and format of ratings data periodic reporting to be requested from registered and certified credit rating agencies for the purpose of ongoing supervision by ESMA. |
| ▼M3 | ▼M3 |
| ESMA te osnutke regulativnih tehničnih standardov predloži Komisiji do 21. junija 2014. | ESMA shall submit those draft regulatory technical standards to the Commission by 21 June 2014. |
| Na Komisijo se prenese pooblastilo za sprejemanje regulativnih tehničnih standardov iz prvega pododstavka v skladu s postopkom iz členov 10 do 14 Uredbe (EU) št. 1095/2010. | Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010. |
| 4a. ESMA pripravi osnutke regulativnih tehničnih standardov s podrobno opredelitvijo: | 4a. ESMA shall develop draft regulatory technical standards to specify: |
| (a) vsebine in predstavitve informacij, vključno s strukturo, obliko, načinom in časom poročanja, ki jih bonitetne agencije razkrijejo ESMA v skladu s členom 11a(1), in | (a) the content and the presentation of the information, including structure, format, method and timing of reporting that credit rating agencies are to disclose to ESMA in accordance with Article 11a(1); and |
| (b) vsebine in oblike rednega poročanja o zaračunanih honorarjih bonitetnih agencij z namenom neprekinjenega nadzora ESMA. | (b) the content and format of periodic reporting on fees charged by credit rating agencies for the purpose of ongoing supervision by ESMA. |
| ESMA te osnutke regulativnih tehničnih standardov predloži Komisiji do 21. junija 2014. | ESMA shall submit those draft regulatory technical standards to the Commission by 21 June 2014. |
| Na Komisijo se prenese pooblastilo za sprejetje regulativnih tehničnih standardov iz prvega pododstavka v skladu s postopkom iz členov 10 do 14 Uredbe (EU) št. 1095/2010. | Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010. |
| 4b. ESMA poroča o možnosti vzpostavitve ene ali več vrst primerjanja bonitetnih ocen, predloženih v skladu s členom 11a(1), in Komisiji zadevno poročilo predloži do 21. junija 2015. V poročilu je ocenjeno zlasti naslednje: | 4b. ESMA shall report on the possibility of establishing one or more mappings of credit ratings submitted in accordance with Article 11a(1) and submit that report to the Commission by 21 June 2015. The report shall, in particular, assess: |
| (a) možnost, stroški in prednost vzpostavitve ene ali več vrst primerjanja; | (a) the possibility, cost, and benefit of establishing one or more mappings; |
| (b) kako bi lahko ustvarili eno ali več vrst primerjanja, ne da bi zaradi različnih metodologij bonitetnega ocenjevanja popačili bonitetne ocene; | (b) how one or more mappings can be created without misrepresenting credit ratings in light of different rating methodologies; |
| (c) morebitni učinki primerjanja na dotlej pripravljene regulativne tehnične standarde v zvezi s členom 21(4a)(a) in (b). | (c) any effects mappings could have on the regulatory technical standards developed to date in relation to Article 21(4a)(a) and (b). |
| V zvezi s točkama (a) in (b) prvega pododstavka se ESMA posvetuje z EBA in EIOPA. | ESMA shall consult EBA and EIOPA in regard to points (a) and (b) of the first subparagraph. |
| ▼M3 | ▼M3 |
| 5. ESMA vsako leto objavi poročilo o uporabi te uredbe. Navedeno poročilo vsebuje predvsem oceno o tem, kako bonitetne agencije, registrirane v skladu s to uredbo, izvajajo Prilogo I, in oceno o uporabi sistema odobritve iz člena 4(3). | 5. ESMA shall publish an annual report on the application of this Regulation. That report shall contain, in particular, an assessment of the implementation of Annex I by the credit rating agencies registered under this Regulation and an assessment of the application of the endorsement mechanism referred to in Article 4(3). |
| ▼M1 | ▼M1 |
| 6. ESMA vsako leto predstavi Evropskemu parlamentu, Svetu in Komisiji poročilo o sprejetih nadzornih ukrepih in kaznih, naloženih s strani ESMA v skladu s to uredbo, vključno z globami in periodičnimi denarnimi kaznimi. | 6. ESMA shall present annually to the European Parliament, the Council and the Commission a report on supervisory measures taken and penalties imposed by ESMA under this Regulation, including fines and periodic penalty payments. |
| 7. ESMA pri opravljanju svojih nalog sodeluje z EBA in EIOPA in se posvetuje z EBA in EIOPA preden izda in posodobi smernice in predloži osnutek regulativnih tehničnih standardov iz odstavkov 2, 3 in 4. | 7. ESMA shall cooperate with EBA and EIOPA in performing its tasks and shall consult EBA and EIOPA before issuing and updating guidelines and submitting draft regulatory technical standards referred to in paragraphs 2, 3 and 4. |
| ▼B | ▼B |
| Člen 22 | Article 22 |
| Pristojni organi | Competent authorities |
| 1. Vsaka država članica določi pristojni organ za namene te uredbe do 7. junija 2010. | 1. By 7 June 2010, each Member State shall designate a competent authority for the purpose of this Regulation. |
| 2. Pristojnim organom se dodeli zadostno število strokovno usposobljenega osebja, da se jim omogoči uporaba te uredbe. | 2. Competent authorities shall be adequately staffed, with regard to capacity and expertise, in order to be able to apply this Regulation. |
| ▼M1 | ▼M1 |
| Člen 22a | Article 22a |
| ▼M3 | ▼M3 |
| Pregled upoštevanja zahtev metodologij | Examination of compliance with methodology requirements |
| ▼M1 | ▼M1 |
| 1. ESMA pri izvajanju svojega neprekinjenega nadzora nad bonitetnimi agencijami, registriranimi v skladu s to uredbo, redno pregleduje skladnost s členom 8(3). | 1. In the exercise of its ongoing supervision of credit rating agencies registered under this Regulation, ESMA shall examine regularly compliance with Article 8(3). |
| 2. Brez poseganja v člen 23 ESMA v okviru pregleda iz odstavka 1 tudi: | 2. Without prejudice to Article 23, ESMA shall also in the framework of the examination referred to in paragraph 1: |
| (a) preverja, ali bonitetne agencije izvajajo testiranje za nazaj, | (a) verify the execution of back-testing by credit rating agencies; |
| (b) analizira rezultate tovrstnega testiranja za nazaj in | (b) analyse the results of that back-testing; and |
| (c) preverja, da imajo bonitetne agencije na voljo postopke za upoštevanje rezultatov testiranja za nazaj v svojih ocenjevalnih metodologijah. | (c) verify that the credit rating agencies have processes in place to take into account the results of the back-testing in their rating methodologies. |
| ▼M1 | ▼M1 |
| Člen 23 | Article 23 |
| Nevmešavanje v vsebino ocen ali metodologij | Non-interference with content of ratings or methodologies |
| Pri izvrševanju svojih dolžnosti na podlagi te uredbe ESMA Komisija ali kateri koli javni organi države članice ne posegajo v vsebino bonitetnih ocen ali metodologij. | In carrying out their duties under this Regulation, ESMA, the Commission or any public authorities of a Member State shall not interfere with the content of credit ratings or methodologies. |
| Člen 23a | Article 23a |
| Izvajanje pooblastil iz členov 23b do 23d | Exercise of the powers referred to in Articles 23b to 23d |
| Pristojnosti, ki so na ESMA ali na njegove uradnike ali na druge osebe, pooblaščene s strani ESMA, prenesene s členi 23b do 23d, se ne uporabijo za zahteve po razkritju informacij ali dokumentov, za katere velja varovanje zaupnosti. | The powers conferred on ESMA or any official of or other person authorised by ESMA by Articles 23b to 23d shall not be used to require the disclosure of information or documents which are subject to legal privilege. |
| Člen 23b | Article 23b |
| Zahteve po informacijah | Requests for information |
| 1. ESMA lahko od bonitetnih agencij, oseb, vključenih v dejavnosti bonitetnega ocenjevanja, ocenjevanih subjektov in povezanih tretjih oseb, tretjih oseb, ki so jim bonitetne agencije oddale v zunanje izvajanje nekatere operativne funkcije ali dejavnosti, in ostalih oseb, ki so na druge načine tesno in pomembno povezane z bonitetnimi agencijami ali dejavnostmi bonitetnega ocenjevanja, z enostavnim zahtevkom ali s sprejetjem odločitve zahteva, da predložijo vse informacije, ki so potrebne za izvajanje njegovih dolžnosti iz te uredbe. | 1. ESMA may by simple request or by decision require credit rating agencies, persons involved in credit rating activities, rated entities and related third parties, third parties to whom the credit rating agencies have outsourced operational functions or activities and persons otherwise closely and substantially related or connected to credit rating agencies or credit rating activities to provide all information that is necessary in order to carry out its duties under this Regulation. |
| 2. Kadar ESMA zahteva informacije iz odstavka 1 z enostavnim zahtevkom: | 2. When sending a simple request for information under paragraph 1, ESMA shall: |
| (a) se sklicuje na ta člen kot pravno podlago za zahtevek; | (a) refer to this Article as the legal basis for the request; |
| (b) navede namen zahtevka; | (b) state the purpose of the request; |
| (c) opredeli, katere informacije se zahtevajo; | (c) specify what information is required; |
| (d) določi rok, v katerem je treba informacije predložiti; | (d) set a time-limit within which the information is to be provided; |
| (e) obvesti osebo, od katere se te informacije zahtevajo, da informacij ni obvezana zagotoviti, da pa odgovor na zahtevek ne sme biti nepravilen ali zavajajoč; | (e) inform the person from whom the information is requested that there is no obligation to provide the information but that any reply to the request for information must not be incorrect or misleading; |
| (f) navede globo iz člena 36a v povezavi s točko 7 oddelka II Priloge III, če so odgovori na zastavljena vprašanja nepravilni ali zavajajoči. | (f) indicate the fine provided for in Article 36a, in conjunction with point 7 of Section II of Annex III, where the answers to questions asked are incorrect or misleading. |
| 3. Kadar ESMA zahteva informacije v skladu z odstavkom 1 s sprejetjem odločitve: | 3. When requiring the supply of information under paragraph 1 by decision, ESMA shall: |
| (a) se sklicuje na ta člen kot pravno podlago za zahtevek; | (a) refer to this Article as the legal basis for the request; |
| (b) navede namen zahtevka; | (b) state the purpose of the request; |
| (c) opredeli, katere informacije se zahtevajo; | (c) specify what information is required; |
| (d) določi rok, v katerem je treba informacije predložiti; | (d) set a time-limit within which the information is to be provided; |
| (e) navede periodične denarne kazni, določene v členu 36b za primer, če so zahtevane informacije nepopolne; | (e) indicate the periodic penalty payments provided for in Article 36b where the production of the required information is incomplete; |
| (f) navede globo, določeno v členu 36a v povezavi s točko 7 oddelka II Priloge III za primer, če so odgovori na zastavljena vprašanja napačni ali zavajajoči, ter | (f) indicate the fine provided for in Article 36a, in conjunction with point 7 of Section II of Annex III, where the answers to questions asked are incorrect or misleading; and |
| (g) navede pravico do pritožbe proti odločitvi pri odboru za pritožbe ter pravico, da odločitev pregleda Sodišče Evropske unije v skladu s členoma 60 in 61 Uredbe (EU) št. 1095/2010. | (g) indicate the right to appeal the decision before the Board of Appeal and to have the decision reviewed by the Court of Justice of the European Union in accordance with Articles 60 and 61 of Regulation (EU) No 1095/2010. |
| 4. Osebe iz odstavka 1 ali njihovi zastopniki in, v primeru pravnih oseb ali združenj, ki nimajo pravne osebnosti, osebe, ki so z zakonom ali njihovo ustavo pooblaščene za njihovo zastopanje, zagotovijo zahtevane informacije. Te informacije lahko v imenu svojih strank zagotovijo ustrezno pooblaščeni pravni zastopniki. Njihove stranke pa nosijo polno odgovornost, če so informacije nepopolne, nepravilne ali zavajajoče. | 4. The persons referred to in paragraph 1 or their representatives and, in the case of legal persons or associations having no legal personality, the persons authorised to represent them by law or by their constitution, shall supply the information requested. Lawyers duly authorised to act may supply the information on behalf of their clients. The latter shall remain fully responsible if the information supplied is incomplete, incorrect or misleading. |
| 5. ESMA nemudoma posreduje kopijo enostavnega zahtevka ali sprejete odločitve pristojnemu organu države članice, kjer imajo prebivališče ali sedež osebe iz odstavka 1, na katere se nanaša zahtevek za informacije. | 5. ESMA shall, without delay, send a copy of the simple request or of its decision to the competent authority of the Member State where the persons referred to in paragraph 1 who are concerned by the request for information are domiciled or established. |
| Člen 23c | Article 23c |
| Splošne preiskave | General investigations |
| 1. Za izvedbo svojih nalog po tej uredbi lahko ESMA izvede vse potrebne preiskave oseb iz člena 23b(1). V ta namen imajo uradniki in druge osebe, ki jih ESMA za to pooblasti, pristojnosti da: | 1. In order to carry out its duties under this Regulation, ESMA may conduct all necessary investigations of persons referred to in Article 23b(1). To that end, the officials of and other persons authorised by ESMA shall be empowered to: |
| (a) pregledajo vso dokumentacijo, podatke, postopke in vsa druga gradiva v zvezi z izvajanjem njegovih nalog, ne glede na medij na katerem so shranjeni; | (a) examine any records, data, procedures and any other material relevant to the execution of its tasks irrespective of the medium on which they are stored; |
| (b) pridobijo dokumentacijo, podatke, postopke ali druga gradiva ali pridobijo njihove overjene kopije ali izpiske; | (b) take or obtain certified copies of or extracts from such records, data, procedures and other material; |
| (c) pozovejo in zaprosijo osebe iz člena 23b(1) ali njihove zastopnike ali osebje, da o dejstvih ali dokumentih, povezanih s predmetom in namenom preiskave podajo pisno ali ustno obrazložitev ter da njihove odgovore zabeležijo; | (c) summon and ask any person referred to in Article 23b(1) or their representatives or staff for oral or written explanations on facts or documents related to the subject matter and purpose of the inspection and to record the answers; |
| (d) opravijo razgovor z vsako drugo fizično ali pravno osebo, ki pristane na razgovor za namene zbiranja informacij v zvezi s predmetom preiskave; | (d) interview any other natural or legal person who consents to be interviewed for the purpose of collecting information relating to the subject matter of an investigation; |
| (e) zahtevajo zapise o telefonskem in podatkovnem prometu. | (e) request records of telephone and data traffic. |
| 2. Uradniki ESMA in druge osebe, ki jih ESMA pooblasti za opravljanje preiskav iz odstavka 1, pred izvajanjem svojih pristojnosti pokažejo pisno pooblastilo, ki podrobno določa predmet in namen preiskave. V pooblastilu so navedene tudi periodične denarne kazni, določene v členu 36b, v primeru če zahtevani zapisi, podatki, postopki ali druga gradiva ali odgovori oseb iz člena 23b(1) na zastavljena vprašanja niso predloženi ali so nepopolni, in globe, ki jih določa člen 36a v povezavi s točko 8 oddelka II Priloge III, če so odgovori oseb iz člena 23b(1) na zastavljena vprašanja nepravilni ali zavajajoči. | 2. The officials of and other persons authorised by ESMA for the purposes of the investigations referred to in paragraph 1 shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the investigation. That authorisation shall also indicate the periodic penalty payments provided for in Article 36b where the production of the required records, data, procedures or any other material, or the answers to questions asked of the persons referred to in Article 23b(1) are not provided or are incomplete, and the fines provided for in Article 36a, in conjunction with point 8 of Section II of Annex III, where the answers to questions asked of the persons referred to in Article 23b(1) are incorrect or misleading. |
| 3. Osebe iz člena 23b(1) privolijo v preiskave, ki se uvedejo na podlagi sprejete odločitve ESMA. V odločitvi so navedeni predmet in namen preiskave, periodične denarne kazni, določene v členu 36b, pravna sredstva, ki so na voljo po Uredbi (EU) št. 1095/2010, in pravica, da odločitev preuči Sodišče Evropske unije. | 3. The persons referred to in Article 23b(1) shall submit to investigations launched on the basis of a decision of ESMA. The decision shall specify the subject matter and purpose of the investigation, the periodic penalty payments provided for in Article 36b, the legal remedies available under Regulation (EU) No 1095/2010 and the right to have the decision reviewed by the Court of Justice of the European Union. |
| 4. ESMA pravočasno pred preiskavo obvesti pristojni organ države članice, kjer je treba opraviti preiskavo, o preiskavi in identiteti pooblaščenih oseb. Uradniki zadevnega pristojnega organa na zahtevo ESMA pomagajo pooblaščenim osebam pri izvajanju njihovih dolžnosti. Uradniki zadevnega pristojnega organa se lahko udeležijo preiskav na podlagi zahteve. | 4. In good time before the investigation, ESMA shall inform the competent authority of the Member State where the investigation is to be carried out of the investigation and of the identity of the authorised persons. Officials of the competent authority concerned shall, upon the request of ESMA, assist those authorised persons in carrying out their duties. Officials of the competent authority concerned may also attend the investigations upon request. |
| 5. Če je za pridobitev zapisov o telefonskem in podatkovnem prometu iz točke (e) odstavka 1 po nacionalnih pravilih potrebno pooblastilo sodišča, se za takšno pooblastilo zaprosi. Za takšno pooblastilo se lahko zaprosi tudi kot previdnostni ukrep. | 5. If a request for records of telephone or data traffic referred to in point (e) of paragraph 1 requires authorisation from a judicial authority according to national rules, such authorisation shall be applied for. Such authorisation may also be applied for as a precautionary measure. |
| 6. Kadar se zaprosi za pooblastilo iz odstavka 5, nacionalno sodišče preveri, da je odločitev ESMA verodostojna in da predvideni prisilni ukrepi glede na predmet preiskave niso niti samovoljni niti pretirani. Pri preverjanju sorazmernosti prisilnih ukrepov lahko nacionalno sodišče zaprosi ESMA za podrobna pojasnila, zlasti glede razlogov, ki jih ima ESMA za sum o kršitvi te uredbe, pa tudi na resnost domnevne kršitve in naravo vpletenosti osebe, za katero veljajo prisilni ukrepi. Nacionalno sodišče pa ne sme presojati o tem, ali je bila preiskava potrebna, ali zahtevati informacij iz spisa ESMA. Zakonitost odločitve ESMA lahko preuči le Sodišče Evropske unije v skladu s postopkom, določenim v Uredbi (EU) št. 1095/2010. | 6. Where authorisation as referred to in paragraph 5 is applied for, the national judicial authority shall control that the decision of ESMA is authentic and that the coercive measures envisaged are neither arbitrary nor excessive having regard to the subject matter of the investigations. In its control of the proportionality of the coercive measures, the national judicial authority may ask ESMA for detailed explanations, in particular relating to the grounds ESMA has for suspecting that an infringement of this Regulation has taken place and the seriousness of the suspected infringement and the nature of the involvement of the person subject to the coercive measures. However, the national judicial authority shall not review the necessity for the investigation or demand that it be provided with the information on ESMA's file. The lawfulness of ESMA's decision shall be subject to review only by the Court of Justice of the European Union following the procedure set out in Regulation (EU) No 1095/2010. |
| Člen 23d | Article 23d |
| Inšpekcijski pregledi na kraju samem | On-site inspections |
| 1. Za izvajanje svojih dolžnosti v skladu s to uredbo lahko ESMA izvaja vse potrebne inšpekcijske preglede na kraju samem v poslovnih prostorih pravnih oseb iz člena 23b(1). Kadar je to potrebno zaradi pravilne izvedbe in učinkovitosti pregledov, lahko ESMA izvede inšpekcijski pregled na kraju samem brez predhodne najave. | 1. In order to carry out its duties under this Regulation, ESMA may conduct all necessary on-site inspections at the business premises of the legal persons referred to in Article 23b(1). Where the proper conduct and efficiency of the inspection so require, ESMA may carry out the on-site inspection without prior announcement. |
| 2. Uradniki ESMA in druge osebe, ki jih ESMA pooblasti za izvajanje inšpekcijskih pregledov na kraju samem, lahko vstopijo v vse poslovne prostore in na zemljišče pravnih oseb, ki so predmet preiskave ob predložitvi odločitve, ki jo je sprejela ESMA, in imajo vse pristojnosti iz člena 23c(1). Imajo tudi pooblastilo, da zapečatijo vse poslovne prostore ter poslovne knjige ali dokumentacijo za obdobje in v obsegu, potrebnem za izvedbo pregleda. | 2. The officials of and other persons authorised by ESMA to conduct an on-site inspection may enter any business premises and land of the legal persons subject to an investigation decision adopted by ESMA and shall have all the powers stipulated in Article 23c(1). They shall also have the power to seal any business premises and books or records for the period of, and to the extent necessary for, the inspection. |
| 3. Če zadevna oseba ne dovoli pregleda, uradniki ESMA in druge osebe, ki jih ESMA pooblasti za izvajanje inšpekcijskih pregledov na kraju samem, izvajajo svoje pristojnosti po predložitvi pisnega pooblastila o predmetu in namenu pregleda ter periodičnih denarnih kazni, določenih v členu 36b. ESMA pred pregledom o njem pravočasno obvesti pristojni organ države članice, kjer se bo izvajal pregled. | 3. The officials of and other persons authorised by ESMA to conduct an on-site inspection shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the inspection, and the periodic penalty payments provided for in Article 36b where the persons concerned do not submit to the inspection. In good time before the inspection, ESMA shall give notice of the inspection to the competent authority of the Member State where it is to be conducted. |
| 4. Osebe iz člena 23b(1) dovolijo inšpekcijske preglede na kraju samem, ki so odrejeni z odločitvijo ESMA. V odločitvi je določen predmet in namen pregleda ter datum začetka, navedene pa so tudi periodične denarne kazni, določene v členu 36b, pravna sredstva, ki so na razpolago v skladu z Uredbo (EU) št. 1095/2010 ter pravica, da odločitev preuči Sodišče Evropske unije. ESMA to odločitev sprejme po posvetovanju s pristojnim organom države članice, v kateri bo pregled potekal. | 4. The persons referred to in Article 23b(1) shall submit to on-site inspections ordered by decision of ESMA. The decision shall specify the subject matter and purpose of the inspection, specify the date on which it is to begin and indicate the periodic penalty payments provided for in Article 36b, the legal remedies available under Regulation (EU) No 1095/2010 as well as the right to have the decision reviewed by the Court of Justice of the European Union. ESMA shall take such decisions after consulting the competent authority of the Member State where the inspection is to be conducted. |
| 5. Uradniki, pa tudi tisti, ki jih pooblasti ali imenuje pristojni organ države članice, v kateri se izvaja pregled, na zahtevo ESMA aktivno pomagajo uradnikom ESMA in drugim osebam, ki jih pooblasti ESMA. V ta namen bodo imeli pooblastila iz odstavka 2. Uradniki pristojnega organa zadevne države članice se lahko udeležijo inšpekcijskih pregledov na kraju samem na podlagi zahteve. | 5. Officials of, as well as those authorised or appointed by, the competent authority of the Member State where the inspection is to be conducted shall, upon the request of ESMA, actively assist the officials of and other persons authorised by ESMA. To that end, they shall enjoy the powers set out in paragraph 2. Officials of the competent authority of the Member State concerned may also attend the on-site inspections upon request. |
| 6. ESMA lahko od pristojnih organov držav članic tudi zahteva, da v njegovem imenu izvedejo določene preiskave in inšpekcijske preglede na kraju samem, kot je določeno v tem členu in v členu 23c(1). V ta namen imajo pristojni organi enaka pooblastila kakor ESMA, kakor so določena v tem členu in v členu 23c(1). | 6. ESMA may also require competent authorities to carry out specific investigatory tasks and on-site inspections as provided for in this Article and in Article 23c(1) on its behalf. To that end, competent authorities shall enjoy the same powers as ESMA as set out in this Article and in Article 23c(1). |
| 7. Kadar uradniki ESMA in druge spremljevalne osebe, ki jih pooblasti ESMA, ugotovijo, da oseba nasprotuje pregledu, ki je bil odrejen v skladu s tem členom, jim pristojni organ zadevne države članice ponudi potrebno pomoč in po potrebi zagotovi tudi pomoč policije ali drugega enakovrednega izvršilnega organa, da se s tem omogoči izvedba inšpekcijskega pregleda na kraju samem. | 7. Where the officials of and other accompanying persons authorised by ESMA find that a person opposes an inspection ordered pursuant to this Article, the competent authority of the Member State concerned shall afford them the necessary assistance, requesting, where appropriate, the assistance of the police or of an equivalent enforcement authority, so as to enable them to conduct their on-site inspection. |
| 8. Če je treba za inšpekcijski pregled na kraju samem iz odstavka 1 ali za pomoč iz odstavka 7 po nacionalnih pravilih pridobiti pooblastilo sodišča, se zanj zaprosi. Za tovrstno pooblastilo se lahko zaprosi tudi kot previdnostni ukrep. | 8. If the on-site inspection provided for in paragraph 1 or the assistance provided for in paragraph 7 requires authorisation by a judicial authority according to national rules, such authorisation shall be applied for. Such authorisation may also be applied for as a precautionary measure. |
| 9. Kadar se zaprosi za pooblastilo iz odstavka 8, nacionalno sodišče preveri, da je odločitev ESMA verodostojna in da predvideni prisilni ukrepi glede na predmet preiskave niso niti samovoljni niti pretirani. Pri preverjanju sorazmernosti prisilnih ukrepov lahko nacionalno sodišče zaprosi ESMA za podrobna pojasnila, zlasti glede razlogov, ki jih ima ESMA za sum o kršitvi te uredbe, pa tudi na resnost domnevne kršitve in naravo vpletenosti osebe, za katero veljajo prisilni ukrepi. Nacionalno sodišče pa ne sme presojati o tem, ali je bila preiskava potrebna, ali zahtevati informacij iz spisa ESMA. Zakonitost odločitve ESMA lahko preuči le Sodišče Evropske unije v skladu s postopkom, določenim v Uredbi (EU) št. 1095/2010. | 9. Where authorisation as referred to in paragraph 8 is applied for, the national judicial authority shall control that the decision of ESMA is authentic and that the coercive measures envisaged are neither arbitrary nor excessive having regard to the subject matter of the inspection. In its control of the proportionality of the coercive measures, the national judicial authority may ask ESMA for detailed explanations, in particular relating to the grounds ESMA has for suspecting that an infringement of this Regulation has taken place and the seriousness of the suspected infringement and the nature of the involvement of the person subject to the coercive measures. However, the national judicial authority shall not review the necessity for the inspection or demand to be provided with the information on ESMA's file. The lawfulness of ESMA's decision shall be subject to review only by the Court of Justice of the European Union following the procedure set out in Regulation (EU) No 1095/2010. |
| Člen 23e | Article 23e |
| Postopkovna pravila za sprejemanje nadzornih ukrepov in nalaganje glob | Procedural rules for taking supervisory measures and imposing fines |
| 1. Kadar ESMA pri opravljanju svojih nalog po tej uredbi ugotovi, da obstajajo tehtni znaki možnega obstoja dejstev, ki bi lahko pomenila eno ali več od kršitev iz Priloge III, imenuje neodvisnega preiskovalnega uradnika znotraj ESMA, da zadevo razišče. Preiskovalni uradnik ne sodeluje pri neposrednem ali posrednem nadzoru bonitetnih agencij ali v registracijskem postopku in svoje naloge opravlja neodvisno od odbora nadzornikov ESMA. | 1. Where, in carrying out its duties under this Regulation, ESMA finds that there are serious indications of the possible existence of facts liable to constitute one or more of the infringements listed in Annex III, ESMA shall appoint an independent investigating officer within ESMA to investigate the matter. The investigating officer shall not be involved or have been involved in the direct or indirect supervision or registration process of the credit rating agency concerned and shall perform his functions independently from ESMA's Board of Supervisors. |
| 2. Preiskovalni uradnik razišče domnevne kršitve ob upoštevanju pripomb preiskovanih oseb in ves spis s svojimi ugotovitvami predloži odboru nadzornikov ESMA. | 2. The investigating officer shall investigate the alleged infringements, taking into account any comments submitted by the persons subject to investigation, and shall submit a complete file with his findings to ESMA's Board of Supervisors. |
| Pri opravljanju svojih nalog lahko preiskovalni uradnik uveljavlja svojo pristojnost, da zahteva informacije v skladu s členom 23b ter izvaja preiskave in inšpekcijske preglede na kraju samem v skladu s členoma 23c in 23d. Pri izvajanju teh pristojnosti ravna v skladu s členom 23a. | In order to carry out his tasks, the investigating officer may exercise the power to require information in accordance with Article 23b and to conduct investigations and on-site inspections in accordance with Articles 23c and 23d. When using those powers, the investigating officer shall comply with Article 23a. |
| Preiskovalni uradnik ima pri opravljanju svojih nalog dostop do vseh dokumentov in informacij, ki jih je ESMA zbral pri nadzornih dejavnostih. | Where carrying out his tasks, the investigating officer shall have access to all documents and information gathered by ESMA in its supervisory activities. |
| 3. Potem ko preiskovalni uradnik zaključi preiskavo in preden spis z ugotovitvami predloži odboru nadzornikov ESMA, preiskovanim osebam omogoči, da podajo izjavo v zvezi s preiskovanimi zadevami. Svoje ugotovitve utemelji le z dejstvi, glede katerih so preiskovane osebe imele priložnost dati pripombe. | 3. Upon completion of his investigation and before submitting the file with his findings to ESMA's Board of Supervisors, the investigating officer shall give the persons subject to investigation the opportunity to be heard on the matters being investigated. The investigating officer shall base his findings only on facts on which the persons subject to investigation have had the opportunity to comment. |
| V preiskavi iz tega člena se v celoti upošteva pravica zadevnih oseb do obrambe. | The rights of defence of the persons concerned shall be fully respected during investigations under this Article. |
| 4. Ko preiskovalni uradnik predloži spis s svojimi ugotovitvami odboru nadzornikov ESMA, o tem uradno obvesti preiskovane osebe. Tem se zagotovi pravica do vpogleda v spis ob upoštevanju upravičenega interesa drugih oseb glede varstva poslovnih skrivnosti. Pravica do vpogleda v spis ne zajema zaupnih podatkov, ki se nanašajo na tretje osebe. | 4. When submitting the file with his findings to ESMA's Board of Supervisors, the investigating officer shall notify that fact to the persons subject to investigation. The persons subject to investigation shall be entitled to have access to the file, subject to the legitimate interest of other persons in the protection of their business secrets. The right of access to the file shall not extend to confidential information affecting third parties. |
| 5. Odbor nadzornikov ESMA na podlagi spisa z ugotovitvami preiskovalnega uradnika in potem ko v skladu s členoma 25 in 36c preiskovane osebe zasliši, če tako zahtevajo, odloči, ali so te preiskovane osebe storile eno ali več kršitev s seznama v Prilogi III, in v tem primeru sprejme nadzorni ukrep v skladu s členom 24 ter naloži globo v skladu s členom 36a. | 5. On the basis of the file containing the investigating officer's findings and, when requested by the persons concerned, after having heard the persons subject to investigation in accordance with Articles 25 and 36c, ESMA's Board of Supervisors shall decide if one or more of the infringements listed in Annex III has been committed by the persons who have been subject to investigation, and in such case, shall take a supervisory measure in accordance with Article 24 and impose a fine in accordance with Article 36a. |
| 6. Preiskovalni uradnik ne sodeluje pri posvetovanjih odbora nadzornikov ESMA niti na noben drug način ne posega v proces odločanja tega odbora. | 6. The investigating officer shall not participate in the deliberations of ESMA's Board of Supervisors or in any other way intervene in the decision-making process of ESMA's Board of Supervisors. |
| 7. Komisija sprejme nadaljnja postopkovna pravila v zvezi z izvajanjem pooblastil za nalaganje glob ali periodičnih denarnih kazni, vključno z določbami glede pravice do obrambe, začasnimi določbami in pobiranjem glob ali periodičnih denarnih kazni, sprejme tudi podrobna pravila glede rokov zastaranja za naložitev in izvrševanje kazni. | 7. The Commission shall adopt further rules of procedure for the exercise of the power to impose fines or periodic penalty payments, including provisions on rights of defence, temporal provisions, and the collection of fines or periodic penalty payments, and shall adopt detailed rules on the limitation periods for the imposition and enforcement of penalties. |
| Pravila iz prvega pododstavka se sprejmejo z delegiranimi akti v skladu s členom 38a in ob upoštevanju pogojev iz členov 38b in 38c. | The rules referred to in the first subparagraph shall be adopted by means of delegated acts in accordance with Article 38a and subject to the conditions of Articles 38b and 38c. |
| 8. ESMA ustreznim nacionalnim organom predloži zadeve za kazenski pregon, če pri opravljanju svojih nalog po tej uredbi ugotovi, da obstajajo tehtni znaki možnega obstoja dejstev, ki bi pomenila obstoj kaznivega dejanja. Poleg tega ESMA ne nalaga glob ali periodičnih denarnih kazni, kadar je predhodna oprostilna sodba ali obsodba, izhajajoča iz identičnega ali skoraj identičnega dejanskega stanja, postala pravnomočna v kazenskem postopku po nacionalnem pravu. | 8. ESMA shall refer matters for criminal prosecution to the relevant national authorities where, in carrying out its duties under this Regulation, it finds that there are serious indications of the possible existence of facts liable to constitute criminal offences. In addition, ESMA shall refrain from imposing fines or periodic penalty payments where a prior acquittal or conviction arising from identical facts, or from facts which are substantially the same, has acquired the force of res judicata as the result of criminal proceedings under national law. |
| Člen 24 | Article 24 |
| Nadzorni ukrepi ESMA | Supervisory measures by ESMA |
| 1. Če odbor nadzornikov ESMA v skladu s členom 23e(5) ugotovi, da je bonitetna agencija zagrešila eno od kršitev navedenih na seznamu v Prilogi III, sprejme eno ali več od naslednjih odločitev: | 1. Where, in accordance with Article 23e(5), ESMA's Board of Supervisors finds that a credit rating agency has committed one of the infringements listed in Annex III, it shall take one or more of the following decisions: |
| (a) razveljavi registracijo te bonitetne agencije; | (a) withdraw the registration of the credit rating agency; |
| (b) začasno prepove izdajanje bonitetnih ocen tej bonitetni agenciji v vsej Uniji, dokler se kršitev ne odpravi; | (b) temporarily prohibit the credit rating agency from issuing credit ratings with effect throughout the Union, until the infringement has been brought to an end; |
| (c) prekliče uporabo bonitetnih ocen, ki jih je izdala ta bonitetna agencija, v regulatorne namene, v vsej Uniji, dokler se kršitev ne odpravi; | (c) suspend the use, for regulatory purposes, of the credit ratings issued by the credit rating agency with effect throughout the Union, until the infringement has been brought to an end; |
| (d) zahteva, da bonitetna agencija odpravi kršitev; | (d) require the credit rating agency to bring the infringement to an end; |
| (e) izda javna obvestila. | (e) issue public notices. |
| 2. Pri sprejemanju odločitev iz odstavka 1 odbor nadzornikov ESMA upošteva naravo in resnost kršitve, ob upoštevanju spodnjih meril: | 2. When taking the decisions referred to in paragraph 1, ESMA's Board of Supervisors shall take into account the nature and seriousness of the infringement, having regard to the following criteria: |
| (a) trajanje in pogostost kršitve; | (a) the duration and frequency of the infringement; |
| (b) ali je kršitev razkrila resno ali sistemsko slabost v postopkih podjetja ali v njegovih sistemih za upravljanje ali v notranjem nadzoru; | (b) whether the infringement has revealed serious or systemic weaknesses in the undertaking's procedures or in its management systems or internal controls; |
| (c) ali je kršitev omogočil, povzročil ali drugače spremljal finančni kriminal; | (c) whether financial crime was facilitated, occasioned or otherwise attributable to the infringement; |
| (d) ali je bila kršitev namerna ali je do nje prišlo iz malomarnosti. | (d) whether the infringement has been committed intentionally or negligently. |
| 3. Odbor nadzornikov ESMA pred sprejetjem odločitve iz točk (a), (b) in (c) odstavka 1 o njih obvesti EBA in EIOPA. | 3. Before taking the decisions referred to in points (a), (b) and (c) of paragraph 1, ESMA's Board of Supervisors shall inform EBA and EIOPA thereof. |
| 4. Bonitetne ocene se lahko v regulatorne namene še naprej uporabljajo po sprejetju odločitev iz točk (a) in (c) odstavka 1 v obdobju, ki ne presega: | 4. Credit ratings may continue to be used for regulatory purposes following the adoption of the decisions referred to in points (a) and (c) of paragraph 1 during a period not exceeding: |
| (a) desetih delovnih dni od objave odločitve ESMA v skladu z odstavkom 5, če obstajajo bonitetne ocene za isti finančni instrument ali subjekt, ki so jih izdale druge bonitetne agencije, registrirane v skladu s to uredbo, ali | (a) 10 working days from the date ESMA's decision is made public under paragraph 5 if there are credit ratings of the same financial instrument or entity issued by other credit rating agencies registered under this Regulation; or |
| (b) treh mesecev od objave odločitve ESMA v skladu z odstavkom 5, če ni bonitetnih ocen za isti finančni instrument ali subjekt, ki so jih izdale druge bonitetne agencije, registrirane v skladu s to uredbo. | (b) three months from the date ESMA's decision is made public under paragraph 5 if there are no credit ratings of the same financial instrument or entity issued by other credit rating agencies registered under this Regulation. |
| Odbor nadzornikov ESMA lahko tudi na prošnjo EBA ali EIOPA v izjemnih okoliščinah, ki bi lahko povzročile motnje na trgu ali ogrozile finančno stabilnost, obdobje iz točke (b) prvega pododstavka podaljša za nadaljnje tri mesece. | ESMA's Board of Supervisors may extend, including following a request by EBA or EIOPA, the period referred to in point (b) of the first subparagraph by three months in exceptional circumstances relating to the potential for market disruption or financial instability. |
| 5. Odbor nadzornikov ESMA nemudoma uradno obvesti zadevno bonitetno agencijo o vseh odločitvah, sprejetih v skladu z odstavkom 1 ter jih posreduje pristojnim organom, področnim pristojnim organom, Komisiji ter EBA in EIOPA. Vse odločitve javno objavi na svoji spletni strani v 10 delovnih dneh od datuma sprejetja. | 5. Without undue delay, ESMA's Board of Supervisors shall notify any decision adopted pursuant to paragraph 1 to the credit rating agency concerned and shall communicate any such decision to the competent authorities and the sectoral competent authorities, the Commission, EBA and EIOPA. It shall make public any such decision on its website within 10 working days from the date when it was adopted. |
| Pri objavi svoje odločitve v skladu s prvim pododstavkom odbor nadzornikov ESMA objavi tudi pravico zadevne bonitetne agencije, da se pritoži na odločitev, in po potrebi dejstvo, da je bila pritožba tudi vložena, pri tem pa navede, da pritožba nima odložilnega učinka, in dejstvo, da obstaja možnost, da odbor za pritožbe lahko odloži izvajanje sporne odločitve v skladu s členom 60(3) Uredbe (EU) št.1095/2010. | When making public its decision as referred to in the first subparagraph, ESMA's Board of Supervisors shall also make public the right for the credit rating agency concerned to appeal the decision, the fact, where relevant, that such an appeal has been lodged, specifying that such an appeal does not have suspensive effect, and the fact that it is possible for the Board of Appeal to suspend the application of the contested decision in accordance with Article 60(3) of Regulation (EU) No 1095/2010. |
| Člen 25 | Article 25 |
| Zaslišanje zadevnih oseb | Hearing of the persons concerned |
| 1. Pred sprejetjem odločitev v skladu s členom 24(1) nadzorni odbor ESMA preiskovanim osebam omogoči, da podajo izjavo o ugotovitvah ESMA. Odločitve nadzornega odbora ESMA temeljijo samo na ugotovitvah, h katerim so preiskovane osebe imele priložnost dati pripombe. | 1. Before taking any decision under Article 24(1), ESMA's Board of Supervisors shall give the persons subject to the proceedings the opportunity to be heard on ESMA's findings. ESMA's Board of Supervisors shall base its decisions only on findings on which the persons subject to the proceedings have had the opportunity to comment. |
| Prvi pododstavek se ne uporablja, če so potrebni nujni ukrepi, da se prepreči večja neposredna škoda finančnega sistema. V tem primeru lahko nadzorni odbor ESMA sprejme začasne odločitve in zadevnim osebam omogoči, da podajo izjavo takoj, ko je to možno po sprejetju odločitve. | The first subparagraph shall not apply if urgent action is needed in order to prevent significant and imminent damage to the financial system. In such a case ESMA's Board of Supervisors may adopt an interim decision and shall give the persons concerned the opportunity to be heard as soon as possible after taking its decision. |
| 2. Med postopkom se v celoti spoštuje pravica preiskovanih oseb do obrambe. Zagotovljena jim je pravica do vpogleda v spis ESMA ob upoštevanju pravnega interesa drugih oseb glede varstva poslovnih skrivnosti. Pravica do vpogleda v spis ne zajema zaupnih informacij. | 2. The rights of defence of the persons subject to the proceedings shall be fully respected during the proceedings. They shall be entitled to have access to ESMA's file, subject to the legitimate interest of other persons in the protection of their business secrets. The right of access to the file shall not extend to confidential information. |
| ▼M3 | ▼M3 |
| Člen 25a | Article 25a |
| Pristojni področni organi, odgovorni za nadzor in izvrševanje člena 4(1) ter členov 5a, 8b, 8c in 8d | Sectoral competent authorities responsible for the supervision and enforcement of Article 4(1) and Articles 5a, 8b, 8c and 8d |
| Pristojni področni organi so odgovorni za nadzor in izvrševanje člena 4(1) ter členov 5a, 8b, 8c in 8d v skladu z ustrezno področno zakonodajo. | The sectoral competent authorities shall be responsible for the supervision and enforcement of Article 4(1) and Articles 5a, 8b, 8c and 8d in accordance with the relevant sectoral legislation. |
| ▼M1 | ▼M1 |
| POGLAVJE III | CHAPTER III |
| Sodelovanje med ESMA, pristojnimi organi in pristojnimi področnimi organi | Cooperation between ESMA, competent authorities and sectoral competent authorities |
| Člen 26 | Article 26 |
| Obveznost sodelovanja | Obligation to cooperate |
| ESMA, EBA, EIOPA, pristojni organi in pristojni področni organi sodelujejo, kadar je to potrebno za namene te uredbe in za namene ustrezne področne zakonodaje. | ESMA, EBA, EIOPA, the competent authorities and the sectoral competent authorities shall cooperate where it is necessary for the purposes of this Regulation and for those of the relevant sectoral legislation. |
| Člen 27 | Article 27 |
| Izmenjava informacij | Exchange of information |
| 1. ESMA, pristojni organi in pristojni področni organi si brez odlašanja izmenjajo informacije, potrebne za opravljanje dolžnosti, ki jih imajo po tej uredbi in po ustrezni področni zakonodaji. | 1. ESMA, the competent authorities, and the sectoral competent authorities shall, without undue delay, supply each other with the information required for the purposes of carrying out their duties under this Regulation and under the relevant sectoral legislation. |
| 2. ESMA lahko centralnim bankam, Evropskemu sistemu centralnih bank in Evropski centralni banki kot monetarnim oblastem, Evropskemu odboru za sistemska tveganja ter, kjer je to primerno, drugim javnim organom, odgovornim za nadzor nad plačilnimi sistemi in sistemi poravnave, posreduje zaupne informacije, ki so namenjene opravljanju njihovih nalog. Prav tako se takšnim organom ali telesom ne prepreči, da ESMA posredujejo informacije, ki jih ta utegne potrebovati za opravljanje svojih nalog v skladu s to uredbo. | 2. ESMA may transmit to the central banks, the European System of Central Banks and the European Central Bank, in their capacity as monetary authorities, to the European Systemic Risk Board and, where appropriate, to other public authorities responsible for overseeing payment and settlement systems, confidential information intended for the performance of their tasks. Similarly, such authorities or bodies shall not be prevented from communicating to ESMA information that ESMA may need in order to carry out its duties under this Regulation. |
| ▼M1 ————— | ▼M1 ————— |
| ▼M1 | ▼M1 |
| Člen 30 | Article 30 |
| Prenos nalog ESMA na pristojne organe | Delegation of tasks by ESMA to competent authorities |
| 1. Kadar je to potrebno za pravilno opravljanje nadzorne naloge, lahko ESMA določene nadzorne naloge prenese na pristojni organ države članice v skladu s smernicami, ki jih izda ESMA na podlagi člena 21(2). Te posebne nadzorne naloge lahko zlasti vključujejo pristojnost zahtevati informacije v skladu s členom 23b in izvajanja preiskav in inšpekcijskih pregledov na kraju samem v skladu s členom 23d(6). | 1. Where it is necessary for the proper performance of a supervisory task, ESMA may delegate specific supervisory tasks to the competent authority of a Member State in accordance with the guidelines issued by ESMA pursuant to Article 21(2). Such specific supervisory tasks may, in particular, include the power to request information in accordance with Article 23b and to conduct investigations and on-site inspections in accordance with Article 23d(6). |
| 2. Pred prenosom nalog se ESMA posvetuje z ustreznim pristojnim organom. Takšno posvetovanje zadeva: | 2. Prior to the delegation of a task, ESMA shall consult the relevant competent authority. Such consultation shall concern: |
| (a) obseg naloge, ki bo prenesena; | (a) the scope of the task to be delegated; |
| (b) časovni okvir za opravljanje naloge, ki bo prenesena; ter | (b) the timetable for the performance of the task to be delegated; and |
| (c) prenos potrebnih informacij s strani ESMA in ESMA. | (c) the transmission of necessary information by and to ESMA. |
| 3. V skladu z uredbo o pristojbinah in taksah, ki jo Komisija sprejme v skladu s členom 19(2), ESMA pristojnemu organu povrne stroške, ki nastanejo zaradi opravljanja prenesenih nalog. | 3. In accordance with the regulation on fees to be adopted by the Commission pursuant to Article 19(2), ESMA shall reimburse a competent authority for the costs incurred as a result of carrying out delegated tasks. |
| 4. ESMA pregleda prenos iz odstavka 1 v ustreznih časovnih presledkih. Prenos nalog se lahko kadar koli prekliče. | 4. ESMA shall review the delegation referred to in paragraph 1 at appropriate intervals. A delegation of tasks may be revoked at any time. |
| Prenos nalog ne vpliva na odgovornost ESMA in ne omejuje možnosti ESMA za vodenje in nadziranje prenesene dejavnosti. Nadzorna odgovornost iz te uredbe, vključno z odločitvijo o registraciji, končno oceno in nadaljnjimi odločitvami v zvezi s kršitvami, se ne prenesejo. | A delegation of tasks shall not affect the responsibility of ESMA and shall not limit ESMA's ability to conduct and oversee the delegated activity. Supervisory responsibilities under this Regulation, including registration decisions, final assessments and follow-up decisions concerning infringements, shall not be delegated. |
| Člen 31 | Article 31 |
| Obvestila in zahteve za preklic pristojnih organov | Notifications and suspension requests by competent authorities |
| 1. Če pristojni organ države članice ugotovi, da se na ozemlju njegove ali druge države članice izvajajo ali so bila izvedena dejanja v nasprotju s to uredbo, o tem čim bolj podrobno obvesti ESMA. Če pristojni organ meni, da je to primerno za preiskovalne namene, lahko pristojni organ ESMA tudi predlaga, da oceni potrebo po uporabi pristojnosti iz členov 23b in 23c glede bonitetne agencije, ki pri teh dejanjih sodeluje. | 1. Where a competent authority of a Member State finds that acts contrary to this Regulation are being, or have been, carried out on the territory of its own or of another Member State, it shall give notice of that fact in as specific a manner as possible to ESMA. Where the competent authority considers it appropriate for investigatory purposes, the competent authority may also suggest to ESMA that it assess the need to use the powers under Articles 23b and 23c in relation to the credit rating agency involved in those acts. |
| ESMA ustrezno ukrepa. Pristojnemu organu, ki poda uradno obvestilo ESMA, sporoči rezultat in po možnosti vse pomembne vmesne dogodke. | ESMA shall take appropriate action. It shall inform the notifying competent authority of the outcome and, as far as possible, of any significant interim developments. |
| 2. Brez poseganja v dolžnost obveščanja iz odstavka 1, če pristojni organ države članice, ki poda uradno obvestilo, meni, da registrirana bonitetna agencija, katere bonitetne ocene se uporabljajo na ozemlju te države članice, krši obveznosti iz te uredbe in da so kršitve dovolj resne in stalne, da znatno vplivajo na varstvo vlagateljev ali na stabilnost finančnega sistema v tej državi članici, lahko pristojni organ, ki poda uradno obvestilo, od ESMA zahteva, da v regulatorne namene začasno prekliče uporabo bonitetnih ocen zadevne bonitetne agencije s strani finančnih institucij in drugih subjektov iz člena 4(1). Pristojni organ, ki poda uradno obvestilo, ESMA navede popolne razloge za zahtevo. | 2. Without prejudice to the duty to notify set out in paragraph 1, where the notifying competent authority of a Member State considers that a registered credit rating agency, whose credit ratings are used within the territory of that Member State, breaches the obligations arising from this Regulation and the infringements are sufficiently serious and persistent to have a significant impact on the protection of investors or on the stability of the financial system in that Member State, the notifying competent authority may request that ESMA suspend the use, for regulatory purposes, of credit ratings of the credit rating agency concerned by the financial institutions and other entities referred to in Article 4(1). The notifying competent authority shall provide ESMA with full reasons for its request. |
| Če ESMA meni, da zahteva ni upravičena, o tem v pisni obliki z opredelitvijo razlogov obvesti pristojni organ, ki je podal uradno obvestilo. Če ESMA meni, da je zahteva upravičena, sprejme ustrezne ukrepe za rešitev tega vprašanja. | Where ESMA considers that the request is not justified, it shall inform the notifying competent authority in writing, setting out the reasons. Where ESMA considers that the request is justified, it shall take the appropriate measures to resolve the issue. |
| Člen 32 | Article 32 |
| Poslovna skrivnost | Professional secrecy |
| 1. Obveznost varovanja poslovne skrivnosti se uporablja za ESMA, pristojne organe in za vse osebe, ki delajo ali so delale pri ESMA, pristojnih organih ali pri kateri koli drugi osebi, na katero je ESMA prenesel naloge, vključno z revizorji in strokovnjaki, ki jih je ESMA pogodbeno zaposlil. Informacije, ki so poslovna skrivnost, se ne smejo razkrivati nobeni drugi osebi ali organu, razen kadar je tako razkrivanje potrebno za pravne postopke. | 1. The obligation of professional secrecy shall apply to ESMA, the competent authorities, and all persons who work or who have worked for ESMA, for the competent authorities or for any other person to whom ESMA has delegated tasks, including auditors and experts contracted by ESMA. Information covered by professional secrecy shall not be disclosed to another person or authority except where such disclosure is necessary for legal proceedings. |
| 2. Vse informacije, ki jih na podlagi te uredbe pridobijo ESMA, pristojni organi, pristojni področni organi ali drugi organi in telesa iz člena 27(2) ali ki si jih medsebojno izmenjajo, se štejejo za zaupne, razen kadar ESMA ali pristojni organ ali drug zadevni organ ali telo v času njihovega posredovanja navede, da se take informacije lahko razkrijejo, ali kadar je tako razkrivanje potrebno za pravne postopke. | 2. All the information that, under this Regulation, is acquired by, or exchanged between, ESMA, the competent authorities, the sectoral competent authorities or other authorities and bodies referred to in Article 27(2), shall be considered confidential, except where ESMA or the competent authority or other authority or body concerned states at the time of communication that such information may be disclosed or where such disclosure is necessary for legal proceedings. |
| ▼M1 ————— | ▼M1 ————— |
| ▼B | ▼B |
| POGLAVJE IV | CHAPTER IV |
| Sodelovanje s tretjimi državami | Cooperation with third countries |
| ▼M1 | ▼M1 |
| Člen 34 | Article 34 |
| Sporazum o izmenjavi informacij | Agreement on exchange of information |
| ESMA lahko sklene sporazume o sodelovanju za izmenjavo informacij z nadzornimi organi tretjih držav samo, če za razkrite informacije veljajo jamstva poslovne skrivnosti, ki so najmanj enakovredna tistim iz člena 32. | ESMA may conclude cooperation agreements on exchange of information with the supervisory authorities of third countries only if the information disclosed is subject to guarantees of professional secrecy which are at least equivalent to those set out in Article 32. |
| Taka izmenjava informacij je namenjena opravljanju nalog ESMA ali navedenih nadzornih organov. | Such exchange of information shall be intended for the performance of the tasks of ESMA or those supervisory authorities. |
| Kar zadeva posredovanje osebnih podatkov tretji državi, ESMA uporablja Uredbo (ES) št. 45/2001 Evropskega parlamenta in Sveta z dne 18. decembra 2000 o varstvu posameznikov pri obdelavi osebnih podatkov v institucijah in organih Skupnosti in o prostem pretoku takih podatkov ( 30 ). | With regard to transfer of personal data to a third country, ESMA shall apply Regulation (EC) No 45/2001 of the European Parliament and of the Council of 18 December 2000 on the protection of individuals with regard to the processing of personal data by the Community institutions and bodies and on the free movement of such data ( 30 ). |
| Člen 35 | Article 35 |
| Razkrivanje informacij, prejetih od tretjih držav | Disclosure of information from third countries |
| ESMA lahko informacije, ki jih je prejel od nadzornih organov tretjih držav, razkrije samo, če so ESMA ali ti nadzorni organi pridobili izrecno soglasje nadzornega organa, ki je posredoval informacije, in se po potrebi informacije razkrijejo samo za namene, za katere je ta nadzorni organ dal soglasje, ali kadar je takšno razkritje potrebno za pravne postopke. | ESMA may disclose the information received from supervisory authorities of third countries only if ESMA or a competent authority has obtained the express agreement of the supervisory authority that has transmitted the information and, where applicable, the information is disclosed only for the purposes for which that supervisory authority gave its agreement or where such disclosure is necessary for legal proceedings. |
| ▼M3 | ▼M3 |
| NASLOV IIIA | TITLE IIIA |
| CIVILNA ODGOVORNOST BONITETNIH AGENCIJ | CIVIL LIABILITY OF CREDIT RATING AGENCIES |
| Člen 35a | Article 35a |
| Civilna odgovornost | Civil liability |
| 1. Kadar bonitetna agencija namerno ali iz hude malomarnosti zagreši katero koli kršitev, navedeno v Prilogi III, ki vpliva na bonitetno oceno, lahko vlagatelj ali izdajatelj od te bonitetne agencije zahteva odškodnino za škodo, ki jo je utrpel zaradi te kršitve. | 1. Where a credit rating agency has committed, intentionally or with gross negligence, any of the infringements listed in Annex III having an impact on a credit rating, an investor or issuer may claim damages from that credit rating agency for damage caused to it due to that infringement. |
| Vlagatelj lahko v skladu s tem členom zahteva odškodnino, kadar ugotovi, da se je v skladu s členom 5a(1) ali drugače s potrebno skrbnostjo razumno zanesel na bonitetno oceno pri odločitvi o naložbi v finančni instrument, za katerega velja navedena bonitetna ocena, o njegovi ohranitvi ali odprodaji. | An investor may claim damages under this Article where it establishes that it has reasonably relied, in accordance with Article 5a(1) or otherwise with due care, on a credit rating for a decision to invest into, hold onto or divest from a financial instrument covered by that credit rating. |
| Izdajatelj lahko v skladu s tem členom zahteva odškodnino, če ugotovi, da je sam ali njegovi finančni instrumenti zajet v to bonitetno oceno in da do kršitve ni prišlo zaradi zavajajoče in netočne informacije, ki jo je bonitetni agenciji zagotovil izdajatelj, bodisi neposredno ali z objavljeno informacijo. | An issuer may claim damages under this Article where it establishes that it or its financial instruments are covered by that credit rating and the infringement was not caused by misleading and inaccurate information provided by the issuer to the credit rating agency, directly or through information publicly available. |
| 2. Vlagatelj ali izdajatelj ima odgovornost predložiti točne in podrobne informacije, iz katerih je razvidno, da je bonitetna agencija zagrešila kršitev te uredbe in je ta kršitev vplivala na izdano bonitetno oceno. | 2. It shall be the responsibility of the investor or issuer to present accurate and detailed information indicating that the credit rating agency has committed an infringement of this Regulation, and that that infringement had an impact on the credit rating issued. |
| Pristojno nacionalno sodišče oceni, kaj pomenijo natančne in podrobne informacije, pri čemer se upošteva dejstvo, da vlagatelj ali izdajatelj morda nima dostopa do informacij, ki jih ima izključno bonitetna agencija. | What constitutes accurate and detailed information shall be assessed by the competent national court, taking into consideration that the investor or issuer may not have access to information which is purely within the sphere of the credit rating agency. |
| 3. Civilna odgovornost bonitetnih agencij iz odstavka 1 se vnaprej omeji samo, kadar je taka omejitev: | 3. The civil liability of credit rating agencies, as referred to in paragraph 1, shall only be limited in advance where that limitation is: |
| (a) razumna in sorazmerna; in | (a) reasonable and proportionate; and |
| (b) dopušča veljavno nacionalno pravo v skladu z odstavkom 4. | (b) allowed by the applicable national law in accordance with paragraph 4. |
| Omejitev, ki ni v skladu s pogoji iz prvega pododstavka, ali izključitev civilne odgovornosti nima pravnega učinka. | Any limitation that does not comply with the first subparagraph, or any exclusion of civil liability shall be deprived of any legal effect. |
| 4. Izrazi „škoda“, „namera“, „huda malomarnost“, „razumno zanašanje“, „potrebna skrbnost“, „vpliv“, „razumnost“ in „sorazmernost“, ki so uporabljeni v tem členu, vendar niso opredeljeni, se razlagajo in uporabljajo v skladu z veljavnim nacionalnim pravom, utemeljenim na ustreznih pravilih mednarodnega zasebnega prava. Zadeve v zvezi s civilno odgovornostjo bonitetne agencije, ki niso zajete v tej uredbi, ureja veljavno nacionalno pravo, utemeljeno na ustreznih pravilih mednarodnega zasebnega prava. Sodišče, pristojno za odločanje o odškodninskem zahtevku vlagatelja ali izdajatelja iz naslova civilne odgovornosti, je določeno na podlagi ustreznih pravilih mednarodnega zasebnega prava. | 4. Terms such as ‘damage’, ‘intention’, ‘gross negligence’, ‘reasonably relied’, ‘due care’, ‘impact’, ‘reasonable’ and ‘proportionate’ which are referred to in this Article but are not defined, shall be interpreted and applied in accordance with the applicable national law as determined by the relevant rules of private international law. Matters concerning the civil liability of a credit rating agency which are not covered by this Regulation shall be governed by the applicable national law as determined by the relevant rules of private international law. The court that is competent to decide on a claim for civil liability brought by an investor or issuer shall be determined by the relevant rules of private international law. |
| 5. Ta člen ne izključuje nadaljnjih odškodninskih zahtevkov iz naslova civilne odgovornosti v skladu z nacionalnim pravom. | 5. This Article does not exclude further civil liability claims in accordance with national law. |
| 6. Pravica do pravnega varstva iz tega člena ne preprečuje, da bi ESMA polno izvajal svoja pooblastila iz člena 36a. | 6. The right of redress set out in this Article shall not prevent ESMA from fully performing its powers as laid down in Article 36a. |
| ▼B | ▼B |
| NASLOV IV | TITLE IV |
| KAZNI, POSTOPEK Z ODBOROM, POROČANJE TER PREHODNE IN KONČNE DOLOČBE | PENALTIES, COMMITTEE PROCEDURE, REPORTING AND TRANSITIONAL AND FINAL PROVISIONS |
| POGLAVJE I | CHAPTER I |
| ▼M1 | ▼M1 |
| Kazni, globe, periodične denarne kazni, postopek v odboru, prenesena pooblastila in poročanje | Penalties, fines, periodic penalty payments, committee procedure, delegated powers and reporting |
| ▼B | ▼B |
| Člen 36 | Article 36 |
| Kazni | Penalties |
| ▼M1 | ▼M1 |
| Države članice določijo pravila o kaznih, ki se uporabljajo za kršitve člena 4(1) in sprejmejo vse ukrepe, potrebne za zagotovitev njihovega izvajanja. Te kazni morajo biti učinkovite, sorazmerne in odvračilne. | Member States shall lay down the rules on penalties applicable to infringements of Article 4(1) and shall take all measures necessary to ensure that they are implemented. The penalties provided for shall be effective, proportionate and dissuasive. |
| Države članice zagotovijo, da pristojni področni organ javnosti razkrije vsako kazen, ki se izreče zaradi kršitev člena 4(1), razen če bi takšno razkritje resno ogrozilo finančne trge ali povzročilo nesorazmerno škodo vpletenim stranem. | Member States shall ensure that the sectoral competent authority disclose to the public every penalty that has been imposed for infringements of Article 4(1), unless such disclosure would seriously jeopardise the financial markets or cause disproportionate damage to the parties involved. |
| ▼B | ▼B |
| Do 7. junijem 2010 države članice uradno obvestijo Komisijo o pravilih iz prvega pododstavka. Komisijo nemudoma uradno obvestijo o vseh poznejših spremembah, ki vplivajo na ta pravila. | By 7 December 2010 the Member States shall notify the rules referred to in the first subparagraph to the Commission. They shall notify the Commission without delay of any subsequent amendment thereto. |
| ▼M1 | ▼M1 |
| Člen 36a | Article 36a |
| Globe | Fines |
| 1. Kadar v skladu s členom 23e(5) odbor nadzornikov ESMA ugotovi, da je bonitetna agencija namerno ali iz malomarnosti zagrešila katero od kršitev iz Priloge III, sprejme odločitev o naložitvi globe v skladu z odstavkom 2. | 1. Where, in accordance with Article 23e(5), ESMA's Board of Supervisors finds that a credit rating agency has, intentionally or negligently, committed one of the infringements listed in Annex III, it shall adopt a decision imposing a fine in accordance with paragraph 2. |
| Kršitev bonitetne agencije bo obravnavana kot namerna v primeru, da ESMA odkrije objektivna dejstva, ki dokazujejo, da je bonitetna agencija ali njeno poslovodstvo namerno storilo kršitev. | An infringement by a credit rating agency shall be considered to have been committed intentionally if ESMA finds objective factors which demonstrate that the credit rating agency or its senior management acted deliberately to commit the infringement. |
| 2. Osnovni zneski glob iz odstavka 1 so vključeni v naslednjih mejnih vrednostih: | 2. The basic amount of the fines referred to in paragraph 1 shall be included within the following limits: |
| ▼M3 | ▼M3 |
| (a) za kršitve iz točk 1 5, 11 do 15, 19, 20, 23, 26a do 26d, 28, 30, 32, 33, 35, 41, 43, 50, 51 in 55 do 62 oddelka I Priloge III globe znašajo najmanj 500 000 EUR in največ 750 000 EUR; | (a) for the infringements referred to in points 1 to 5, 11 to 15, 19, 20, 23, 26a to 26d, 28, 30, 32, 33, 35, 41, 43, 50, 51 and 55 to 62 of Section I of Annex III, the fines shall amount to at least EUR 500 000 and shall not exceed EUR 750 000; |
| (b) za kršitve iz točk 6, 7, 8, 16, 17, 18, 21, 22, 22a, 24, 25, 27, 29, 31, 34, 37 do 40, 42, 42a, 42b, 45 do 49a, 52, 53 in 54 oddelka I Priloge III globe znašajo najmanj 300 000 EUR in največ 450 000 EUR; | (b) for the infringements referred to in points 6, 7, 8, 16, 17, 18, 21, 22, 22a, 24, 25, 27, 29, 31, 34, 37 to 40, 42, 42a, 42b, 45 to 49a, 52, 53 and 54 of Section I of Annex III, the fines shall amount to at least EUR 300 000 and shall not exceed EUR 450 000; |
| ▼M1 | ▼M1 |
| (c) za kršitve iz točk 9, 10, 26, 36, 44 in 53 oddelka I Priloge III globe znašajo najmanj 100 000 EUR in največ 200 000 EUR; | (c) for the infringements referred to in points 9, 10, 26, 36, 44 and 53 of Section I of Annex III, the fines shall amount to at least EUR 100 000 and shall not exceed EUR 200 000; |
| ▼M3 | ▼M3 |
| (d) za kršitve iz točk 1, 6, 7, 8 in 9 oddelka II Priloge III globe znašajo najmanj 50 000 EUR in največ 150 000 EUR; | (d) for the infringements referred to in points 1, 6, 7, 8 and 9 of Section II of Annex III, the fines shall amount to at least EUR 50 000 and shall not exceed EUR 150 000; |
| (e) za kršitve iz točk 2, 3a do 5 oddelka II Priloge III globe znašajo najmanj 25 000 EUR in največ 75 000 EUR; | (e) for the infringements referred to in points 2, 3a to 5 of Section II of Annex III, the fines shall amount to at least EUR 25 000 and shall not exceed EUR 75 000; |
| ▼M1 | ▼M1 |
| (f) za kršitve iz točke 3 oddelka II Priloge III globe znašajo najmanj 10 000 EUR in največ 50 000 EUR; | (f) for the infringements referred to in point 3 of Section II of Annex III, the fines shall amount to at least EUR 10 000 and shall not exceed EUR 50 000; |
| (g) za kršitve iz točk 1 do 3 in 11 oddelka III Priloge III globe znašajo najmanj 150 000 EUR in največ 300 000 EUR; | (g) for the infringements referred to in points 1 to 3 and 11 of Section III of Annex III, the fines shall amount to at least EUR 150 000 and shall not exceed EUR 300 000; |
| ▼M3 | ▼M3 |
| (h) za kršitve iz točke 20a oddelka I Priloge III, točk 4 do 4c, 6, 8 in 10 oddelka III Priloge III globe znašajo najmanj 90 000 EUR in največ 200 000 EUR; | (h) for the infringements referred to in point 20a of Section I of Annex III, points 4 to 4c, 6, 8 and 10 of Section III of Annex III, the fines shall amount to at least EUR 90 000 and shall not exceed EUR 200 000; |
| ▼M1 | ▼M1 |
| (i) za kršitve iz točk 5, 7 in 9 oddelka III Priloge III globe znašajo najmanj 40 000 EUR in največ 100 000 EUR; | (i) for the infringements referred to in points 5, 7 and 9 of Section III of Annex III, the fines shall amount to at least EUR 40 000 and shall not exceed EUR 100 000. |
| ESMA pri odločanju o nižji, srednji ali višji vrednosti osnovnega zneska glob, določenih v prvem pododstavku, upošteva letni promet preteklega poslovnega leta zadevne bonitetne agencije. Nižja vrednost osnovnega zneska velja za bonitetne agencije z letnim prometom pod 10 milijoni EUR, srednja vrednost velja za bonitetne agencije z letnim prometom med 10 in 50 milijoni EUR, višja vrednost pa za bonitetne agencije z letnim prometom nad 50 milijoni EUR. | In order to decide whether the basic amount of the fines should be set at the lower, the middle or the higher end of the limits set out in the first subparagraph, ESMA shall have regard to the annual turnover in the preceding business year of the credit rating agency concerned. The basic amount shall be at the lower end of the limit for credit rating agencies whose annual turnover is below EUR 10 million, the middle of the limit for the credit rating agencies whose annual turnover is between EUR 10 and 50 million and the higher end of the limit for the credit rating agencies whose annual turnover is higher than EUR 50 million. |
| 3. Osnovni zneski, določeni v mejnih vrednostih iz odstavka 2, se po potrebi prilagodijo ob upoštevanju oteževalnih ali olajševalnih dejavnikov v skladu z zadevnimi koeficienti iz Priloge IV. | 3. The basic amounts defined within the limits set out in paragraph 2 shall be adjusted, if need be, by taking into account aggravating or mitigating factors in accordance with the relevant coefficients set out in Annex IV. |
| Zadevni oteževalni koeficient se uporablja za vsak posamezen osnovni znesek. Če se uporabi več kot en oteževalni koeficient se razlika med osnovnim zneskom in zneskom po uporabi vsakega posameznega oteževalnega koeficienta doda osnovnemu znesku. | The relevant aggravating coefficient shall be applied one by one to the basic amount. If more than one aggravating coefficient is applicable, the difference between the basic amount and the amount resulting from the application of each individual aggravating coefficient shall be added to the basic amount. |
| Zadevni olajševalni koeficient se uporablja za vsak posamezen osnovni znesek. Če se uporabi več kot en olajševalni koeficient, se razlika med osnovnim zneskom in zneskom po uporabi vsakega posameznega olajševalnega koeficienta odšteje od osnovnega zneska. | The relevant mitigating coefficient shall be applied one by one to the basic amount. If more than one mitigating coefficient is applicable, the difference between the basic amount and the amount resulting from the application of each individual mitigating coefficient shall be subtracted from the basic amount. |
| 4. Ne glede na odstavka 2 in 3 globa ne sme presegati 20 % letnega prometa zadevne bonitetne agencije v preteklem poslovnem letu; če pa je bonitetna agencija imela neposredne ali posredne finančne koristi zaradi kršitve, je globa najmanj enaka tem finančnim koristim. | 4. Notwithstanding paragraphs 2 and 3, the fine shall not exceed 20 % of the annual turnover of the credit rating agency concerned in the preceding business year and, where the credit rating agency has directly or indirectly benefitted financially from the infringement, the fine shall be at least equal to that financial benefit. |
| Kadar neko dejanje ali opustitev dejanja bonitetne agencije šteje za več kot eno kršitev s seznama v Prilogi III, se uporabi le višja globa, izračunana v skladu z odstavkoma 2 in 3 ter povezana z eno od teh kršitev. | Where an act or omission of a credit rating agency constitutes more than one infringement listed in Annex III, only the higher fine calculated in accordance with paragraphs 2 and 3 and related to one of those infringements shall apply. |
| Člen 36b | Article 36b |
| Periodične denarne kazni | Periodic penalty payments |
| 1. Odbor nadzornikov ESMA naloži periodične denarne kazni z odločitvijo, da se: | 1. ESMA's Board of Supervisors shall by decision impose a periodic penalty payment in order to compel: |
| (a) bonitetno agencijo prisili, da preneha s kršitvijo v skladu z odločitvijo, ki je bila sprejeta v skladu s točko (d) člena 24(1); | (a) a credit rating agency to put an end to an infringement, in accordance with a decision taken pursuant to point (d) of Article 24(1); |
| (b) osebo iz člena 23b(1) prisili k predložitvi popolnih informacij, ki se jih je zahtevalo z odločitvijo v skladu s členom 23b; | (b) a person referred to in Article 23b(1) to supply complete information which has been required by a decision pursuant to Article 23b; |
| (c) osebo iz člena 23b(1) prisili k privolitvi v preiskavo in zlasti k predložitvi popolne evidence, podatkov, postopkov ali drugega potrebnega materiala ter k dopolnitvi in popravku drugih informacij, podanih v preiskavi, ki se je začela na podlagi odločitve, sprejete v skladu s členom 23c; | (c) a person referred to in Article 23b(1) to submit to an investigation and in particular to produce complete records, data, procedures or any other material required and to complete and correct other information provided in an investigation launched by a decision taken pursuant to Article 23c; |
| (d) osebo iz člena 23b(1) prisili k privolitvi v inšpekcijski pregled na kraju samem, odrejen z odločitvijo v skladu s členom 23d. | (d) a person referred to in Article 23b(1) to submit to an on-site inspection ordered by a decision taken pursuant to Article 23d. |
| 2. Te periodične denarne kazni morajo biti učinkovite in sorazmerne. Periodične denarne kazni se naložijo na dnevni osnovi dokler zadevna bonitetna agencija ali zadevna oseba ne izpolnjuje ustrezne odločitve iz odstavka 1. | 2. A periodic penalty payment shall be effective and proportionate. The periodic penalty payment shall be imposed on a daily basis until the credit rating agency or person concerned complies with the relevant decision referred to in paragraph 1. |
| 3. Ne glede na odstavek 2 znesek periodičnih denarnih kazni ustreza 3 % povprečnega dnevnega prometa v preteklem poslovnem letu ali, v primeru fizičnih oseb, 2 % povprečnega dnevnega dohodka v preteklem koledarskem letu. Zneski se računajo od datuma, določenega v odločitvi, s katero se naloži periodična denarna kazen. | 3. Notwithstanding paragraph 2, the amount of a periodic penalty payment shall be 3 % of the average daily turnover in the preceding business year or, in the case of natural persons, 2 % of the average daily income in the preceding calendar year. It shall be calculated from the date stipulated in the decision imposing the periodic penalty payment. |
| 4. Periodične denarne kazni se lahko naložijo za obdobje do šestih mesecev po uradnem obvestilu o odločitvi ESMA. | 4. A periodic penalty payment may be imposed for a period of no more than six months following the notification of ESMA's decision. |
| Člen 36c | Article 36c |
| Zaslišanje oseb, ki so v postopku | Hearing of the persons subject to the proceedings |
| 1. Preden odbor nadzornikov ESMA sprejme odločitev o naložitvi globe in/ali periodične denarne kazni v skladu s členom 36a ali točkami (a) do (d) člena 36b(1), osebam, ki so v postopku, omogoči, da podajo izjavo o ugotovitvah ESMA. Odločitve odbora nadzornikov ESMA temeljijo samo na ugotovitvah, h katerim so osebe, ki so v postopku imele priložnost dati pripombe. | 1. Before taking any decision imposing a fine and/or periodic penalty payment under Article 36a or points (a) to (d) of Article 36b(1), ESMA's Board of Supervisors shall give the persons subject to the proceedings the opportunity to be heard on ESMA's findings. ESMA's Board of Supervisors shall base its decisions only on findings on which the persons subject to the proceedings have had the opportunity to comment. |
| 2. Med postopkom se v celoti spoštuje pravica oseb, ki so v postopku, do obrambe. Osebam je zagotovljena pravica do vpogleda v spis ESMA, ob upoštevanju upravičenega interesa drugih oseb za varstvo poslovnih skrivnosti. Pravica dostopa do spisa ne velja za zaupne informacije ali notranje pripravljalne dokumente ESMA. | 2. The rights of defence of the persons subject to the proceedings shall be fully respected during the proceedings. They shall be entitled to have access to ESMA's file, subject to the legitimate interest of other persons in the protection of their business secrets. The right of access to the file shall not extend to confidential information or internal preparatory documents of ESMA. |
| Člen 36d | Article 36d |
| Razkritje, narava, izvršitev in dodelitev glob in periodičnih denarnih kazni | Disclosure, nature, enforcement and allocation of fines and periodic penalty payments |
| 1. ESMA javnosti razkrije vse globe in periodične denarne kazni, ki jih je naložil v skladu s členoma 36a in 36b, razen če bi takšno razkritje javnosti resno ogrozilo finančne trge ali povzročilo nesorazmerno škodo vpletenim stranem. | 1. ESMA shall disclose to the public every fine and periodic penalty payment that has been imposed pursuant to Articles 36a and 36b, unless such disclosure to the public would seriously jeopardise the financial markets or cause disproportionate damage to the parties involved. |
| 2. Globe in periodične denarne kazni, naložene v skladu s členoma 36a in 36b, so upravne narave. | 2. Fines and periodic penalty payments imposed pursuant to Articles 36a and 36b shall be of an administrative nature. |
| 3. Globe in periodične denarne kazni, naložene v skladu s členoma 36a in 36b, so izvršljive. | 3. Fines and periodic penalty payments imposed pursuant to Articles 36a and 36b shall be enforceable. |
| Izvršbo urejajo pravila civilnega postopka, ki veljajo v državi, na ozemlju katere se opravi izvršba. Organ, ki ga v ta namen določi vlada vsake od držav članic ter o tem obvesti ESMA in Sodišče Evropske unije, priloži odločitvi potrdilo o njeni izvršljivosti, pri čemer ni potrebna nobena druga formalnost razen overovitve verodostojnosti odločitve. | Enforcement shall be governed by the rules of civil procedure in force in the State in the territory of which it is carried out. The order for its enforcement shall be appended to the decision without other formality than verification of the authenticity of the decision by the authority which the government of each Member State shall designate for that purpose and shall make known to ESMA and to the Court of Justice of the European Union. |
| Ko so te formalnosti na zahtevo zadevne stranke izpolnjene, lahko ta preide k izvršbi v skladu z nacionalnim pravom, tako da zadevo predloži neposredno pristojnim organom. | When those formalities have been completed on application by the party concerned, the latter may proceed to enforcement in accordance with the national law, by bringing the matter directly before the competent body. |
| Izvršba se lahko odloži le z odločbo Sodišča Evropske unije. Vendar so za nadzor nad pravilnostjo izvršilnih dejanj pristojna sodišča zadevne države. | Enforcement may be suspended only by a decision of the Court of Justice of the European Union. However, the courts of the Member State concerned shall have jurisdiction over complaints that enforcement is being carried out in an irregular manner. |
| 4. Zneski glob in periodičnih denarnih kazni se dodelijo splošnemu proračunu Evropske unije. | 4. The amounts of the fines and periodic penalty payments shall be allocated to the general budget of the European Union. |
| Člen 36e | Article 36e |
| Preverjanje Sodišča Evropske unije | Review by the Court of Justice of the European Union |
| Sodišče Evropske unije ima neomejeno pristojnost do preuči odločitve, s katerimi je ESMA naložil globo ali periodično denarno kazen. Naloženo globo ali periodično denarno kazen lahko razveljavi, zniža ali zviša. | The Court of Justice of the European Union shall have unlimited jurisdiction to review decisions whereby ESMA has imposed a fine or a periodic penalty payment. It may annul, reduce or increase the fine or periodic penalty payment imposed. |
| ▼M1 | ▼M1 |
| Člen 37 | Article 37 |
| Spremembe prilog | Amendments to Annexes |
| Za upoštevanje razvoja na finančnih trgih, vključno z mednarodnim razvojem, zlasti kar zadeva nove finančne instrumente, lahko Komisija z delegiranimi akti v skladu s členom 38a ter pod pogoji iz členov 38b in 38c sprejme ukrepe za spremembo prilog, razen Priloge III. | In order to take account of developments, including international developments, on financial markets, in particular in relation to new financial instruments, the Commission may adopt, by means of delegated acts in accordance with Article 38a and subject to the conditions of Articles 38b and 38c, measures to amend the Annexes, excluding Annex III. |
| ▼B | ▼B |
| Člen 38 | Article 38 |
| Postopek z odborom | Committee procedure |
| 1. Komisiji pomaga Evropski odbor za vrednostne papirje, ustanovljen s Sklepom Komisije 2001/528/ES ( 31 ). | 1. The Commission shall be assisted by the European Securities Committee established by Commission Decision 2001/528/EC ( 31 ). |
| ▼M1 ————— | ▼M1 ————— |
| ▼B | ▼B |
| 3. Pri sklicevanju na ta odstavek se uporabljata člena 5 in 7 Sklepa 1999/468/ES, ob upoštevanju določb iz člena 8 Sklepa. | 3. Where reference is made to this paragraph, Article 5 and Article 7 of Decision 1999/468/EC shall apply, having regard to the provisions of Article 8 thereof. |
| Obdobje iz člena 5(6) Sklepa 1999/468/ES je tri mesece. | The period laid down in Article 5(6) of Decision 1999/468/EC shall be set at three months. |
| ▼M1 | ▼M1 |
| Člen 38a | Article 38a |
| Izvajanje pooblastila | Exercise of the delegation |
| 1. Pooblastilo za sprejemanje delegiranih aktov iz tretjega pododstavka člena 5(6), člena 19(2), člena 23e(7) in člena 37 se prenese na Komisijo za obdobje štirih let od 1. junija 2011. Komisija pripravi poročilo o pooblastilu najpozneje šest mesecev pred koncem štiriletnega obdobja. Prenos pooblastila se samodejno podaljša za enako obdobje, razen če Evropski parlament ali Svet pooblastilo prekliče v skladu s členom 38b. | 1. The power to adopt delegated acts referred to in the third subparagraph of Article 5(6), Article 19(2), Article 23e(7) and Article 37 shall be conferred on the Commission for a period of four years from 1 June 2011. The Commission shall draw up a report in respect of the delegated power at the latest six months before the end of the four-year period. The delegation of power shall be automatically extended for periods of an identical duration, unless the European Parliament or the Council revokes it in accordance with Article 38b. |
| 2. Takoj ko Komisija sprejme delegirani akt, o tem istočasno uradno obvesti Evropski parlament in Svet. | 2. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. |
| 3. Pooblastilo za sprejemanje delegiranih aktov je preneseno na Komisijo pod pogoji, določenimi v členih 38b in 38c. | 3. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles 38b and 38c. |
| Člen 38b | Article 38b |
| Preklic pooblastila | Revocation of the delegation |
| 1. Pooblastilo iz tretjega pododstavka člena 5(6), člena 19(2), člena 23e(7) in člena 37 lahko kadar koli prekliče Evropski parlament ali Svet. | 1. The delegation of power referred to in the third subparagraph of Article 5(6), Article 19(2), Article 23e(7) and Article 37 may be revoked at any time by the European Parliament or by the Council. |
| 2. Institucija, ki je začela notranji postopek o morebitnem preklicu pooblastila, si prizadeva o tem obvestiti drugo institucijo in Komisijo v razumnem roku pred sprejetjem končne odločitve ter pri tem navede pooblastila, ki bi bila lahko preklicana, in možne razloge za preklic. | 2. The institution which has commenced an internal procedure for deciding whether to revoke the delegation of power shall endeavour to inform the other institution and the Commission within a reasonable time before the final decision is taken, indicating the delegated power which could be subject to revocation. |
| 3. Z odločitvijo o preklicu preneha veljati pooblastilo, navedeno v tej odločitvi. Odločitev začne veljati nemudoma ali na dan, ki je v njej določen. Odločitev ne vpliva na veljavnost že veljavnih delegiranih aktov. Objavi se v Uradnem listu Evropske unije. | 3. The decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect immediately or at a later date specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union. |
| Člen 38c | Article 38c |
| Nasprotovanje delegiranim aktom | Objections to delegated acts |
| 1. Evropski parlament ali Svet lahko nasprotuje delegiranemu aktu v treh mesecih od datuma uradnega obvestila. | 1. The European Parliament or the Council may object to a delegated act within a period of three months from the date of notification. |
| Na pobudo Evropskega parlamenta ali Sveta se navedeni rok podaljša za tri mesece. | At the initiative of the European Parliament or the Council that period shall be extended by three months. |
| 2. Če do izteka roka iz odstavka 1 niti Evropski parlament niti Svet ne nasprotuje delegiranemu aktu, se akt objavi v Uradnem listu Evropske unije in začne veljati na dan, ki je v njem določen. | 2. If, on expiry of the period referred to in paragraph 1, neither the European Parliament nor the Council has objected to the delegated act, it shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein. |
| Delegirani akt se lahko objavi v Uradnem listu Evropske unije in začne veljati pred iztekom navedenega roka, če sta Evropski parlament in Svet obvestila Komisijo o nameri, da delegiranemu aktu ne bosta nasprotovala. | The delegated act may be published in the Official Journal of the European Union and enter into force before the expiry of that period if the European Parliament and the Council have both informed the Commission of their intention not to raise objections. |
| 3. Če Evropski parlament ali Svet nasprotuje delegiranemu aktu v roku iz odstavka 1, ta akt ne začne veljati. V skladu s členom 296 Pogodbe o delovanju Evropske unije institucija, ki nasprotuje delegiranemu aktu, navede razloge za nasprotovanje. | 3. If either the European Parliament or the Council objects to the delegated act within the period referred to in paragraph 1, it shall not enter into force. In accordance with Article 296 of the Treaty on the Functioning of the European Union, the institution which objects shall state the reasons for objecting to the delegated act. |
| ▼B | ▼B |
| Člen 39 | Article 39 |
| Poročanje | Reports |
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| ▼M1 ————— | ▼M1 ————— |
| ▼M3 ————— | ▼M3 ————— |
| ▼M3 | ▼M3 |
| 4. Komisija po pridobitvi tehničnega nasveta od organa ESMA pregleda stanje na trgu bonitetnega ocenjevanja za strukturirane finančne instrumente, zlasti trg bonitetnega ocenjevanja za pozicije re-listinjenja. Po tem pregledu Komisija do 1. julija 2016 Evropskemu parlamentu in Svetu predloži poročilo, po potrebi skupaj z zakonodajnim predlogom, v katerem oceni zlasti: | 4. The Commission shall, after obtaining technical advice from ESMA, review the situation in the credit rating market for structured finance instruments, in particular the credit rating market for re-securitisations. Following that review, the Commission shall, by 1 July 2016, submit a report to the European Parliament and to the Council, accompanied by a legislative proposal if appropriate, assessing, in particular: |
| (a) razpoložljivost zadostne izbire z vidika izpolnjevanja zahtev, navedenih v členih 6b in 8c; | (a) the availability of sufficient choice in order to comply with the requirements set out in Articles 6b and 8c; |
| (b) ali je primerno skrajšati ali podaljšati najdaljše obdobje pogodbenega razmerja iz člena 6b(1) in najkrajše obdobje, ki mora preteči, preden lahko bonitetna agencija z izdajateljem ali povezano tretjo osebo ponovno sklene pogodbo o izdajanju bonitetnih ocen o pozicijah re-listinjenja iz člena 6b(3); | (b) whether it is appropriate to shorten or extend the maximum duration of the contractual relationship referred to in Article 6b(1) and the minimum period before the credit rating agency may re-enter into a contract with an issuer or a related third party for the issuing of credit ratings on re-securitisations referred to in Article 6b(3); |
| (c) ali je primerno spremeniti izjemo iz drugega pododstavka člena 6b(2). | (c) whether it is appropriate to amend the exemption referred to in the second subparagraph of Article 6b(2). |
| 5. Komisija po pridobitvi tehničnega nasveta organa ESMA pregleda stanje na trgu bonitetnega ocenjevanja. Po tem pregledu Komisija do 1. januarja 2016 Evropskemu parlamentu in Svetu predloži poročilo, po potrebi skupaj z zakonodajnim predlogom, v katerem oceni zlasti: | 5. The Commission shall, after obtaining technical advice from ESMA, review the situation in the credit rating market. Following that review, the Commission shall, by 1 January 2016, submit a report to the European Parliament and to the Council, accompanied by a legislative proposal if appropriate, assessing, in particular: |
| (a) ali obstaja potreba po razširitvi obsega obveznosti iz člena 8b zaradi vključitve drugih finančnih kreditnih proizvodov; | (a) whether there is a need to extend the scope of the obligations referred to in Article 8b to include any other financial credit products; |
| (b) ali so se nasprotja interesov zaradi zahtev iz členov 6, 6a in 7 zadostno zmanjšala; | (b) whether the requirements referred to in Articles 6, 6a and 7 have sufficiently mitigated conflicts of interest; |
| (c) ali bi bilo treba mehanizem rotacije iz člena 6b razširiti na druge razrede finančnih instrumentov in ali je primerno uporabiti različna obdobja za posamezne razrede finančnih instrumentov; | (c) whether the scope of the rotation mechanism referred to in Article 6b should be extended to other asset classes and whether it is appropriate to use differentiated lengths of periods across asset classes; |
| (d) ustreznost obstoječih in alternativnih modelov plačevanja; | (d) the appropriateness of existing and alternative remuneration models; |
| (e) ali obstaja potreba po izvajanju drugih ukrepov za spodbujanje konkurence na trgu bonitetnega ocenjevanja; | (e) whether there is a need to implement other measures to foster competition in the credit rating market; |
| (f) ustreznost dodatnih pobud za spodbujanje konkurence na trgu bonitetnega ocenjevanja na podlagi razvoja sestave sektorja; | (f) the appropriateness of additional initiatives to promote competition in the credit rating market against the background of the evolution of the structure of the sector; |
| (g) ali obstaja potreba po predlaganju ukrepov za odpravo pogodbenega prevelikega zanašanja na bonitetne ocene; | (g) whether there is a need to propose measures to address contractual over-reliance on credit ratings; |
| (h) oceno stopnje tržne koncentracije, tveganj, ki izhajajo iz visoke koncentracije, in vpliva na celotno stabilnost finančnega sektorja. | (h) the market concentration levels, the risks arising from high concentration, and the impact on the overall stability of the financial sector. |
| 6. Komisija vsaj enkrat letno Evropski parlament in Svet obvesti o vseh novih odločitvah o enakovrednosti iz člena 5(6), ki so bile sprejete v obdobju poročanja. | 6. The Commission shall, at least annually, inform the European Parliament and the Council of any new equivalence decisions referred to in Article 5(6) that have been adopted during the reporting period. |
| ▼M3 | ▼M3 |
| Člen 39a | Article 39a |
| Osebje in sredstva organa ESMA | ESMA’s staffing and resources |
| Organ ESMA do 21. junija 2014 oceni potrebe po osebju in virih, ki izhajajo iz prevzema njegovih pristojnosti in dolžnosti v skladu s to uredbo ter Evropskemu parlamentu, Svetu in Komisiji predloži poročilo. | By 21 June 2014, ESMA shall assess its staffing and resources needs arising from the assumption of its powers and duties under this Regulation and shall submit a report to the European Parliament, the Council and the Commission. |
| ▼M3 | ▼M3 |
| Člen 39b | Article 39b |
| Obveznosti poročanja | Reporting obligations |
| 1. Komisija do 31. decembra 2015 Evropskemu parlamentu in Svetu predloži poročilo o: | 1. By 31 December 2015, the Commission shall submit a report to the European Parliament and to the Council on: |
| (a) ukrepih za odpravo sklicevanj na bonitetne ocene, ki povzročajo ali bi utegnila povzročiti izključno ali sistematično zanašanje nanje; in | (a) the steps taken as regards the deletion of references to credit ratings which trigger or have the potential to trigger sole or mechanistic reliance thereon; and |
| (b) alternativnih orodjih, na podlagi katerih bi lahko vlagatelji izvedli svojo oceno kreditnega tveganja izdajateljev in finančnih instrumentov, | (b) alternative tools to enable investors to make their own credit risk assessment of issuers and of financial instruments, |
| da se do 1. januarja 2020 črtajo vsa sklicevanja na bonitetne ocene v pravu Unije za regulativne namene, pod pogojem, da so opredeljene in se izvajajo ustrezne alternative ocenjevanju kreditnega tveganja. ESMA Komisiji zagotovi tehnično svetovanje v okviru tega odstavka. | with a view to deleting all references to credit ratings in Union law for regulatory purposes by 1 January 2020, subject to appropriate alternatives being identified and implemented. ESMA shall provide technical advice to the Commission within the framework of this paragraph. |
| 2. Komisija ob upoštevanju razmer na trgu do 31. decembra 2014 Evropskemu parlamentu in Svetu predloži poročilo o ustreznosti oblikovanja evropskega ocenjevanja sposobnosti za odplačevanje državnega dolga. | 2. Taking into consideration the situation of the market, the Commission shall, by 31 December 2014, submit a report to the European Parliament and to the Council on the appropriateness of the development of a European creditworthiness assessment for sovereign debt. |
| Komisija ob upoštevanju ugotovitev poročila iz prvega pododstavka in razmer na trgu do 31. decembra 2016 Evropskemu parlamentu in Svetu predloži poročilo o ustreznosti in izvedljivosti podpore evropski bonitetni agenciji, ki bi ocenjevala sposobnost držav članic za odplačevanja državnega dolga, in/ali evropske ustanove za bonitetno ocenjevanje za vse druge bonitetne ocene. | Taking into consideration the findings of the report referred to in the first subparagraph and the situation of the market, the Commission shall, by 31 December 2016, submit a report to the European Parliament and to the Council, on the appropriateness and feasibility of supporting a European credit rating agency dedicated to assessing the creditworthiness of Member States’ sovereign debt and/or a European credit rating foundation for all other credit ratings. |
| 3. Komisija do 31. decembra 2013 Evropskemu parlamentu in Svetu predloži poročilo o izvedljivosti mreže malih bonitetnih agencij, da bi se povečala konkurenčnost na trgu. V tem poročilu se oceni finančna in nefinančna pomoč za oblikovanje mreže, pri čemer se upošteva morebitno nasprotje interesov zaradi tega javnega financiranja. Komisija lahko na podlagi ugotovitev iz tega poročila in po tehničnem svetovanju organa ESMA ponovno oceni in predlaga spremembo člena 8d. | 3. The Commission shall, by 31 December 2013, submit a report to the European Parliament and to the Council regarding the feasibility of a network of smaller credit rating agencies in order to increase competition in the market. That report shall evaluate financial and non-financial support for the creation of such a network, taking into consideration the potential conflicts of interest arising from such public funding. In light of the findings of that report and following ESMA’s technical advice, the Commission may re-evaluate and suggest amending Article 8d. |
| ▼B | ▼B |
| POGLAVJE II | CHAPTER II |
| Prehodne in končne določbe | Transitional and final provisions |
| Člen 40 | Article 40 |
| Prehodne določbe | Transitional provision |
| Bonitetne agencije, ki poslujejo v Skupnosti pred 7. junijem 2010 („obstoječe bonitetne agencije“) in ki se nameravajo registrirati v skladu s to uredbo, sprejmejo vse potrebne ukrepe za uskladitev z določbami te uredbe najpozneje do 7. septembra 2010. | Credit rating agencies operating in the Community before 7 June 2010 (existing credit rating agencies), which intend to apply for registration under this Regulation, shall adopt all necessary measures to comply with its provisions by 7 September 2010. |
| Bonitetne agencije predložijo vlogo za registracijo od 7. junija 2010. Obstoječe bonitetne agencije predložijo vlogo za registracijo do 7. septembra 2010. | Credit rating agencies shall submit their application for registration no earlier than 7 June 2010. Existing credit rating agencies shall submit their application for registration by 7 September 2010 |
| ▼M1 | ▼M1 |
| Obstoječe bonitetne agencije lahko še naprej izdajajo bonitetne ocene, ki jih finančne institucije in drugi subjekti iz člena 4(1) uporabljajo za regulatorne namene, razen če je bila registracija zavrnjena. V primeru zavrnitve registracije se uporablja člen 24(4) in (5). | Existing credit rating agencies may continue issuing credit ratings which may be used for regulatory purposes by the financial institutions and other entities referred to in Article 4(1) unless registration is refused. Where registration is refused, Article 24(4) and (5) shall apply. |
| ▼M1 | ▼M1 |
| Člen 40a | Article 40a |
| Prehodni ukrepi v zvezi z ESMA | Transitional measures related to ESMA |
| 1. Vse pristojnosti in dolžnosti, ki so bile podeljene pristojnim organom, v zvezi z nadzorno in izvršilno dejavnostjo na področju bonitetnih agencij, ne glede na to ali delujejo kot pristojni organi matične države članice ali ne, in kolegijem, če so bili ustanovljeni, se zaključijo s 1. julijem 2011. | 1. All competences and duties related to the supervisory and enforcement activity in the field of credit rating agencies, which were conferred on the competent authorities, whether acting as competent authorities of the home Member State or not, and on colleges where those have been established, shall be terminated on 1 July 2011. |
| Vendar pa se vloga za registracijo, ki so jo pristojni organi matične države članice ali ustrezni kolegij prejeli do 7. septembra 2010, ne prenese na ESMA in odločitev o registraciji ali zavrnitvi registracije sprejmejo ti organi oziroma ustrezni kolegij. | However, an application for registration that has been received by the competent authorities of the home Member State or the relevant college by 7 September 2010 shall not be transferred to ESMA, and the decision to register or refuse registration shall be taken by those authorities and the relevant college. |
| 2. Brez poseganja v drugi pododstavek odstavka 1 vse datoteke in delovne dokumente ali njihove overjene kopije v zvezi z nadzorno in izvršilno dejavnostjo na področju bonitetnih agencij, vključno z vsemi pregledi v teku in izvršilnimi ukrepi, prevzame ESMA na datum iz odstavka 1. | 2. Without prejudice to the second subparagraph of paragraph 1, any files and working documents related to the supervisory and enforcement activity in the field of credit rating agencies, including any ongoing examinations and enforcement actions, or certified copies thereof, shall be taken over by ESMA on the date as referred to in paragraph 1. |
| 3. Pristojni organi in kolegiji iz odstavka 1 zagotovijo, da se vsi obstoječi zapisi in delovni dokumenti ali njihove overjene kopije čim prej in najkasneje do 1. julija 2011 prenesejo na ESMA. Ti pristojni organi in kolegiji ESMA nudijo tudi vso potrebno pomoč in mu svetujejo, da omogočijo učinkovit in uspešen prenos ter prevzem nadzorne in izvršilne dejavnosti na področju bonitetnih agencij. | 3. The competent authorities and colleges referred to in paragraph 1 shall ensure that any existing records and working papers, or certified copies thereof, shall be transferred to ESMA as soon as possible and in any event by 1 July 2011. Those competent authorities and colleges shall also render all necessary assistance and advice to ESMA to facilitate effective and efficient transfer and taking-up of supervisory and enforcement activity in the field of credit rating agencies. |
| 4. ESMA deluje kot pravni naslednik pristojnih organov in kolegijev iz odstavka 1 v vseh upravnih ali sodnih postopkih, ki so posledica nadzornih in izvršilnih dejavnosti, ki so jih ti zadevni pristojni organi in kolegiji izvajali v zvezi z zadevami, ki sodijo v okvir te uredbe. | 4. ESMA shall act as the legal successor of the competent authorities and colleges referred to in paragraph 1 in any administrative or judicial proceedings that result from supervisory and enforcement activity pursued by those competent authorities and colleges in relation to matters that fall under this Regulation. |
| 5. Vsaka registracija bonitetne agencije v skladu s poglavjem I naslova III, ki jo opravi pristojni organ iz odstavka 1 tega člena, ostane veljavna po prenosu pristojnosti na ESMA. | 5. Any registration of a credit rating agency, in accordance with Chapter I of Title III, by a competent authority referred to in paragraph 1 of this Article shall remain valid after the transfer of competences to ESMA. |
| 6. ESMA do 1. julija 2014 v okviru nadzora v teku izvede vsaj eno preiskavo vseh bonitetnih agencij, ki sodijo pod njegovo nadzorno pristojnost. | 6. By 1 July 2014 and within the scope of its ongoing supervision, ESMA shall conduct at least one verification of all credit rating agencies falling under its supervisory competences. |
| ▼B | ▼B |
| Člen 41 | Article 41 |
| Začetek veljavnosti | Entry into force |
| Ta uredba začne veljati dvajseti dan po objavi v Uradnem listu Evropske unije. | This Regulation shall enter into force on the 20th day following its publication in the Official Journal of the European Union. |
| Uporablja se od datuma začetka veljavnosti. Vendar: | It shall apply from its date of entry into force. However: |
| — člen 4(1) se začne uporabljati 7. decembra 2010; in | — Article 4(1) shall apply from 7 December 2010 and |
| — točke (f), (g) in (h) člena 4(3) se začnejo uporabljati 7. junija 2011. | — points (f), (g) and (h) of Article 4(3) shall apply from 7 June 2011. |
| Ta uredba je v celoti zavezujoča in se neposredno uporablja v vseh državah članicah. | This Regulation shall be binding in its entirety and directly applicable in all Member States. |
| PRILOGA I | ANNEX I |
| NEODVISNOST IN IZOGIBANJE NASPROTJEM INTERESOV | INDEPENDENCE AND AVOIDANCE OF CONFLICTS OF INTEREST |
| Oddelek A | Section A |
| Organizacijske zahteve | Organisational requirements |
| 1. | Bonitetna agencija ima upravni odbor ali nadzorni svet. Njeno višje vodstvo zagotavlja: | (a) neodvisnost dejavnosti bonitetnega ocenjevanja, tudi od vseh političnih in ekonomskih vplivov ali omejitev; | (b) ustrezno opredeljevanje, upravljanje in razkritje nasprotij interesov; | (c) usklajenosti bonitetne agencije s preostalimi zahtevami te uredbe. | 1. | The credit rating agency shall have an administrative or supervisory board. Its senior management shall ensure that: | (a) credit rating activities are independent, including from all political and economic influences or constraints; | (b) conflicts of interest are properly identified, managed and disclosed; | (c) the credit rating agency complies with the remaining requirements of this Regulation. |
| 2. | Bonitetna agencija je organizirana na način, s katerim se zagotovi, da njen poslovni interes ne zmanjša neodvisnosti ali točnosti dejavnosti bonitetnega ocenjevanja. | Višje vodstvo bonitetne agencije so ugledne osebe, z zadostnim znanjem in izkušnjami, ki zagotavljajo premišljeno in skrbno upravljanje bonitetne agencije. | Vsaj tretjina članov upravnega odbora ali nadzornega sveta bonitetne agencije, najmanj pa dva od njih, mora biti neodvisnih članov, ki niso vključeni v dejavnosti bonitetnega ocenjevanja. | Nadomestilo za neodvisne člane upravnega odbora ali nadzornega sveta ni povezano s poslovnimi rezultati bonitetne agencije in je urejeno tako, da se zagotovi neodvisnost njihove presoje. Mandat neodvisnih članov upravnega odbora ali nadzornega sveta traja natanko toliko časa, kot je vnaprej dogovorjeno, ne presega petih let in ga ni mogoče obnoviti. Neodvisni člani upravnega odbora ali nadzornega sveta se lahko razrešijo le v primeru neprimernega ravnanja ali slabega opravljanje strokovnega dela. | Večina članov upravnega odbora ali nadzornega sveta, vključno z njegovimi neodvisnimi člani, ima dovolj strokovnega znanja s področja finančnih storitev. Če bonitetna agencija izdaja bonitetne ocene o strukturiranih finančnih instrumentih, ima najmanj en neodvisni član in še en član odbora ali sveta poglobljeno znanje in izkušnje na višji ravni s področja trgov strukturiranih finančnih instrumentov. | Poleg splošnih odgovornosti odbora ali sveta imajo neodvisni člani upravnega odbora ali nadzornega sveta posebno nalogo, da spremljajo: | (a) razvoj politike bonitetnega ocenjevanja in metodologij, ki jih bonitetna agencija uporablja pri dejavnostih bonitetnega ocenjevanja; | (b) učinkovitost notranjega sistema kontrole kakovosti bonitetne agencije v zvezi z dejavnostmi bonitetnega ocenjevanja; | (c) učinkovitost ukrepov in postopkov, uvedenih za zagotovitev prepoznavanja, odpravljanja ali upravljanja in razkritja nasprotja interesov; ter | (d) postopke skladnosti in upravljanja, vključno z učinkovitostjo funkcije pregleda iz točke 9 tega oddelka. | ▼M1 | Mnenja neodvisnih članov upravnega odbora ali nadzornega sveta o zadevah iz točk (a) do (d) se redno posredujejo odboru, poskrbi pa se tudi, da so na voljo ESMA, kadar koli jih ta zahteva. | ▼B | 2. | A credit rating agency shall be organised in a way that ensures that its business interest does not impair the independence or accuracy of the credit rating activities. | The senior management of a credit rating agency shall be of good repute and sufficiently skilled and experienced, and shall ensure the sound and prudent management of the credit rating agency. | At least one third, but no less than two, of the members of the administrative or supervisory board of a credit rating agency shall be independent members who are not involved in credit rating activities. | The compensation of the independent members of the administrative or supervisory board shall not be linked to the business performance of the credit rating agency and shall be arranged so as to ensure the independence of their judgement. The term of office of the independent members of the administrative or supervisory board shall be for a pre-agreed fixed period not exceeding five years and shall not be renewable. The dismissal of independent members of the administrative or supervisory board shall take place only in case of misconduct or professional underperformance. | The majority of members of the administrative or supervisory board, including its independent members, shall have sufficient expertise in financial services. Provided that the credit rating agency issues credit ratings of structured finance instruments, at least one independent member and one other member of the board shall have in-depth knowledge and experience at a senior level of the markets in structured finance instruments. | In addition to the overall responsibility of the board, the independent members of the administrative or supervisory board shall have the specific task of monitoring: | (a) the development of the credit rating policy and of the methodologies used by the credit rating agency in its credit rating activities; | (b) the effectiveness of the internal quality control system of the credit rating agency in relation to credit rating activities; | (c) the effectiveness of measures and procedures instituted to ensure that any conflicts of interest are identified, eliminated or managed and disclosed; and | (d) the compliance and governance processes, including the efficiency of the review function referred to in point 9 of this Section. | ▼M1 | Opinions of the independent members of administrative or supervisory board issued on the matters referred to in points (a) to (d) shall be presented to the board periodically and shall be made available to ESMA on request. | ▼B |
| 3. | Bonitetna agencija oblikuje ustrezne politike in postopke za zagotavljanje skladnosti z obveznostmi iz te uredbe. | 3. | A credit rating agency shall establish adequate policies and procedures to ensure compliance with its obligations under this Regulation. |
| 4. | Bonitetna agencija ima ustrezne administrativne in računovodske postopke, mehanizme notranjih kontrol, učinkovite postopke za ocenjevanje tveganj ter učinkovite kontrolne in zaščitne ukrepe za sisteme za obdelavo informacij. | Namen teh mehanizmov notranjih kontrol je zagotoviti skladnost z odločitvami in postopki na vseh ravneh bonitetne agencije. | Bonitetna agencija izvaja in vzdržuje postopke odločanja ter organizacijske strukture, ki jasno in na dokumentiran način določajo poročevalske linije ter razporejajo funkcije in odgovornosti. | 4. | A credit rating agency shall have sound administrative and accounting procedures, internal control mechanisms, effective procedures for risk assessment, and effective control and safeguard arrangements for information processing systems. | Those internal control mechanisms shall be designed to secure compliance with decisions and procedures at all levels of the credit rating agency. | A credit rating agency shall implement and maintain decision-making procedures and organisational structures which clearly and in a documented manner specify reporting lines and allocate functions and responsibilities. |
| 5. | Bonitetna agencija vzpostavi in trajno ter učinkovito vzdržuje Službo za varovanje zakonitosti poslovanja („funkcija skladnosti“), ki deluje neodvisno. Ta spremlja, ali so bonitetna agencija in njeni zaposleni skladni z obveznostmi iz te uredbe, ter poroča o tem. Funkcija skladnosti je: | (a) spremljanje in redno ocenjevanje primernosti in učinkovitosti ukrepov in postopkov, uvedenih v skladu s točko 3, ter ukrepov, sprejetih za odpravljanje morebitnih pomanjkljivosti bonitetne agencije pri zagotavljanju skladnosti z obveznostmi iz te uredbe; | (b) svetovanje in pomoč vodilnim, bonitetnim analitikom, zaposlenim in vsaki drugi fizični osebi, katere storitve so na voljo bonitetni agenciji ali so pod njenim nadzorom, ali kateri koli osebi, ki je z agencijo neposredno ali posredno povezana prek obvladovanja, ki je odgovorna za opravljanje dejavnosti bonitetnega ocenjevanja, da lahko bonitetna agencija izpolni obveznosti iz te uredbe. | 5. | A credit rating agency shall establish and maintain a permanent and effective compliance function department (compliance function) which operates independently. The compliance function shall monitor and report on compliance of the credit rating agency and its employees with the credit rating agency’s obligations under this Regulation. The compliance function shall: | (a) monitor and, on a regular basis, assess the adequacy and effectiveness of the measures and procedures put in place in accordance with point 3, and the actions taken to address any deficiencies in the credit rating agency’s compliance with its obligations; | (b) advise and assist the managers, rating analysts, employees as well as any other natural person whose services are placed at the disposal or under the control of the credit rating agency or any person directly or indirectly linked to it by control who is responsible for carrying out credit rating activities, to comply with the credit rating agency’s obligations under this Regulation. |
| 6. | Da se funkciji skladnosti omogoči pravilno in neodvisno opravljanje dolžnosti, bonitetna agencija zagotovi, da so izpolnjeni naslednji pogoji: | (a) funkcija skladnosti ima potrebno pristojnost, vire, strokovno znanje in dostop do vseh ustreznih informacij; | (b) imenovati je treba odgovorno osebo za varovanje zakonitosti poslovanja, ki je odgovorna za funkcijo skladnosti ter za poročanje o skladnosti, kot zahteva točka 3; | (c) upravljavci, bonitetni analitiki, zaposleni in vsaka druga fizična oseba, katere storitve so na voljo bonitetni agenciji ali so pod njenim nadzorom, ali katera koli oseba, ki je z agencijo neposredno ali posredno povezana prek nadzora in pristojna za funkcijo spremljanja skladnosti, ni vključen v opravljanje dejavnosti bonitetnega ocenjevanja, katere spremljajo; | (d) nadomestilo odgovorne osebe za varovanje zakonitosti poslovanja ni povezano s poslovnimi rezultati bonitetne agencije in je urejeno tako, da se zagotovi neodvisnost njegove presoje. | Odgovorna oseba za varovanje zakonitosti poslovanja zagotovi, da je morebitno nasprotje interesov oseb, ki so na razpolago funkciji skladnosti, ustrezno prepoznano in odpravljeno. | Odgovorna oseba za varovanje zakonitosti poslovanja o opravljanju svojih dolžnosti redno poroča višjemu vodstvu in neodvisnim članom upravnega odbora ali nadzornega sveta. | 6. | In order to enable the compliance function to discharge its responsibilities properly and independently, a credit rating agency shall ensure that the following conditions are satisfied: | (a) the compliance function has the necessary authority, resources, expertise and access to all relevant information; | (b) a compliance officer is appointed and is responsible for the compliance function and for any reporting with regard to compliance required by point 3; | (c) the managers, rating analysts, employees and any other natural person whose services are placed at the disposal or under the control of the credit rating agency or any person directly or indirectly linked to it by control who is involved in the compliance function is not involved in the performance of credit rating activities they monitor; | (d) the compensation of the compliance officer is not linked to the business performance of the credit rating agency and is arranged so as to ensure the independence of his or her judgement. | The compliance officer shall ensure that any conflicts of interest relating to the persons placed at the disposal of the compliance function are properly identified and eliminated. | The compliance officer shall report regularly on the carrying out of his or her duties to senior management and the independent members of the administrative or supervisory board. |
| 7. | Bonitetna agencija vzpostavi primerno in učinkovito organizacijsko in upravno ureditev za preprečevanje, ugotavljanje, odpravljanje ali ustrezno obvladovanje in razkritje nasprotja interesov iz točke 1 oddelka B. Poskrbi, da se vodijo evidence o vseh pomembnih okoliščinah, ki bi negativno vplivale na neodvisnost dejavnosti bonitetnega ocenjevanja, vključno s pravili o bonitetnih analitikih, navedenimi v oddelku C, ter zaščitnimi ukrepi za zmanjševanje teh okoliščin. | 7. | A credit rating agency shall establish appropriate and effective organisational and administrative arrangements to prevent, identify, eliminate or manage and disclose any conflicts of interest referred to in point 1 of Section B. It shall arrange for records to be kept of all significant threats to the independence of the credit rating activities, including those to the rules on rating analysts referred to in Section C, as well as the safeguards applied to mitigate those threats. |
| 8. | Bonitetna agencija uporablja ustrezne sisteme, vire in postopke za zagotavljanje stalnosti in pravilnosti pri izvajanju svojih dejavnosti bonitetnega ocenjevanja. | 8. | A credit rating agency shall employ appropriate systems, resources and procedures to ensure continuity and regularity in the performance of its credit rating activities. |
| 9. | Bonitetna agencija vzpostavi funkcijo pregledovanja, katere izvajalci redno pregledujejo metodologije, modele in ključne predpostavke ocenjevanja, na primer matematične ali korelacijske ter vse njihove bistvene spremembe ali prilagoditve ter preverjajo primernost teh metodologij, modelov in predpostavk, kadar se jih uporablja ali naj bi se jih uporabljalo za ocenjevanje novih finančnih instrumentov. | Ta funkcija pregledovanja mora biti neodvisna od poslovnih procesov, povezanih z dejavnostmi bonitetnega ocenjevanja. Osebe, odgovorne za izvajanje te funkcije, poročajo članom upravnega odbora ali nadzornega sveta iz točke 2 tega oddelka. | 9. | A credit rating agency shall establish a review function responsible for periodically reviewing its methodologies, models and key rating assumptions, such as mathematical or correlation assumptions, and any significant changes or modifications thereto as well as the appropriateness of those methodologies, models and key rating assumptions where they are used or intended to be used for the assessment of new financial instruments. | That review function shall be independent of the business lines which are responsible for credit rating activities and report to the members of the administrative or supervisory board referred to in point 2 of this Section. |
| 10. | Bonitetna agencija spremlja in ocenjuje primernost in učinkovitost svojih sistemov, mehanizmov notranjih kontrol in ureditev, vzpostavljenih na podlagi te uredbe, ter sprejema ustrezne ukrepe za odpravo morebitnih pomanjkljivosti. | 10. | A credit rating agency shall monitor and evaluate the adequacy and effectiveness of its systems, internal control mechanisms and arrangements established in accordance with this Regulation and take appropriate measures to address any deficiencies. |
| Oddelek B | Section B |
| Operativne zahteve | Operational requirements |
| ▼M3 | ▼M3 |
| 1. | Bonitetna agencija ugotavlja, odpravlja, ali upravlja ter jasno in na vidnem mestu razkriva vsa dejanska ali potencialna nasprotja interesov, ki bi lahko vplivala na analize in presoje njenih bonitetnih analitikov, zaposlenih ter katerih koli drugih fizičnih oseb, katerih storitve so na voljo bonitetni agenciji ali so pod njenim nadzorom in ki so neposredno udeležene pri dejavnostih bonitetnega ocenjevanja, ter oseb, odgovornih za odobritev bonitetnih ocen in obetov glede bonitetne ocene. | 1. | A credit rating agency shall identify, eliminate, or manage and disclose, clearly and prominently, any actual or potential conflicts of interest that may influence the analyses and judgments of its rating analysts, employees, or any other natural person whose services are placed at the disposal or under the control of the credit rating agency and who are directly involved in credit rating activities and persons approving credit ratings and rating outlooks. |
| ▼B | ▼B |
| 2. | Bonitetna agencija razkrije javnosti imena ocenjevanih subjektov ali povezanih tretjih oseb, od katerih prejema več kot 5 % svojih letnih prihodkov. | 2. | A credit rating agency shall disclose to the public the names of the rated entities or related third parties from which it receives more than 5 % of its annual revenue. |
| 3. | ▼M3 | Bonitetna agencija ne izda bonitetne ocene ali obetov glede bonitetne ocene v kateri koli izmed naštetih okoliščin ali, v primeru obstoječe bonitetne ocene ali obetov glede bonitetne ocene, nemudoma objavi, da so bonitetna ocena ali obeti glede bonitetne ocene morebiti ogroženi, kadar: | ▼B | (a) ima bonitetna agencija ali osebe iz točke 1, neposredno ali posredno v lasti finančne instrumente ocenjevanega subjekta ali povezane tretje osebe ali kakršno koli drugačno neposredno ali posredno lastniško udeležbo v tem subjektu ali tretjo osebo, razen deležev v razpršenih kolektivnih naložbenih shemah, vključno v upravljanih skladih, kot so pokojninski skladi ali življenjska zavarovanja; | ▼M3 | (aa) ima delničar ali družbenik bonitetne agencije, ki ima 10 ali več odstotkov bodisi kapitala ali glasovalnih pravic v tej bonitetni agenciji ali ki lahko drugače izvršuje pomemben vpliv na poslovne dejavnosti bonitetne agencije, v lasti 10 ali več odstotkov bodisi kapitala ali glasovalnih pravic ocenjevanega subjekta ali povezane tretje osebe ali kakršno koli drugačno lastniško udeležbo v tem ocenjevanem subjektu ali tretji osebi, razen deležev v razpršenih kolektivnih naložbenih shemah, vključno z upravljanimi skladi, kot so pokojninski skladi ali življenjska zavarovanja, ki mu ne omogočajo izvrševanja pomembnega vpliva na poslovne dejavnosti sheme; | ▼B | (b) se bonitetna ocena izda v zvezi z ocenjevanim subjektom ali povezano tretjo osebo, ki je z bonitetno agencijo neposredno ali posredno povezana z obvladovanjem; | ▼M3 | (ba) se bonitetna ocena izda v zvezi z ocenjevanim subjektom ali povezano tretjo osebo, ki ima 10 ali več odstotkov bodisi kapitala ali glasovalnih pravic v tej bonitetni agenciji; | ▼B | (c) je oseba iz točke 1 član upravnega odbora ali nadzornega sveta ocenjevanega subjekta ali povezane tretje osebe; ali | ▼M3 | (ca) je delničar ali družbenik bonitetne agencije, ki ima 10 ali več odstotkov bodisi kapitala ali glasovalnih pravic v tej bonitetni agenciji ali ki lahko drugače izvršuje pomemben vpliv na poslovne dejavnosti bonitetne agencije, član upravnega odbora ali nadzornega sveta ocenjevanega subjekta ali povezane tretje osebe; | ▼B | (d) je imel bonitetni analitik, ki je sodeloval pri določanju bonitetne ocene, ali oseba, ki jo je odobrila, kakršen koli odnos z ocenjevanim subjektom ali povezano tretjo osebo, kar lahko povzroči nastanek nasprotij interesov. | ▼M3 | Bonitetna agencija prav tako nemudoma oceni, ali obstajajo razlogi za ponovno določitev ali umik obstoječe bonitetne ocene ali obetov glede bonitetne ocene. | 3. | ▼M3 | A credit rating agency shall not issue a credit rating or a rating outlook in any of the following circumstances, or shall, in the case of an existing credit rating or rating outlook, immediately disclose where the credit rating or rating outlook is potentially affected by the following: | ▼B | (a) the credit rating agency or persons referred to in point 1, directly or indirectly owns financial instruments of the rated entity or a related third party or has any other direct or indirect ownership interest in that entity or party, other than holdings in diversified collective investment schemes, including managed funds such as pension funds or life insurance; | ▼M3 | (aa) a shareholder or member of a credit rating agency holding 10 % or more of either the capital or the voting rights of that credit rating agency or being otherwise in a position to exercise significant influence on the business activities of the credit rating agency, holds 10 % or more of either the capital or the voting rights of the rated entity or of a related third party, or of any other ownership interest in that rated entity or third party, excluding holdings in diversified collective investment schemes and managed funds such as pension funds or life insurance, which do not put him in a position to exercise significant influence on the business activities of the scheme; | ▼B | (b) the credit rating is issued with respect to the rated entity or a related third party directly or indirectly linked to the credit rating agency by control; | ▼M3 | (ba) the credit rating is issued with respect to a rated entity or a related third party which holds 10 % or more of either the capital or the voting rights of that credit rating agency; | ▼B | (c) a person referred to in point 1 is a member of the administrative or supervisory board of the rated entity or a related third party; or | ▼M3 | (ca) a shareholder or member of a credit rating agency holding 10 % or more of either the capital or the voting rights of that credit rating agency or being otherwise in a position to exercise significant influence on the business activities of the credit rating agency, is a member of the administrative or supervisory board of the rated entity or a related third party; | ▼B | (d) a rating analyst who participated in determining a credit rating, or a person who approved a credit rating, has had a relationship with the rated entity or a related third party which may cause a conflict of interests. | ▼M3 | A credit rating agency shall also immediately assess whether there are grounds for re-rating or withdrawing the existing credit rating or rating outlook. |
| ▼M3 | ▼M3 |
| 3a. | Bonitetna agencija objavi, da je obstoječa bonitetna ocena morebiti ogrožena ali da so obeti glede bonitetne ocene ogroženi, kadar: | (a) ima delničar ali družbenik bonitetne agencije, ki ima 5 ali več odstotkov bodisi kapitala ali glasovalnih pravic v tej bonitetni agenciji ali ki lahko drugače izvršuje pomemben vpliv na poslovne dejavnosti bonitetne agencije, v lasti 5 ali več odstotkov bodisi kapitala ali glasovalnih pravic ocenjevanega subjekta ali povezane tretje osebe ali drugo lastniško udeležbo v tem ocenjevanem subjektu ali tretji osebi. To ne vključuje deležev v razpršenih kolektivnih naložbenih shemah, vključno z upravljanimi skladi, kot so pokojninski skladi ali življenjska zavarovanja, ki mu ne omogočajo izvrševanja pomembnega vpliva na poslovne dejavnosti sheme; | (b) je delničar ali družbenik bonitetne agencije, ki ima 5 ali več odstotkov bodisi kapitala ali glasovalnih pravic v tej bonitetni agenciji ali ki lahko drugače izvršuje pomemben vpliv na poslovne dejavnosti bonitetne agencije, član upravnega odbora ali nadzornega sveta ocenjevanega subjekta ali povezane tretje osebe. | 3a. | A credit rating agency shall disclose where an existing credit rating or rating outlook is potentially affected by either of the following: | (a) a shareholder or member of a credit rating agency holding 5 % or more of either the capital or the voting rights of that credit rating agency or being otherwise in a position to exercise significant influence on the business activities of the credit rating agency, holds 5 % or more of either the capital or the voting rights of the rated entity or of a related third party, or of any other ownership interest in that rated entity or third party. This excludes holdings in diversified collective investment schemes and managed funds such as pension funds or life insurance, which do not put him in a position to exercise significant influence on the business activities of the scheme; | (b) a shareholder or member of a credit rating agency holding 5 % or more of either the capital or the voting rights of that credit rating agency or being otherwise in a position to exercise significant influence on the business activities of the credit rating agency, is a member of the administrative or supervisory board of the rated entity or a related third party. |
| 3b. | Pod pogojem, da je bonitetna agencija seznanjena ali bi morala biti seznanjena z informacijami, obveznosti iz točke 3(aa), (ba) in (ca) in točke 3a zadevajo tudi: | (a) posredne delničarje iz člena 10 Direktive 2004/109/ES; in | (b) podjetja, ki posredno ali neposredno nadzorujejo ali izvajajo prevladujoč vpliv na bonitetno agencijo in ki spadajo v člen 10 Direktive 2004/109/ES. | 3b. | Provided that the information is known or should be known by the credit rating agency, the obligations in point 3(aa), (ba) and (ca) and point 3a shall also relate to: | (a) indirect shareholders covered by Article 10 of Directive 2004/109/EC; and | (b) companies that control or exercise a dominant influence, directly or indirectly, on the credit rating agency, and which are covered by Article 10 of Directive 2004/109/EC. |
| 3c. | Bonitetna agencija zagotovi, da honorarji, ki jih svojim strankam zaračuna za opravo storitev bonitetnega ocenjevanja in pomožnih storitev, niso diskriminatorni in temeljijo na dejanskih stroških. Honorarji, zaračunani za storitve bonitetnega ocenjevanja, niso odvisni od ravni bonitetne ocene, ki jo izida bonitetna agencija, ali katerega koli drugega rezultata ali izida opravljenega dela. | 3c. | A credit rating agency shall ensure that fees charged to its clients for the provision of credit rating and ancillary services are not discriminatory and are based on actual costs. Fees charged for credit rating services shall not depend on the level of the credit rating issued by the credit rating agency or on any other result or outcome of the work performed. |
| 4. | ▼M3 | Niti bonitetna agencija niti katera koli oseba, ki ima neposredno ali posredno najmanj 5 % bodisi kapitala ali glasovalnih pravic v bonitetni agenciji ali ki lahko drugače pomembno vpliva na poslovne dejavnosti bonitetne agencije, ne sme zagotavljati posvetovalnih ali svetovalnih storitev ocenjevanemu subjektu ali povezani tretji osebi glede podjetniške ali pravne strukture, sredstev, obveznosti ali dejavnosti navedenega ocenjevanega subjekta ali povezane tretje osebe. | ▼B | Bonitetna agencija lahko opravlja storitve, ki niso izdaja bonitetnih ocen, v nadaljevanju „pomožne storitve“. Pomožne storitve niso del dejavnosti bonitetnega ocenjevanja, ampak zajemajo tržne napovedi, ocene gospodarskih gibanj, analize oblikovanja cen in druge splošne podatkovne analize, pa tudi s tem povezane distribucijske storitve. | Bonitetna agencija poskrbi, da opravljanje pomožnih storitev ne pomeni nasprotij interesov v njeni dejavnosti bonitetnega ocenjevanja in v končnih poročilih o bonitetnih ocenah razkrije vse opravljene pomožne storitve za ocenjevani subjekt ali katero koli povezano tretjo osebo. | 4. | ▼M3 | Neither a credit rating agency nor any person holding, directly or indirectly, at least 5 % of either the capital or voting rights of the credit rating agency or being otherwise in a position to exercise significant influence on the business activities of the credit rating agency shall provide consultancy or advisory services to the rated entity or a related third party regarding the corporate or legal structure, assets, liabilities or activities of that rated entity or related third party. | ▼B | A credit rating agency may provide services other than issue of credit ratings (ancillary services). Ancillary services are not part of credit rating activities; they comprise market forecasts, estimates of economic trends, pricing analysis and other general data analysis as well as related distribution services. | A credit rating agency shall ensure that the provision of ancillary services does not present conflicts of interest with its credit rating activities and shall disclose in the final ratings reports any ancillary services provided for the rated entity or any related third party. |
| 5. | Bonitetna agencija poskrbi, da bonitetni analitiki ali osebe, ki odobrijo bonitetne ocene, ne dajejo uradnih ali neuradnih predlogov ali priporočil v zvezi s sestavo strukturiranih finančnih instrumentov, za katere se pričakuje, da bo bonitetna agencija zanje izdala bonitetno oceno. | 5. | A credit rating agency shall ensure that rating analysts or persons who approve ratings do not make proposals or recommendations, either formally or informally, regarding the design of structured finance instruments on which the credit rating agency is expected to issue a credit rating. |
| 6. | Bonitetna agencija oblikuje svoje poročevalske in komunikacijske poti, tako da zagotovi neodvisnost oseb iz točke 1 od drugih dejavnosti bonitetne agencije, ki se opravljajo na poslovni osnovi. | 6. | A credit rating agency shall design its reporting and communication channels so as to ensure the independence of the persons referred to in point 1 from the other activities of the credit rating agency carried out on a commercial basis. |
| 7. | Bonitetna agencija poskrbi za ustrezne evidence in, kjer je primerno, zagotovi, da se ohranijo revizijske sledi njenih dejavnosti bonitetnega ocenjevanja. Te evidence vključujejo: | ▼M3 | (a) za vsako odločitev o bonitetni oceni in obetih glede bonitetne ocene identiteto bonitetnih analitikov, ki sodelujejo pri določanju bonitetne ocene ali obetov glede bonitetne ocene, in identiteto oseb, ki so bonitetno oceno ali obete glede bonitetne ocene odobrile, informacije o tem, ali je bila bonitetna ocena naročena ali ne, ter datum njene izvedbe; | ▼B | (b) evidence honorarjev, prejetih od katerega koli ocenjevanega subjekta ali z njim povezane tretje osebe oziroma katerega koli uporabnika bonitetnih ocen; | (c) evidence računov posameznega naročnika bonitetnih ocen in z njimi povezanih storitev; | ▼M3 | (d) evidence, ki dokazujejo vzpostavljene postopke in metodologije bonitetnega ocenjevanja, ki jih uporablja bonitetna agencija za določanje bonitetnih ocen in obetov glede bonitetne ocene; | (e) notranje evidence in dokumente, vključno z informacijami, ki niso javnega značaja, ter delovne dokumente, ki se uporabljajo kot osnova za sprejemanje vseh odločitev o bonitetnih ocenah in obetih glede bonitetne ocene; | ▼B | (f) poročila o bonitetnih analizah, poročila o bonitetni oceni in poročila o zasebnih bonitetnih ocenah ter notranje evidence, vključno z informacijami, ki niso javnega značaja, in delovnimi dokumenti, ki se uporabljajo kot osnova za mnenja, izražena v takih poročilih; | (g) evidence o postopkih in ukrepih, ki jih je vzpostavila bonitetna agencija zaradi izpolnjevanja te uredbe; ter | (h) kopije notranjih in zunanjih sporočil, vključno z elektronskimi sporočili, ki jih je prejela ali poslala bonitetna agencija in njeni zaposleni ter se nanašajo na dejavnosti bonitetnega ocenjevanja. | 7. | A credit rating agency shall arrange for adequate records and, where appropriate, audit trails of its credit rating activities to be kept. Those records shall include: | ▼M3 | (a) for each credit rating and rating outlook decision, the identity of the rating analysts participating in the determination of the credit rating or rating outlook, the identity of the persons who have approved the credit rating or rating outlook, information as to whether the credit rating was solicited or unsolicited, and the date on which the credit rating action was taken; | ▼B | (b) the account records relating to fees received from any rated entity or related third party or any user of ratings; | (c) the account records for each subscriber to the credit ratings or related services; | ▼M3 | (d) the records documenting the established procedures and rating methodologies used by the credit rating agency to determine credit ratings and rating outlooks; | (e) the internal records and files, including non-public information and work papers, used to form the basis of any credit rating and rating outlook decision taken; | ▼B | (f) credit analysis reports, credit assessment reports and private credit rating reports and internal records, including non-public information and work papers, used to form the basis of the opinions expressed in such reports; | (g) records of the procedures and measures implemented by the credit rating agency to comply with this Regulation; and | (h) copies of internal and external communications, including electronic communications, received and sent by the credit rating agency and its employees, that relate to credit rating activities. |
| ▼M1 | ▼M1 |
| 8. | Evidence in revizijske sledi iz točke 7 se hranijo v prostorih registrirane bonitetne agencije najmanj pet let in so na voljo ESMA na njegovo zahtevo. | ▼B | Kadar se registracija bonitetne agencije razveljavi, se evidence hranijo še najmanj tri leta. | 8. | Records and audit trails referred to in point 7 shall be kept at the premises of the registered credit rating agency for at least five years and be made available upon request to ESMA. | ▼B | Where the registration of a credit rating agency is withdrawn, the records shall be kept for an additional term of at least three years. |
| 9. | Evidence, v katerih so določene pravice in obveznosti bonitetne agencije in ocenjevanega subjekta ali njegovih povezanih tretjih oseb v okviru dogovora za opravljanje storitev bonitetnega ocenjevanja, se hranijo najmanj do prekinitve odnosa s tem ocenjevanim subjektom ali njegovimi povezanimi tretjimi osebami. | 9. | Records which set out the respective rights and obligations of the credit rating agency and the rated entity or its related third parties under an agreement to provide credit rating services shall be retained for at least the duration of the relationship with that rated entity or its related third parties. |
| Oddelek C | Section C |
| Pravila glede bonitetnih analitikov in drugih oseb, ki so neposredno vključene v dejavnosti bonitetnega ocenjevanja | Rules on rating analysts and other persons directly involved in credit rating activities |
| 1. | Bonitetni analitiki in zaposleni v bonitetni agenciji ter katera koli druga fizična oseba, katere storitve so na voljo bonitetni agenciji ali so pod njenim nadzorom in ki je neposredno vključena v dejavnosti bonitetnega ocenjevanja, ter osebe, ki so tesno povezane z njimi, kot je navedeno v členu 1(2) Direktive 2004/72/ES ( 32 ), ne sodelujejo pri nakupu, prodaji ali sklepanju poslov v zvezi s katerim koli finančnim instrumentom, ki ga izda, zanj jamči ali ga drugače podpira kateri koli ocenjevani subjekt, s področja njihove glavne analitične odgovornosti, razen če gre za deleže v razpršenih kolektivnih naložbenih shemah vključno v upravljanih skladih, kot so pokojninski skladi in življenjska zavarovanja. | 1. | Rating analysts, employees of the credit rating agency as well as any other natural person whose services are placed at the disposal or under the control of the credit rating agency and who is directly involved in credit rating activities, and persons closely associated with them within the meaning of Article 1(2) of Directive 2004/72/EC ( 32 ), shall not buy or sell or engage in any transaction in any financial instrument issued, guaranteed, or otherwise supported by any rated entity within their area of primary analytical responsibility other than holdings in diversified collective investment schemes, including managed funds such as pension funds or life insurance. |
| 2. | ▼M3 | Nobena oseba iz točke 1 ne sodeluje pri določanju ali drugače vpliva na določanje bonitetne ocene ali obetov glede bonitetne ocene katerega koli ocenjevanega subjekta, če je ta oseba: | ▼B | (a) lastnik finančnih instrumentov ocenjevanega subjekta, razen deležev v razpršenih kolektivnih naložbenih shemah; | (b) lastnik finančnih instrumentov katerega koli subjekta, povezanega z ocenjevanim subjektom, katerih lastništvo bi lahko povzročilo ali se na splošno obravnavalo kot vzrok za nasprotje interesov, razen če gre za deleže v razpršenih kolektivnih naložbenih shemah; | (c) nedavno bila zaposlena ali imela drugačen poslovni odnos ali kakršen koli drugačen odnos z ocenjevanim subjektom, ki bi lahko povzročil ali se na splošno obravnaval kot vzrok za nasprotje interesov. | 2. | ▼M3 | No person referred to in point 1 shall participate in or otherwise influence the determination of a credit rating or rating outlook of any particular rated entity if that person: | ▼B | (a) owns financial instruments of the rated entity, other than holdings in diversified collective investment schemes; | (b) owns financial instruments of any entity related to a rated entity, the ownership of which may cause or may be generally perceived as causing a conflict of interest, other than holdings in diversified collective investment schemes; | (c) has had a recent employment, business or other relationship with the rated entity that may cause or may be generally perceived as causing a conflict of interest. |
| 3. | Bonitetna agencija zagotovi, da osebe iz točke 1: | (a) sprejemajo vse razumne ukrepe za zaščito lastnine in evidenc v lasti bonitetne agencije pred prevaro, krajo ali zlorabo, pri čemer upoštevajo naravo, obseg in kompleksnost poslov ter naravo in obseg dejavnosti bonitetnega ocenjevanja; | ▼M3 | (b) ne razkrivajo nobenih informacij o bonitetnih ocenah, mogočih prihodnjih bonitetnih ocenah bonitetne agencije ali njenih obetih glede bonitetne ocene, razen ocenjevanemu subjektu ali povezani tretji osebi; | ▼B | (c) ne dajejo zaupnih informacij, ki so bile zaupane bonitetni agenciji, bonitetnim analitikom, in zaposlenim pri kateri koli osebi, ki je z njo neposredno ali posredno povezana prek nadzora, ter vsem drugim fizičnim osebam, katerih storitve so na voljo kateri koli osebi ali so pod nadzorom te osebe, ki je z agencijo neposredno ali posredno povezana prek nadzora ►C1 in ki ni neposredno vključena v dejavnosti bonitetnega ocenjevanja; ◄ | (d) ne uporabljajo oziroma ne dajejo zaupnih informacij za namene trgovanja s finančnimi instrumenti ali kakršne koli drugačne namene, razen za opravljanje dejavnosti bonitetnega ocenjevanja. | 3. | Credit rating agencies shall ensure that persons referred to in point 1: | (a) take all reasonable measures to protect property and records in possession of the credit rating agency from fraud, theft or misuse, taking into account the nature, scale and complexity of their business and the nature and range of their credit rating activities; | ▼M3 | (b) do not disclose any information about credit ratings, possible future credit ratings or rating outlooks of the credit rating agency, except to the rated entity or a related third party; | ▼B | (c) do not share confidential information entrusted to the credit rating agency with rating analysts and employees of any person directly or indirectly linked to it by control, as well as with any other natural person whose services are placed at the disposal or under the control of any person directly or indirectly linked to it by control, ►C1 and who is not directly involved in the credit rating activities; and ◄ | (d) do not use or share confidential information for the purpose of trading financial instruments, or for any other purpose except the conduct of the credit rating activities. |
| 4. | Osebe iz točke 1 ne zahtevajo ali sprejemajo denarja, daril ali uslug od katere koli osebe, s katero bonitetna agencija posluje. | 4. | Persons referred to in point 1 shall not solicit or accept money, gifts or favours from anyone with whom the credit rating agency does business. |
| 5. | Če oseba iz točke 1 ugotovi, da je katera koli druga takšna oseba vpletena v ravnanje, za katerega prva meni, da je nezakonito, o tem nemudoma poroča odgovorni osebi za varovanje zakonitosti poslovanja, pri čemer to nima negativnih posledic za poročevalca. | 5. | If a person referred to in point 1 considers that any other such person has engaged in conduct that he or she considers to be illegal, he or she shall report such information immediately to the compliance officer without negative consequences to him or herself. |
| 6. | Kadar bonitetni analitik prekine svoje delovno razmerje in se pridruži ocenjevanemu subjektu, v katerega bonitetno ocenjevanje je bil vključen, ali finančnemu podjetju, s katerim je imel opravka v okviru svojih dolžnosti pri bonitetni agenciji, bonitetna agencija pregleda vso ustrezno delo tega bonitetnega analitika, opravljeno v zadnjih dveh letih pred njegovim odhodom. | 6. | Where a rating analyst terminates his or her employment and joins a rated entity, which he or she has been involved in rating, or a financial firm, with which he or she has had dealings as part of his or her duties at the credit rating agency, the credit rating agency shall review the relevant work of the rating analyst over two years preceding his or her departure. |
| ▼M3 | ▼M3 |
| 7. | Oseba iz točke 1 ne sprejme zaposlitve na ključnem vodstvenem delovnem mestu pri ocenjevanemu subjektu ali povezani tretji osebi, dokler ne preteče šest mesecev od izdelave bonitetne ocene ali obetov glede bonitetne ocene. | 7. | A person referred to in point 1 shall not take up a key management position with the rated entity or a related third party within six months of the issuing of a credit rating or rating outlook. |
| 8. | Za namen člena 7(4): | (a) bonitetne agencije zagotovijo, da glavni bonitetni analitiki niso vključeni v dejavnosti bonitetnega ocenjevanja, ki so povezane z istim ocenjevanim subjektom ali povezano tretjo osebo dlje kot štiri leta; | (b) bonitetne agencije, ki jih izdajatelj ali povezana tretja oseba ni pooblastila, in vse bonitetne agencije, ki izdajajo bonitetne ocene držav zagotovijo, da: | (i) bonitetni analitiki niso vključeni v dejavnosti bonitetnega ocenjevanja, ki so povezane z istim ocenjevanim subjektom ali povezano tretjo osebo dlje kot pet let; | (ii) osebe, odgovorne za odobritev bonitetnih ocen, niso vključene v dejavnosti bonitetnega ocenjevanja, ki so povezane z istim ocenjevanim subjektom ali povezano tretjo osebo dlje kot sedem let. | Osebe iz točk (a) in (b) prvega pododstavka dve leti od konca obdobij, določenih v navedenih točkah, ne smejo biti vključene v dejavnosti bonitetnega ocenjevanja, ki so povezane z ocenjevanim subjektom ali povezano tretjo osebo iz navedenih točk. | 8. | For the purposes of Article 7(4): | (a) credit rating agencies shall ensure that the lead rating analysts shall not be involved in credit rating activities related to the same rated entity or a related third party for a period exceeding four years; | (b) credit rating agencies other than those appointed by an issuer or a related third party and all credit rating agencies issuing sovereign ratings shall ensure that: | (i) the rating analysts shall not be involved in credit rating activities related to the same rated entity or a related third party for a period exceeding five years; | (ii) the persons approving credit ratings shall not be involved in credit rating activities related to the same rated entity or a related third party for a period exceeding seven years. | The persons referred to in points (a) and (b) of the first subparagraph shall not be involved in credit rating activities related to the rated entity or a related third party referred to in those points within two years of end of the periods set out in those points. |
| ▼B | ▼B |
| Oddelek D | Section D |
| ▼M3 | ▼M3 |
| Pravila glede predstavitve bonitetnih ocen in obetov glede bonitetne ocene | Rules on the presentation of credit ratings and rating outlooks |
| ▼B | ▼B |
| I. Splošne obveznosti | I. General obligations |
| ▼M3 | ▼M3 |
| 1. | Bonitetna agencija zagotovi, da sta v vseh bonitetnih ocenah in obetih glede bonitetne ocene jasno in vidno navedena ime in naziv delovnega mesta glavnega bonitetnega analitika, vključenega v zadevno dejavnost bonitetnega ocenjevanja, ter ime in naziv delovnega mesta osebe, ki je bila v prvi vrsti odgovorna za odobritev bonitetne ocene ali obetov glede bonitetne ocene. | 1. | A credit rating agency shall ensure that any credit rating and rating outlook states clearly and prominently the name and job title of the lead rating analyst in a given credit rating activity and the name and position of the person primarily responsible for approving the credit rating or rating outlook. |
| ▼B | ▼B |
| 2. | Bonitetna agencija zagotovi najmanj, da: | ▼M3 | (a) so v bonitetni oceni ali obetih glede bonitetne ocene navedeni vsi bistveni viri, ki so bili uporabljeni pri pripravi bonitetne ocene ali obetov glede bonitetne ocene, vključno z ocenjevanim subjektom ali – kjer je to primerno – njegovimi povezanimi tretjimi osebami in podatkom, ali so bili bonitetna ocena ali obeti glede bonitetne ocene razkriti temu ocenjevanemu subjektu ali povezani tretji osebi in spremenjeni po tem razkritju ter pred njihovo objavo; | ▼B | (b) je v bonitetni oceni jasno navedena glavna metodologija ali različica metodologije, ki je bila uporabljena pri določanju bonitetne ocene, s sklicevanjem na njen obširen opis; kadar bonitetna ocena temelji na več kot eni metodologiji ali kadar bi zaradi sklicevanja samo na glavno metodologijo vlagatelji lahko spregledali druge pomembne vidike bonitetne ocene, vključno s katerimi koli bistvenimi prilagoditvami ali odstopanji, bonitetna agencija v bonitetni oceni to dejstvo pojasni in navede, kako so v njej upoštevane te različne metodologije oziroma drugi vidiki; | (c) je v bonitetni oceni pojasnjen pomen vsake bonitetne kategorije, opredelitve neplačila ali poplačila in vsa ustrezna opozorila glede tveganj, vključno z analizo občutljivosti zadevnih ključnih predpostavk ocenjevanja, kot so matematične ali korelacijske predpostavke, skupaj z najslabšim in najboljšim scenarijem bonitetnih ocen; | ▼M3 | (d) sta v bonitetni oceni jasno in vidno navedena datum, ko je bila ta prvič distribuirana, in datum, ko je bila zadnjič posodobljena, vključno z vsemi obeti glede bonitetne ocene; | (e) poda informacije o tem, ali se bonitetna ocena nanaša na novo izdani finančni instrument in ali bonitetna agencija prvič ocenjuje finančni instrument; in | (f) se v primeru obetov glede bonitetne ocene navede časovno obdobje, znotraj katerega se pričakuje sprememba bonitetne ocene. | Bonitetne agencije ob objavi bonitetnih ocen ali obetov glede bonitetne ocene vključijo reference zgodovinske stopnje neplačil, ki jih objavi ESMA v centralnem registru iz člena 11(2) skupaj z obrazložitvijo pomena teh stopenj neplačil. | 2. | A credit rating agency shall ensure that at least: | ▼M3 | (a) all substantially material sources, including the rated entity or, where appropriate, a related third party, which were used to prepare the credit rating or rating outlook are indicated together with an indication as to whether the credit rating or rating outlook has been disclosed to that rated entity or related third party and amended following that disclosure before being issued; | ▼B | (b) the principal methodology or version of methodology that was used in determining the rating is clearly indicated, with a reference to its comprehensive description; where the credit rating is based on more than one methodology, or where reference only to the principal methodology might cause investors to overlook other important aspects of the credit rating, including any significant adjustments and deviations, the credit rating agency shall explain this fact in the credit rating and indicate how the different methodologies or these other aspects are taken into account in the credit rating; | (c) the meaning of each rating category, the definition of default or recovery and any appropriate risk warning, including a sensitivity analysis of the relevant key rating assumptions, such as mathematical or correlation assumptions, accompanied by worst-case scenario credit ratings as well as best-case scenario credit ratings are explained; | ▼M3 | (d) the date at which the credit rating was first released for distribution and when it was last updated including any rating outlooks is indicated clearly and prominently; | (e) information is given as to whether the credit rating concerns a newly issued financial instrument and whether the credit rating agency is rating the financial instrument for the first time; and | (f) in the case of a rating outlook, the time horizon is provided during which a change in the credit rating is expected. | When publishing credit ratings or rating outlooks, credit rating agencies shall include a reference to the historical default rates published by ESMA in a central repository in accordance with Article 11(2), together with an explanatory statement of the meaning of those default rates. |
| ▼M3 | ▼M3 |
| 2a. | Bonitetna agencija razkritje metodologij bonitetnega ocenjevanja, modelov in ključnih predpostavk ocenjevanja pospremi z navodili, ki pojasnjujejo predpostavke, parametre, omejitve in negotovosti glede modelov in metodologij bonitetnega ocenjevanja, uporabljenih pri bonitetnih ocenah, vključno s simulacijami stresnih scenarijev, ki jih je bonitetna agencija opravila pri oblikovanju bonitetnih ocen, informacijami iz bonitetne ocene o analizi denarnih tokov, ki jo je izvedla ali na katero se zanaša, pa tudi, po potrebi, podatek o vsaki pričakovani spremembi bonitetne ocene. Navodila morajo biti jasna in lahko razumljiva. | 2a. | A credit rating agency shall accompany the disclosure of rating methodologies, models and key rating assumptions with guidance which explains assumptions, parameters, limits and uncertainties surrounding the models and rating methodologies used in credit ratings, including simulations of stress scenarios undertaken by the credit rating agency when establishing the credit ratings, credit rating information on cash-flow analysis it has performed or is relying upon and, where applicable, an indication of any expected change in the credit rating. Such guidance shall be clear and easily comprehensible. |
| ▼M3 | ▼M3 |
| 3. | Bonitetna agencija sporoči bonitetno oceno ali obete glede bonitetne ocene ocenjevanemu subjektu med njegovim delovnim časom in najmanj en cel delovni dan pred njihovo objavo. Te informacije vključujejo glavne elemente, na katerih bonitetna ocena ali obeti glede bonitetne ocene temeljijo, tako da ima ocenjevani subjekt možnost bonitetno agencijo opozoriti na stvarne napake. | 3. | The credit rating agency shall inform the rated entity during working hours of the rated entity and at least a full working day before publication of the credit rating or the rating outlook. That information shall include the principal grounds on which the credit rating or rating outlook is based in order to give the rated entity an opportunity to draw attention of the credit rating agency to any factual errors. |
| 4. | Bonitetna agencija ob razkritju bonitetnih ocen ali obetov glede bonitetne ocene jasno in vidno navede vse značilnosti in omejitve bonitetne ocene ali obetov glede bonitetne ocene. Zlasti ob objavi vsake bonitetne ocene ali obetov glede bonitetne ocene vidno navede, ali se ji zdi kakovost razpoložljivih informacij o ocenjevanemu subjektu zadovoljiva in v kolikšnem obsegu je preverila informacije, ki ji jih je zagotovil ocenjevani subjekt ali povezane tretje osebe. Če bonitetna ocena ali obeti glede bonitetne ocene vključujejo vrsto subjekta ali finančnega instrumenta, za katerega so podatki iz preteklosti omejeni, bonitetna agencija na vidnem mestu jasno navede takšne omejitve. | ▼B | V primeru pomanjkanja zanesljivih podatkov ali zapletenosti strukture nove vrste finančnega instrumenta ali nezadovoljive kakovosti razpoložljivih informacij ali ko se zaradi njih pojavljajo resni dvomi o tem, ali lahko bonitetna agencija zagotovi verodostojno bonitetno oceno, bonitetna agencija ne izda bonitetne ocene oziroma prekliče obstoječo bonitetno oceno. | 4. | A credit rating agency shall state clearly and prominently when disclosing credit ratings or rating outlooks any attributes and limitations of the credit rating or rating outlook. In particular, a credit rating agency shall prominently state when disclosing any credit rating or rating outlook whether it considers satisfactory the quality of information available on the rated entity and to what extent it has verified information provided to it by the rated entity or a related third party. If a credit rating or a rating outlook involves a type of entity or financial instrument for which historical data is limited, the credit rating agency shall make clear, in a prominent place, such limitations. | ▼B | In a case where the lack of reliable data or the complexity of the structure of a new type of financial instrument or the quality of information available is not satisfactory or raises serious questions as to whether a credit rating agency can provide a credible credit rating, the credit rating agency shall refrain from issuing a credit rating or withdraw an existing rating. |
| 5. | ▼M3 | Kadar bonitetna agencija napove bonitetno oceno ali obete glede bonitetne ocene, v sporočilih ali poročilih za javnost pojasni ključne elemente, na katerih bonitetna ocena ali obeti glede bonitetne ocene temeljijo. | ▼B | Kadar informacije, določene v točkah 1, 2 in 4, ne bi bile sorazmerne glede na dolžino distribuirane bonitetne ocene, zadostuje, da se v sami bonitetni oceni navede jasen in viden sklic na mesto, kjer so take razkrite informacije neposredno in enostavno dostopne, vključno z neposredno spletno povezavo do razkritih informacij na ustrezni spletni strani bonitetne agencije. | 5. | ▼M3 | When announcing a credit rating or a rating outlook, a credit rating agency shall explain in its press releases or reports the key elements underlying the credit rating or the rating outlook. | ▼B | Where the information laid down in points 1, 2 and 4 would be disproportionate in relation to the length of the report distributed, it shall suffice to make clear and prominent reference in the report itself to the place where such disclosures can be directly and easily accessed, including a direct web link to the disclosure on an appropriate website of the credit rating agency. |
| ▼M3 | ▼M3 |
| 6. | Bonitetna agencija na svojem spletišču redno razkriva informacije in organ ESMA obvešča o vseh subjektih ali dolžniških instrumentih, ki so ji bili predloženi v prvi pregled ali predhodno ocenjevanje. Tako razkritje informacij se opravi ne glede na to, ali so izdajatelji pooblastili bonitetno agencijo tudi za končno oceno ali ne. | 6. | A credit rating agency shall disclose on its website, and notify ESMA on an ongoing basis, information about all entities or debt instruments submitted to it for their initial review or for preliminary rating. Such disclosure shall be made whether or not issuers contract with the credit rating agency for a final rating. |
| ▼B | ▼B |
| II. Dodatne obveznosti v zvezi z bonitetnimi ocenami strukturiranih finančnih instrumentov | II. Additional obligations in relation to credit ratings of structured finance instruments |
| 1. | Kadar bonitetna agencija oceni strukturiran finančni instrument, v bonitetni oceni navede vse informacije o analizi izgub in denarnih tokov, ki jo je izvedla ali se zanaša nanjo, pa tudi podatek o vsaki pričakovani spremembi bonitetne ocene. | 1. | Where a credit rating agency rates a structured finance instrument, it shall provide in the credit rating all information about loss and cash-flow analysis it has performed or is relying upon and an indication of any expected change in the credit rating. |
| 2. | Bonitetna agencija navede, katero raven ocenjevanja je uporabila v zvezi s postopki poglobljenega pregledovanja dokumentacije na ravni zadevnih finančnih instrumentov ali drugih sredstev strukturiranih finančnih instrumentov. Bonitetna agencija razkrije, ali je izvedla kakršno koli ocenjevanje takih postopkov poglobljenega pregledovanja dokumentacije oziroma ali se je pri tem opirala na ocenjevanje, ki so ga opravile tretje osebe, in navede, kako rezultat takega ocenjevanja vpliva na bonitetno oceno. | 2. | A credit rating agency shall state what level of assessment it has performed concerning the due diligence processes carried out at the level of underlying financial instruments or other assets of structured finance instruments. The credit rating agency shall disclose whether it has undertaken any assessment of such due diligence processes or whether it has relied on a third-party assessment, indicating how the outcome of such assessment impacts on the credit rating. |
| ▼M3 ————— | ▼M3 ————— |
| ▼M3 | ▼M3 |
| III. Dodatne obveznosti v zvezi z bonitetnimi ocenami držav | III. Additional obligations in relation to sovereign ratings |
| 1. Bonitetna agencija pri izdaji bonitetne ocene države ali povezanih obetov glede bonitetne ocene istočasno predloži podrobno raziskovalno poročilo, ki pojasnjuje vse predpostavke, parametre, omejitve in negotovosti ter vse druge informacije, kar je bilo upoštevano pri določanju te bonitetne ocene države ali obetov glede bonitetne ocene. Navedeno poročilo mora biti javno dostopno, jasno in lahko razumljivo. | 1. Where a credit rating agency issues a sovereign rating or a related rating outlook, it shall simultaneously provide a detailed research report explaining all the assumptions, parameters, limits and uncertainties and any other information taken into account in determining that sovereign rating or rating outlook. That report shall be publicly available, clear and easily comprehensible. |
| 2. Javno dostopno raziskovalno poročilo, ki spremlja spremembo v primerjavi s prejšnjo bonitetno oceno države ali povezanimi obeti glede bonitetne ocene, vsebuje vsaj naslednje: | 2. A publicly available research report accompanying a change compared to the previous sovereign rating or related rating outlook shall include at least the following: |
| (a) podrobno oceno sprememb kvantitativne predpostavke, ki upravičujejo razloge za spremembo bonitetne ocene, in njihovo relativno težo. Podrobna ocena bi morala vključevati opis naslednjega: dohodka na prebivalca, rasti BDP, inflacije, fiskalnega salda, salda menjave s tujino, zunanjega dolga, kazalnika gospodarskega razvoja, kazalnika neizpolnjevanja obveznosti in vseh drugih pomembnih dejavnikov, ki so bili upoštevani. Navedeno bi bilo treba dopolniti z relativno težo posameznega dejavnika; | (a) a detailed evaluation of the changes to the quantitative assumption justifying the reasons for the rating change and their relative weight. The detailed evaluation should include a description of the following: per capita income, GDP Growth, inflation, fiscal balance, external balance, external debt, an indicator for economic development, an indicator for default and any other relevant factor taken into account. This should be complemented with the relative weight of each factor; |
| (b) podrobno oceno sprememb kvalitativne predpostavke, ki upravičujejo razloge za spremembo bonitetne ocene, in njihovo relativno težo; | (b) a detailed evaluation of the changes to the qualitative assumption justifying the reasons for the rating change and their relative weight; |
| (c) podroben opis tveganj, omejitev in negotovosti, povezanih s spremembo bonitetne ocene; in | (c) a detailed description of the risks, limits and uncertainties related to the rating change; and |
| (d) povzetek zapisnikov sej bonitetnega odbora, ki je sprejel odločitev o spremembi bonitetne ocene. | (d) a summary of minutes of the meeting of the rating committee that decided on the rating change. |
| 3. Brez poseganja v točko 3 dela I oddelka D Priloge I bonitetna agencija, ki izda bonitetno oceno države ali povezane obete glede bonitetne ocene, to objavi v skladu s členom 8a po zaključku trgovanja na reguliranih trgih in najmanj eno uro pred njihovim odprtjem. | 3. Without prejudice to point 3 of Part I of Section D of Annex I, where a credit rating agency issues sovereign ratings or related rating outlooks, it shall publish them in accordance with Article 8a, after the close of business hours of regulated markets and at least one hour before their opening. |
| 4. Brez poseganja v točko 5 dela I oddelka D Priloge I, v skladu s katero mora bonitetna agencija ob objavi bonitetne ocene v sporočilih za javnost ali poročilih pojasniti ključne dejavnike, na podlagi katerih temelji bonitetna ocena, in čeprav je lahko nacionalna politika dejavnik pri pripravi bonitetne ocene države, v bonitetne ocene ali obete glede bonitetne ocene države niso vključena politična priporočila, navodila ali smernice za ocenjevane subjekte, vključno z državami ali regionalnimi ali lokalnimi državnimi organi. | 4. Without prejudice to point 5 of Part I of Section D of Annex I, in accordance with which, when announcing a credit rating, a credit rating agency is to explain in its press releases or reports the key elements underlying the credit rating and although national policies may serve as an element underlying a sovereign rating, policy recommendations, prescriptions or guidelines to rated entities, including States or regional or local authorities of States, shall not be part of sovereign ratings or rating outlooks. |
| ▼B | ▼B |
| Oddelek E | Section E |
| Razkritja | Disclosures |
| I. Splošna razkritja | I. General disclosures |
| Bonitetna agencija na splošno razkrije dejstvo, da je registrirana v skladu s to uredbo, in naslednje informacije: | A credit rating agency shall generally disclose the fact that it is registered in accordance with this Regulation and the following information: |
| 1. | vsa dejanska in potencialna nasprotja interesov iz točke 1 oddelka B; | 1. | any actual and potential conflicts of interest referred to in point 1 of Section B; |
| 2. | seznam njenih pomožnih storitev; | 2. | a list of its ancillary services; |
| ▼M3 | ▼M3 |
| 3. | svojo politiko glede objavljanja bonitetnih ocen in drugih s tem povezanih sporočil, vključno z obeti glede bonitetne ocene; | 3. | the policy of the credit rating agency concerning the publication of credit ratings and other related communications including rating outlooks; |
| ▼B | ▼B |
| 4. | splošni značaj svoje ureditve glede plačil; | 4. | the general nature of its compensation arrangements; |
| 5. | metodologije in opise modelov ter ključne predpostavke ocenjevanja, kot so matematične ali korelacijske predpostavke, uporabljene pri njenih dejavnostih bonitetnega ocenjevanja, ter njihove bistvene spremembe; | 5. | the methodologies, and descriptions of models and key rating assumptions such as mathematical or correlation assumptions used in its credit rating activities as well as their material changes; |
| 6. | vse bistvene spremembe svojih sistemov, virov ali postopkov; ter | 6. | any material modification to its systems, resources or procedures; and |
| 7. | po potrebi svoj kodeks ravnanja. | 7. | where relevant, its code of conduct. |
| II. Redna razkritja | II. Periodic disclosures |
| Bonitetna agencija redno razkriva naslednje informacije: | A credit rating agency shall periodically disclose the following information: |
| 1. | vsakih šest mesecev podatke o preteklih stopnjah neplačil svojih bonitetnih kategorij po glavnih geografskih območjih izdajateljev, ter ali so se stopnje neplačil teh kategorij s časom spremenile; | 1. | every six months, data about the historical default rates of its rating categories, distinguishing between the main geographical areas of the issuers and whether the default rates of these categories have changed over time; |
| ▼M1 | ▼M1 |
| 2. | letno: | ▼M3 | (a) seznam honorarjev, zaračunanih vsaki stranki za posamezno bonitetno oceno in kakršne koli pomožne storitve; | (aa) svojo politiko oblikovanja cen, vključno s strukturo honorarjev in merili za oblikovanje cen v zvezi z bonitetnimi ocenami za različne razrede finančnih instrumentov; | ▼M1 | (b) seznam tistih svojih strank, katerih prispevek k stopnji rasti pri ustvarjanju prihodka bonitetne agencije je v prejšnjem finančnem letu več kot 1,5-krat presegel stopnjo rasti skupnih prihodkov bonitetne agencije v tistem letu. Vsaka taka stranka se v ta seznam vključi samo, če je v tistem letu bonitetna agencija na svetovni ravni z njo ustvarila več kot 0,25 % svojih skupnih prihodkov, in | (c) seznam med letom izdanih bonitetnih ocen, ki prikazuje delež nenaročenih bonitetnih ocen. | ▼B | Za namene te točke „stranka“ pomeni subjekt, njegove podrejene subjekte in povezane subjekte, v katerih ima subjekt delež, večji od 20 %, in vse druge subjekte, za katere je subjekt v imenu neke stranke s pogajanji dosegel strukturiranje izdaje dolžniških instrumentov, pri čemer je bila bonitetni agenciji posredno ali neposredno plačana provizija za bonitetno oceno izdaje teh dolžniških instrumentov. | 2. | annually, the following information: | ▼M3 | (a) list of fees charged to each client for individual credit ratings and any ancillary services; | (aa) its pricing policy, including the fees structure and pricing criteria in relation to credit ratings for different asset classes; | ▼M1 | (b) a list of those clients of the credit rating agency whose contribution to the growth rate in the generation of revenue of the credit rating agency in the previous financial year exceeded the growth rate in the total revenues of the credit rating agency in that year by a factor of more than 1,5 times. Any such client shall be included on the list only where, in that year, it accounted for more than 0,25 % of the worldwide total revenues of the credit rating agency at global level; and | (c) a list of credit ratings issued during the year, indicating the proportion of unsolicited credit ratings among them. | ▼B | For the purposes of this point, ‘client’ means an entity, its subsidiaries, and associated entities in which the entity has holdings of more than 20 %, as well as any other entities in respect of which it has negotiated the structuring of a debt issue on behalf of a client and where a fee was paid, directly or indirectly, to the credit rating agency for the rating of that debt issue. |
| III. Poročilo o preglednosti | III. Transparency report |
| Bonitetna agencija vsako leto zagotovi naslednje informacije: | A credit rating agency shall make available annually the following information: |
| 1. | podrobne informacije o pravni strukturi in lastništvu bonitetne agencije, vključno z informacijami o deležih v smislu členov 9 in 10 Direktive 2004/109/ES Evropskega parlamenta in Sveta z dne 15. decembra 2004 o uskladitvi zahtev v zvezi s preglednostjo informacij o izdajateljih, katerih vrednostni papirji so sprejeti v trgovanje na reguliranem trgu ( 33 ); | 1. | detailed information on legal structure and ownership of the credit rating agency, including information on holdings within the meaning of Articles 9 and 10 of Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market ( 33 ); |
| 2. | opis mehanizmov notranjih kontrol, s katerim zagotavlja kakovost svojih dejavnosti bonitetnega ocenjevanja; | 2. | a description of the internal control mechanisms ensuring quality of its credit rating activities; |
| ▼M3 | ▼M3 |
| 3. | statistiko o dodelitvi osebja novim bonitetnim ocenam, pregledom bonitetnih ocen, ocenjevanju metodologij ali modelov in višjemu vodstvu ter o dodelitvi osebja dejavnostim bonitetnega ocenjevanja glede na različne razrede finančnih instrumentov (podjetniških – strukturiranih – državnih); | 3. | statistics on the allocation of its staff to new credit ratings, credit rating reviews, methodology or model appraisal and senior management, and on the allocation of staff to rating activities with regard to the different asset classes (corporate — structured finance — sovereign); |
| ▼B | ▼B |
| 4. | opis politike vodenja evidenc; | 4. | a description of its record-keeping policy; |
| 5. | rezultat letnega notranjega pregleda neodvisne funkcije skladnosti; | 5. | the outcome of the annual internal review of its independent compliance function; |
| 6. | opis politike rotacije vodstvenega osebja in analitikov; | 6. | a description of its management and rating analyst rotation policy; |
| ▼M3 | ▼M3 |
| 7. | finančne informacije o prihodkih bonitetne agencije, vključno s celotnim prometom, razdeljenih na honorarje iz naslova storitev bonitetnega ocenjevanja in honorarje iz naslova pomožnih storitev, z obširnim opisom vsake, vključno s prihodki iz pomožnih storitev, ki so bile zagotovljene strankam, za katere so bile opravljene storitve bonitetnega ocenjevanja, in razdelitvijo honorarjev po bonitetnih ocenah različnih razredov finančnih instrumentov. Informacije o celotnem prometu morajo vsebovati tudi zemljepisno razdelitev tega prometa po prihodkih, ustvarjenih v Uniji, in prihodkih na svetovni ravni; | 7. | financial information on the revenue of the credit rating agency, including total turnover, divided into fees from credit rating and ancillary services with a comprehensive description of each, including the revenues generated from ancillary services provided to clients of credit rating services and the allocation of fees to credit ratings of different asset classes. Information on total turnover shall also include a geographical allocation of that turnover to revenues generated in the Union and revenues worldwide; |
| ▼B | ▼B |
| 8. | izjava o upravljanju v smislu člena 46a(1) Četrte direktive Sveta 78/660/EGS z dne 25. julija 1978 o letnih računovodskih izkazih določenih vrst družb ( 34 ). Za namene navedene izjave bonitetna agencija predloži informacije iz člena 46a(1)(d) navedene direktive ne glede na to, ali se nanjo nanaša Direktiva 2004/25/ES Evropskega parlamenta in Sveta z dne 21. aprila 2004 o pobudah za prevzem ( 35 ). | 8. | a governance statement within the meaning of Article 46a(1) of Council Directive 78/660/EEC of 25 July 1978 on the annual accounts of certain types of companies ( 34 ). For the purposes of that statement, the information referred to in Article 46a(1)(d) of that Directive shall be provided by the credit rating agency irrespective of whether it is subject to Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids ( 35 ). |
| PRILOGA II | ANNEX II |
| INFORMACIJE, KI JIH JE TREBA NAVESTI V VLOGI ZA REGISTRACIJO | INFORMATION TO BE PROVIDED IN THE APPLICATION FOR REGISTRATION |
| 1. | Polno ime bonitetne agencije, naslov registriranega sedeža v ►M3 Uniji ◄ ; | 1. | Full name of the credit rating agency, address of the registered office within the ►M3 Union ◄ |
| 2. | ime in kontaktni podatki osebe za stik in uradnika za spremljanje skladnosti; | 2. | Name and contact details of a contact person and of the compliance officer |
| 3. | pravni status; | 3. | Legal status |
| 4. | razred bonitetnih ocen, za katerega bonitetna agencija zaproša za registracijo; | 4. | Class of credit ratings for which the credit rating agency is applying to be registered |
| 5. | lastniška struktura; | 5. | Ownership structure |
| 6. | organizacijska struktura in upravljanje; | 6. | Organisational structure and corporate governance |
| 7. | finančna sredstva za opravljanje dejavnosti bonitetnega ocenjevanja; | 7. | Financial resources to perform credit rating activities |
| 8. | zaposleni v bonitetnih agencijah in njihovo strokovno znanje; | 8. | Staffing of credit rating agency and its expertise |
| 9. | informacije o podrejenih podjetjih bonitetne agencije; | 9. | Information regarding subsidiaries of credit rating agency |
| 10. | opis postopkov in metodologij, uporabljenih za izdajo in revidiranje bonitetnih ocen; | 10. | Description of the procedures and methodologies used to issue and review credit ratings |
| 11. | politike in postopki za prepoznavanje in obvladovanje ter razkrivanje morebitnih nasprotij interesov; | 11. | Policies and procedures to identify, manage and disclose any conflicts of interests |
| 12. | informacije o analitikih, vključenih v ocenjevanje; | 12. | Information regarding rating analysts |
| 13. | ureditev plačil in ocene uspešnosti; | 13. | Compensation and performance evaluation arrangements |
| 14. | druge storitve, ki niso dejavnosti bonitetnega ocenjevanja, ki jih namerava opravljati bonitetna agencija; | 14. | Services other than credit rating activities, which the credit rating agency intends to provide |
| 15. | program poslovanja, vključno s podatkom, kje naj bi se izvajale glavne poslovne dejavnosti in katere podružnice bodo ustanovljene ter navedbo vrste predvidenih poslovnih dejavnosti. | 15. | Programme of operations, including indications of where the main business activities are expected to be carried out, branches to be established, and setting out the type of business envisaged |
| 16. | dokumenti in podrobne informacije v zvezi s predvideno uporabo sistema odobritve; | 16. | Documents and detailed information related to the expected use of endorsement |
| 17. | dokumenti in podrobne informacije v zvezi s predvidenimi dogovori o zunanjem izvajanju, vključno z informacijami o subjektih, ki opravljajo funkcije, oddane v zunanje izvajanje. | 17. | Documents and detailed information related to the expected outsourcing arrangements including information on entities assuming outsourcing functions. |
| ▼M1 | ▼M1 |
| PRILOGA III | ANNEX III |
| Seznam kršitev iz člena 24(1) in člena 36a(1) | List of infringements referred to in Article 24(1) and Article 36a(1) |
| I. Kršitve v zvezi z navzkrižjem interesov, organizacijskimi ali operativnimi zahtevami | I. Infringements related to conflicts of interest, organisational or operational requirements |
| 1. Bonitetna agencija prekrši člen 4(3), če odobri bonitetno oceno, izdano v tretji državi, ne da bi bili izpolnjeni pogoji, določeni v tem odstavku, razen če bonitetna agencija ne pozna ali ne nadzoruje razloga za to kršitev. | 1. The credit rating agency infringes Article 4(3) by endorsing a credit rating issued in a third country without complying with the conditions set out in that paragraph, unless the reason for that infringement is outside the credit rating agency's knowledge or control. |
| 2. Bonitetna agencija prekrši drugi pododstavek člena 4(4), če odobritev bonitetne ocene, izdane v tretji državi, uporabi za to, da bi se izognila zahtevam iz te uredbe. | 2. The credit rating agency infringes the second subparagraph of Article 4(4) by using the endorsement of a credit rating issued in a third country with the intention of avoiding the requirements of this Regulation. |
| 3. Bonitetna agencija prekrši člen 6(2) v povezavi s točko 1 oddelka A Priloge I, če ne ustanovi upravnega odbora ali nadzornega sveta. | 3. The credit rating agency infringes Article 6(2), in conjunction with point 1 of Section A of Annex I, by not establishing an administrative or a supervisory board. |
| 4. Bonitetna agencija prekrši člen 6(2) v povezavi s prvim odstavkom točke 2 oddelka A Priloge I, če ne zagotovi, da njen poslovni interes ne zmanjša neodvisnosti ali točnosti dejavnosti bonitetnega ocenjevanja. | 4. The credit rating agency infringes Article 6(2), in conjunction with the first paragraph of point 2 of Section A of Annex I, by not ensuring that its business interest does not impair the independence or accuracy of the credit rating activities. |
| 5. Bonitetna agencija prekrši člen 6(2) v povezavi z drugim odstavkom točke 2 oddelka A Priloge I, če imenuje višje vodstvo, ki nima dobrega ugleda, dovolj strokovnega znanja ali izkušenj, ali ne more zagotoviti premišljenega in skrbnega upravljanja bonitetne agencije. | 5. The credit rating agency infringes Article 6(2), in conjunction with the second paragraph of point 2 of Section A of Annex I, by appointing senior management which are not of good repute, sufficiently skilled or experienced, or cannot ensure the sound and prudent management of the credit rating agency. |
| 6. Bonitetna agencija prekrši člen 6(2) v povezavi s tretjim odstavkom točke 2 oddelka A Priloge I, če ne določi zahtevanega števila neodvisnih članov svojega upravnega odbora ali nadzornega sveta. | 6. The credit rating agency infringes Article 6(2), in conjunction with the third paragraph of point 2 of Section A of Annex I, by not appointing the required number of independent members of its administrative or supervisory board. |
| 7. Bonitetna agencija prekrši člen 6(2) v povezavi s četrtim odstavkom točke 2 oddelka A Priloge I, če določi, da je sistem nadomestil za neodvisne člane njenega upravnega odbora ali nadzornega sveta povezan s poslovnimi rezultati bonitetne agencije ali ni zagotovljen na način, ki zagotavlja neodvisnost njihove presoje; ali če določi, da je mandat neodvisnih članov njenega upravnega odbora ali nadzornega sveta daljši od petih let ali obnovljiv; ali če odpusti neodvisnega člana upravnega odbora ali nadzornega sveta iz razlogov, ki niso povezani s kršitvami ali nesposobnostjo opravljanja nalog. | 7. The credit rating agency infringes Article 6(2), in conjunction with the fourth paragraph of point 2 of Section A of Annex I, by setting up a compensation system for the independent members of its administrative or supervisory board which is linked to the business performance of the credit rating agency or is not arranged to ensure the independence of their judgment; or by setting a term of office for the independent members of its administrative or supervisory board for a period exceeding five years or for a renewable term; or by dismissing an independent member of the administrative or supervisory board other than in the case of misconduct or professional underperformance. |
| 8. Bonitetna agencija prekrši člen 6(2) v povezavi s petim odstavkom točke 2 oddelka A Priloge I, če imenuje člane upravnega odbora ali nadzornega sveta, ki nimajo dovolj strokovnega znanja s področja finančnih storitev; ali če bonitetna agencija izda bonitetne ocene strukturiranih finančnih instrumentov, ne da bi v odbor imenovala vsaj enega neodvisnega člana in enega člana odbora, ki ima poglobljeno znanje in izkušnje na višji ravni s področja trgov s strukturiranimi finančnimi instrumenti. | 8. The credit rating agency infringes Article 6(2), in conjunction with the fifth paragraph of point 2 of Section A of Annex I, by appointing members of the administrative or supervisory board that do not have sufficient expertise in financial services; or, where the credit rating agency issues credit ratings of structured finance instruments, by not appointing at least one independent member and one other member of the board who has in-depth knowledge and experience at senior level of the markets in structured finance instruments. |
| 9. Bonitetna agencija prekrši člen 6(2) v povezavi s šestim odstavkom točke 2 oddelka A Priloge I, če ne zagotovi, da neodvisni člani upravnega odbora ali nadzornega sveta opravljajo nalogo spremljanja katere koli od zadev iz šestega odstavka navedene točke. | 9. The credit rating agency infringes Article 6(2), in conjunction with the sixth paragraph of point 2 of Section A of Annex I, by not ensuring that the independent members of the administrative or supervisory board perform the tasks of monitoring any of the matters referred to in the sixth paragraph of that point. |
| 10. Bonitetna agencija prekrši člen 6(2) v povezavi s sedmim odstavkom točke 2 oddelka A Priloge I, če ne zagotovi, da neodvisni člani upravnega odbora ali nadzornega sveta redno posredujejo svoje mnenje o zadevah iz šestega odstavka navedene točke odboru oziroma svetu ali dajo ta mnenja na voljo ESMA na njegovo zahtevo. | 10. The credit rating agency infringes Article 6(2), in conjunction with the seventh paragraph of point 2 of Section A of Annex I, by not ensuring that the independent members of the administrative or supervisory board present their opinions on the matters referred to in the sixth paragraph of that point to the board periodically or make those opinions available to ESMA on request. |
| 11. Bonitetna agencija prekrši člen 6(2) v povezavi s točko 3 oddelka A Priloge I, če ne oblikuje ustreznih politik ali postopkov za zagotavljanje skladnosti z obveznostmi iz te uredbe. | 11. The credit rating agency infringes Article 6(2), in conjunction with point 3 of Section A of Annex I, by not establishing adequate policies or procedures to ensure compliance with its obligations under this Regulation. |
| 12. Bonitetna agencija prekrši člen 6(2) v povezavi s točko 4 oddelka A Priloge I, če nima ustreznih upravnih ali računovodskih postopkov, mehanizmov notranjih kontrol, učinkovitih postopkov za ocenjevanje tveganj ali učinkovitih kontrolnih ali zaščitnih ukrepov za sisteme za obdelavo informacij; ali če ne izvaja ali ohranja postopkov odločanja ali organizacijskih struktur v skladu z navedeno točko. | 12. The credit rating agency infringes Article 6(2), in conjunction with point 4 of Section A of Annex I, by not having sound administrative or accounting procedures, internal control mechanisms, effective procedures for risk assessment, or effective control or safeguard arrangements for information processing systems; or by not implementing or maintaining decision-making procedures or organisational structures as required by that point. |
| 13. Bonitetna agencija prekrši člen 6(2) v povezavi s točko 5 oddelka A Priloge I, če ne vzpostavi službe za varovanje zakonitosti poslovanja, ki deluje neodvisno, ali če je ne vzdržuje trajno in učinkovito. | 13. The credit rating agency infringes Article 6(2), in conjunction with point 5 of Section A of Annex I, by not establishing or maintaining a permanent and effective compliance function department (compliance function) which operates independently. |
| 14. Bonitetna agencija prekrši člen 6(2) v povezavi s prvim odstavkom točke 6 oddelka A Priloge I, če ne zagotovi izpolnitve pogojev, ki službi za varovanje zakonitosti poslovanja omogočajo pravilno ali neodvisno opravljanje dolžnosti, kakor so opredeljeni v prvem odstavku navedene točke. | 14. The credit rating agency infringes Article 6(2), in conjunction with the first paragraph of point 6 of Section A of Annex I, by not ensuring that the conditions enabling the compliance function to discharge its responsibilities properly or independently, as set out in the first paragraph of that point, are satisfied. |
| 15. Bonitetna agencija prekrši člen 6(2) v povezavi s točko 7 oddelka A Priloge I, če ne vzpostavi primerne in učinkovite organizacijske ali upravne ureditve za preprečevanje, ugotavljanje, odpravljanje ali ustrezno obvladovanje in razkrivanje navzkrižij interesov iz točke 1 oddelka B Priloge I ali če ne poskrbi, da se vodijo evidence o vseh pomembnih okoliščinah, ki bi negativno vplivale na neodvisnost dejavnosti bonitetnega ocenjevanja, vključno s pravili o bonitetnih analitikih, navedenimi v oddelku C Priloge I, ter zaščitnimi ukrepi za zmanjševanje teh okoliščin. | 15. The credit rating agency infringes Article 6(2), in conjunction with point 7 of Section A of Annex I, by not establishing appropriate and effective organisational or administrative arrangements to prevent, identify, eliminate or manage and disclose any conflicts of interest referred to in point 1 of Section B of Annex I, or by not arranging for records to be kept of all significant threats to the independence of the credit rating activities, including those to the rules on rating analysts referred to in Section C of Annex I, as well as the safeguards applied to mitigate those threats. |
| 16. Bonitetna agencija prekrši člen 6(2) v povezavi s točko 8 oddelka A Priloge I, če ne uporablja ustreznih sistemov, virov in postopkov za zagotavljanje stalnosti ali pravilnosti pri izvajanju svojih dejavnosti bonitetnega ocenjevanja. | 16. The credit rating agency infringes Article 6(2), in conjunction with point 8 of Section A of Annex I, by not employing appropriate systems, resources or procedures to ensure continuity and regularity in the performance of its credit rating activities. |
| 17. Bonitetna agencija prekrši člen 6(2) v povezavi s točko 9 oddelka A Priloge I, če ne vzpostavi funkcije pregledovanja: | 17. The credit rating agency infringes Article 6(2), in conjunction with point 9 of Section A of Annex I, by not establishing a review function that: |
| (a) v okviru katere se redno pregledujejo metodologije, modeli in ključne predpostavke ali pomembnejše spremembe metodologij, modelov in ključnih predpostavk ali njihovo primernost, kadar so ti uporabljeni ali se jih namerava uporabiti za oceno novih finančnih instrumentov; | (a) is responsible for periodically reviewing its methodologies, models and key rating assumptions or any significant changes or modifications thereto, or the appropriateness of those methodologies, models or key rating assumptions where they are used or intended to be used for the assessment of new financial instruments; |
| (b) ki je neodvisna od poslovnih procesov, povezanih z dejavnostmi bonitetnega ocenjevanja, ali | (b) is independent of the business lines which are responsible for credit rating activities; or |
| (c) v okviru katere poroča članom upravnega odbora ali nadzornega sveta. | (c) reports to the members of the administrative or supervisory board. |
| 18. Bonitetna agencija prekrši člen 6(2) v povezavi s točko 10 oddelka A Priloge I, če ne spremlja ali ocenjuje primernosti in učinkovitosti svojih sistemov, mehanizmov notranjih kontrol in ureditev, vzpostavljenih na podlagi te uredbe ali če ne sprejema ustreznih ukrepov za odpravo morebitnih pomanjkljivosti. | 18. The credit rating agency infringes Article 6(2), in conjunction with point 10 of Section A of Annex I, by not monitoring or evaluating the adequacy and effectiveness of its systems, internal control mechanisms and arrangements established in accordance with this Regulation or by not taking appropriate measures to address any deficiencies. |
| ▼M3 | ▼M3 |
| 19. Bonitetna agencija prekrši člen 6(2) v povezavi s točko 1 oddelka B Priloge I, če ne ugotavlja, odpravlja ali upravlja ter jasno ali vidno razkriva vseh dejanskih ali potencialnih nasprotij interesov, ki bi lahko vplivala na analize ali presoje njenih bonitetnih analitikov, zaposlenih ali katerih koli drugih fizičnih oseb, katerih storitve so na voljo bonitetni agenciji ali so pod njenim nadzorom in ki so neposredno udeležene v dejavnosti bonitetnega ocenjevanja, ali oseb, odgovornih za odobritev bonitetnih ocen in obetov glede bonitetne ocene. | 19. The credit rating agency infringes Article 6(2), in conjunction with point 1 of Section B of Annex I, by not identifying, eliminating, or managing and disclosing, clearly or prominently, any actual or potential conflicts of interest that may influence the analyses or judgments of its rating analysts, employees, or any other natural person whose services are placed at the disposal or under the control of the credit rating agency and who are directly involved in credit rating activities or persons approving credit ratings and rating outlooks. |
| 20. Bonitetna agencija prekrši člen 6(2) v povezavi s prvim odstavkom točke 3 oddelka B Priloge I, če v kateri koli od okoliščin prvega odstavka navedene točke izda bonitetno oceno ali obete glede bonitetne ocene oziroma če v primeru obstoječe bonitetne ocene ali obeta glede bonitetne ocene teh ne objavi takoj, da so bonitetna ocena ali obeti glede bonitetne ocene lahko ogroženi zaradi navedenih okoliščin. | 20. The credit rating agency infringes Article 6(2), in conjunction with the first paragraph of point 3 of Section B of Annex I, by issuing a credit rating or rating outlook in any of the circumstances set out in the first paragraph of that point or, in the case of an existing credit rating or rating outlook, by not disclosing immediately that the credit rating or rating outlook is potentially affected by those circumstances. |
| 20a. Bonitetna agencija prekrši člen 6(2) v povezavi s točko 3a oddelka B Priloge I, če ne razkrije, da lahko na obstoječo bonitetno oceno ali obet glede bonitetne ocene vpliva katera koli od okoliščin iz točk (a) in (b) navedene točke. | 20a. The credit rating agency infringes Article 6(2), in conjunction with point 3a of Section B of Annex I, by not disclosing that an existing credit rating or rating outlook is potentially affected by any of the circumstances set out in letters (a) and (b) of that point. |
| 21. Bonitetna agencija prekrši člen 6(2) v povezavi z drugim odstavkom točke 3 oddelka B Priloge I, če nemudoma ne oceni, ali obstajajo razlogi za ponovno določitev ali umik veljavne bonitetne ocene ali obetov glede bonitetne ocene. | 21. The credit rating agency infringes Article 6(2), in conjunction with the second paragraph of point 3 of Section B of Annex I, by not immediately assessing whether there are grounds for re-rating or withdrawing an existing credit rating or rating outlook. |
| 22. Bonitetna agencija niti katera koli oseba, ki ima neposredno ali posredno najmanj 5 % bodisi kapitala ali glasovalnih pravic v bonitetni agenciji ali ki lahko drugače izvršuje pomemben vpliv na poslovne dejavnosti bonitetne agencije, prekrši člen 6(2) v povezavi s prvim odstavkom točke 4 oddelka B Priloge I, če zagotavlja posvetovalne ali svetovalne storitve ocenjevanemu subjektu ali povezani tretji osebi glede podjetniške ali pravne strukture, sredstev, obveznosti ali dejavnosti tega ocenjevanega subjekta ali povezane tretje osebe. | 22. The credit rating agency infringes Article 6(2), in conjunction with the first paragraph of point 4 of Section B of Annex I, by rating entities where the credit rating agency itself or any person holding, directly or indirectly, at least 5 % of either the capital or the voting rights of the credit rating agency, or being otherwise in a position to exercise significant influence on the business activities of the credit rating agency, provides consultancy or advisory services to that rated entity or a related third party regarding the corporate or legal structure, assets, liabilities or activities of that rated entity or related third party. |
| ▼M3 | ▼M3 |
| 22a. Bonitetna agencija prekrši člen 6a(1), kadar njen družbenik ali član, ki ima najmanj 5 % kapitala ali glasovalnih pravic v bonitetni agenciji ali v družbi, ki lahko nadzoruje ali izvršuje pomemben vpliv na navedeno bonitetno agencijo, krši eno od prepovedi iz točk (a) do (e) navedenega odstavka, razen prepovedi iz točke (a), kadar ima premoženje v razpršenem KNPVP vključno z upravljanimi skladi kot so pokojninski skladi ali življenjsko zavarovanje, pod pogojem, da premoženje v takih naložbenih shemah ne omogoča družbeniku ali članu bonitetne agencije, da znatno vpliva na poslovne dejavnosti navedenih shem. | 22a. The credit rating agency infringes Article 6a(1) when one of its shareholders or members holding at least 5 % of the capital or the voting rights in that credit rating agency or in a company which has the power to exercise control or a dominant influence over that credit rating agency, is in breach of one of the prohibitions set out in points (a) to (e) of that paragraph, with the exception of that set out in point (a) for holdings in diversified collective investment schemes, including managed funds such as pension funds or life insurance, provided that the holdings in such schemes do not put the shareholder or member of a credit rating agency in a position to exercise significant influence on the business activities of those schemes. |
| ▼M1 | ▼M1 |
| 23. Bonitetna agencija prekrši člen 6(2) v povezavi s prvim delom tretjega odstavka točke 4 oddelka B Priloge I, če ne zagotovi, da določbe pomožnih storitev ne predstavljajo navzkrižja interesov z dejavnostjo bonitetnega ocenjevanja. | 23. The credit rating agency infringes Article 6(2), in conjunction with the first part of the third paragraph of point 4 of Section B of Annex I, by not ensuring that the provision of an ancillary service does not present a conflict of interest with its credit rating activity. |
| 24. Bonitetna agencija prekrši člen 6(2) v povezavi s točko 5 oddelka B Priloge I, če ne poskrbi, da bonitetni analitiki ali osebe, ki odobrijo bonitetne ocene, ne dajejo predlogov ali priporočil v zvezi s sestavo strukturiranih finančnih produktov, za katere naj bi bonitetna agencija po pričakovanjih izdala bonitetno oceno. | 24. The credit rating agency infringes Article 6(2), in conjunction with point 5 of Section B of Annex I, by not ensuring that rating analysts or persons who approve ratings do not make proposals or recommendations regarding the design of structured finance instruments on which the credit rating agency is expected to issue a credit rating. |
| 25. Bonitetna agencija prekrši člen 6(2) v povezavi s točko 6 oddelka B Priloge I, če ne oblikuje svojih poročevalskih ali komunikacijskih poti, da bi zagotovila neodvisnost oseb iz točke 1 oddelka B od drugih dejavnosti bonitetne agencije, ki se opravljajo na poslovni osnovi. | 25. The credit rating agency infringes Article 6(2), in conjunction with point 6 of Section B of Annex I, by not designing its reporting or communication channels so as to ensure the independence of the persons referred to in point 1 of Section B from the other activities of the credit rating agency carried out on a commercial basis. |
| 26. Bonitetna agencija prekrši člen 6(2) v povezavi z drugim odstavkom točke 8 oddelka B Priloge I, če po razveljavitvi svoje registracije ne hrani evidenc še najmanj tri leta. | 26. The credit rating agency infringes Article 6(2), in conjunction with the second paragraph of point 8 of Section B of Annex I, by not keeping the records for a term of at least three years once its registration is withdrawn. |
| ▼M3 | ▼M3 |
| 26a. Bonitetna agencija, ki je sklenila pogodbo o izdajanju bonitetnih ocen pozicij re-listinjenja, prekrši člen 6b(1), če bonitetne ocene novih pozicij re-listinjenja s sredstvi istega originatorja izdaja dlje kot štiri leta. | 26a. The credit rating agency which entered into a contract for the issuing of credit ratings on re-securitisations infringes Article 6b(1) by issuing credit ratings on new re-securitisations with underlying assets from the same originator for a period exceeding four years. |
| 26b. Bonitetna agencija, ki je sklenila pogodbo o izdajanju bonitetnih ocen pozicij re-listinjenja, prekrši člen 6b(3), če sklene novo pogodbo o izdajanju bonitetnih ocen pozicij re-listinjenja s sredstvi istega originatorja za obdobje, enako obdobju trajanja pretekle pogodbe iz odstavkov 1 in 2 člena 6b, vendar ne preseda štirih let. | 26b. The credit rating agency which entered into a contract for the issuing of credit ratings on re-securitisations infringes Article 6b(3) by entering into a new contract for the issuing of credit ratings on re-securitisations with underlying assets from the same originator for a period equal to the duration of the expired contract referred to in paragraphs1 and 2 of Article 6b but not exceeding four years. |
| ▼M1 | ▼M1 |
| 27. Bonitetna agencija prekrši člen 7(1), če ne poskrbi, da imajo bonitetni analitiki, zaposleni v bonitetni agenciji, ali katera koli fizična oseba, katere storitve so na voljo bonitetni agenciji ali so pod njenim nadzorom in ki je neposredno vključena v dejavnosti bonitetnega ocenjevanja, ustrezno znanje in izkušnje za dodeljene dolžnosti. | 27. The credit rating agency infringes Article 7(1) by not ensuring that rating analysts, its employees or any other natural person whose services are placed at its disposal or under its control and who are directly involved in credit rating activities have appropriate knowledge and experience for the duties assigned. |
| 28. Bonitetna agencija prekrši člen 7(2), če ne zagotovi, da oseba iz člena 7(1) ne začne ali ni udeležena v pogajanjih v zvezi z denarnimi kaznimi ali plačili s katerim koli ocenjevanim subjektom, povezano tretjo osebo ali katero koli osebo, ki je z ocenjevanim subjektom neposredno ali posredno povezana z nadzorom. | 28. The credit rating agency infringes Article 7(2) by not ensuring that a person referred to in Article 7(1) does not initiate or participate in negotiations regarding fees or payments with any rated entity, related third party or any person directly or indirectly linked to the rated entity by control. |
| 29. Bonitetna agencija prekrši člen 7(3) v povezavi s točko 3(a) oddelka C Priloge I, če ne poskrbi, da oseba iz točke 1 zadevnega oddelka sprejme vse razumne ukrepe za zaščito lastnine ali evidenc v lasti bonitetne agencije pred prevaro, krajo ali zlorabo, pri čemer upošteva naravo, obseg in kompleksnost poslov ter naravo in obseg dejavnosti bonitetnega ocenjevanja. | 29. The credit rating agency infringes Article 7(3), in conjunction with point 3(a) of Section C of Annex I, by not ensuring that a person referred to in point 1 of that Section takes all reasonable measures to protect property or records in possession of the credit rating agency from fraud, theft or misuse, taking into account the nature, scale and complexity of its business and the nature and range of its credit rating activities. |
| 30. Bonitetna agencija prekrši člen 7(3) v povezavi s točko 5 oddelka C Priloge I, če osebam iz točke 1 zadevnega oddelka naloži negativne posledice, kadar zadevne osebe poročajo odgovorni osebi za varovanje zakonitosti poslovanja, da so druge osebe, kakor so določene v točki 1 navedenega oddelka, vpletene v ravnanje, ki je po mnenju prvih nezakonito. | 30. The credit rating agency infringes Article 7(3), in conjunction with point 5 of Section C of Annex I, by imposing negative consequences on a person referred to in point 1 of that Section where that person reports information to the compliance officer to the effect that another person as referred to in point 1 of that Section has engaged in conduct that he or she considers to be illegal. |
| 31. Bonitetna agencija prekrši člen 7(3) v povezavi s točko 6 oddelka C Priloge I, če ne pregleda vsega ustreznega dela bonitetnega analitika, opravljenega v zadnjih dveh letih pred njegovim odhodom, kadar bonitetni analitik prekine svoje delovno razmerje in se pridruži ocenjevanemu subjektu, v katerega bonitetno ocenjevanje je bil vključen, ali finančnemu podjetju, s katerim je imel opravka v okviru svojih dolžnosti pri bonitetni agenciji. | 31. The credit rating agency infringes Article 7(3), in conjunction with point 6 of Section C of Annex I, by not reviewing the relevant work of a rating analyst over two years preceding his or her departure, where the rating analyst terminates his or her employment and joins a rated entity which he or she has been involved in rating or a financial firm, with which he or she has had dealings as part of his or her duties at the credit rating agency. |
| 32. Bonitetna agencija prekrši člen 7(3) v zvezi s točko 1 oddelka C Priloge I, če ne zagotovi, da osebe iz zadevne točke ne kupi, proda ali opravi transakcije s finančnim instrumentom iz te točke. | 32. The credit rating agency infringes Article 7(3), in conjunction with point 1 of Section C of Annex I, by not ensuring that a person referred to in that point does not buy, sell or engage in a transaction in any financial instrument referred to in that point. |
| ▼M3 | ▼M3 |
| 33. Bonitetna agencija prekrši člen 7(3) v povezavi s točko 2 oddelka C Priloge I, če ne zagotovi, da oseba iz točke 1 navedenega oddelka ne sodeluje pri določanju ali drugače vpliva na določanje bonitetne ocene ali obetov glede bonitetne ocene, kakor je določeno v točki 2 navedenega oddelka. | 33. The credit rating agency infringes Article 7(3), in conjunction with point 2 of Section C of Annex I, by not ensuring that a person referred to in point 1 of that Section does not participate in or otherwise influence the determination of a credit rating or rating outlook as set out in point 2 of that Section. |
| ▼M1 | ▼M1 |
| 34. Bonitetna agencija prekrši člen 7(3) v zvezi s točkami 3(b), (c) in (d) oddelka C Priloge I, če ne zagotovi, da oseba iz točke 1 navedenega oddelka ne razkrije, uporablja ali ne daje informacij, kakor so opredeljene v teh točkah. | 34. The credit rating agency infringes Article 7(3), in conjunction with points (b), (c) and (d) of point 3 of Section C of Annex I, by not ensuring that a person referred to in point 1 of that Section does not disclose or use or share information, as referred to in those points. |
| 35. Bonitetna agencija prekrši člen 7(3) v zvezi s točko 4 oddelka C Priloge I, če ne zagotovi, da oseba iz točke 1 navedenega oddelka ne zahteva ali sprejema denarja, daril ali uslug od katere koli osebe, s katero bonitetna agencija posluje. | 35. The credit rating agency infringes Article 7(3), in conjunction with point 4 of Section C of Annex I, by not ensuring that a person referred to in point 1 of that Section does not solicit or accept money, gifts or favours from anyone with whom the credit rating agency does business. |
| ▼M3 | ▼M3 |
| 36. Bonitetna agencija prekrši člen 7(3) v povezavi s točko 7 oddelka C Priloge I, če ne zagotovi, da oseba iz točke 1 navedenega oddelka ne sprejme ključnega vodstvenega delovnega mesta pri ocenjevanem subjektu ali povezani tretji osebi, dokler ne preteče šest mesecev od izdelave bonitetne ocene ali obetov glede bonitetne ocene. | 36. The credit rating agency infringes Article 7(3), in conjunction with point 7 of Section C of Annex I, by not ensuring that a person referred to in point 1 of that Section does not take up a key management position with the rated entity or a related third party within six months of the issuing of a credit rating or rating outlook. |
| ▼M1 | ▼M1 |
| 37. Bonitetna agencija prekrši člen 7(4) v zvezi s točko (a) prvega odstavka točke 8 oddelka C Priloge I, če ne zagotovi, da glavni bonitetni analitiki niso vključeni v dejavnosti bonitetnega ocenjevanja, ki so povezane z istim ocenjevanim subjektom ali njegovimi povezanimi tretjimi osebami, dlje kot štiri leta. | 37. The credit rating agency infringes Article 7(4), in conjunction with point (a) of the first paragraph of point 8 of Section C of Annex I, by not ensuring that the lead rating analyst is not involved in credit rating activities related to the same rated entity or its related third parties for a period exceeding four years. |
| ▼M3 | ▼M3 |
| 38. Bonitetna agencija prekrši člen 7(4) v povezavi s točko (i) točke (b) prvega odstavka točke 8 oddelka C Priloge I, če ne zagotovi, da pri izdajanju nenaročenih bonitetnih ocen ali bonitetnih ocen držav bonitetni analitiki niso vključeni v dejavnosti bonitetnega ocenjevanja, ki so povezane z istim ocenjevanim subjektom ali povezano tretjo osebo, dlje kot pet let. | 38. The credit rating agency infringes Article 7(4), in conjunction with point (i) of point (b) of the first paragraph of point 8 Section C of Annex I, by not ensuring that, where it provides unsolicited credit ratings or sovereign ratings, a rating analyst is not involved in credit rating activities related to the same rated entity or a related third party for a period exceeding five years. |
| 39. Bonitetna agencija prekrši člen 7(4) v povezavi s točko (ii) točke (b) prvega odstavka točke 8 oddelka C Priloge I, če ne zagotovi, da pri izdajanju nenaročenih bonitetnih ocen ali bonitetnih ocen držav oseba, ki odobri bonitetne ocene, ni vključena v dejavnosti bonitetnega ocenjevanja, ki so povezane z istim ocenjevanim subjektom ali povezano tretjo osebo, dlje kot sedem let. | 39. The credit rating agency infringes Article 7(4), in conjunction with point (ii) of point (b) of the first paragraph of point 8 of Section C of Annex I, by not ensuring that, where it provides unsolicited credit ratings or sovereign ratings, a person approving credit ratings is not involved in credit rating activities related to the same rated entity or a related third party for a period exceeding seven years. |
| 40. Bonitetna agencija prekrši člen 7(4) v povezavi z drugim odstavkom točke 8 oddelka C Priloge I, če ne zagotovi, da oseba iz točk (a) in (b) prvega odstavka navedene točke ni vključena v dejavnosti bonitetnega ocenjevanja, ki so povezane z ocenjevanim subjektom ali povezano tretjo osebo, navedenimi v teh točkah, v dveh letih po koncu obdobij, določenih v navedenih točkah. | 40. The credit rating agency infringes Article 7(4), in conjunction with the second paragraph of point 8 of Section C of Annex I, by not ensuring that a person referred to in points (a) and (b) of the first paragraph of that point is not involved in credit rating activities related to the rated entity or a related third party referred to in those points within two years of the end of the periods set out in those points. |
| ▼M1 | ▼M1 |
| 41. Bonitetna agencija prekrši člen 7(5), če uvede ureditev plačil ali ocene uspešnosti glede na znesek prihodka, ki ga bonitetna agencija dobi od ocenjevanega subjekta ali njegovih povezanih tretjih oseb. | 41. The credit rating agency infringes Article 7(5) by introducing compensation or performance evaluation contingent on the amount of revenue that the credit rating agency derives from the rated entities or related third parties. |
| ▼M3 | ▼M3 |
| 42. Bonitetna agencija prekrši člen 8(2) če ne sprejme, izvaja ali izvršuje ustreznih ukrepov za zagotovitev, da bonitetne ocene in obeti glede bonitetne ocene, ki jih izdaja, temeljijo na poglobljeni analizi vseh informacij, ki so ji na voljo in so pomembne za njeno analizo glede na metodologije bonitetnega ocenjevanja, ki so v uporabi. | 42. The credit rating agency infringes Article 8(2) by not adopting, implementing or enforcing adequate measures to ensure that the credit ratings and rating outlooks it issues are based on a thorough analysis of all the information that is available to it and that is relevant to its analysis according to the applicable rating methodologies. |
| ▼M3 | ▼M3 |
| 42a. Bonitetna agencija prekrši člen 8(2), če uporabi informacije, ki ne spadajo na področje uporabe člena 8(2). | 42a. The credit rating agency infringes Article 8(2) by using information falling outside the scope of Article 8(2). |
| 42b. Bonitetna agencija prekrši člen 8(2a) z izdajanjem sprememb v bonitetni oceni, ki niso skladne z njenimi objavljenimi metodologijami bonitetnega ocenjevanja. | 42b. The credit rating agency infringes Article 8(2a) by issuing changes in credit ratings that do not comply with its published rating methodologies. |
| ▼M1 | ▼M1 |
| 43. Bonitetna agencija prekrši člen 8(3), če ne uporablja metodologij bonitetnega ocenjevanja, ki so rigorozne, sistematične in ustaljene ter jih je mogoče ovrednotiti na podlagi preteklih izkušenj, vključno s testiranjem za nazaj. | 43. The credit rating agency infringes Article 8(3) by not using rating methodologies that are rigorous, systematic, continuous and subject to validation based on historical experience, including back-testing. |
| 44. Bonitetna agencija prekrši prvi pododstavek člena 8(4), če zavrne izdajo bonitetne ocene o subjektu ali finančnem instrumentu z utemeljitvijo, da je del tega subjekta ali finančnega instrumenta predhodno že ocenila druga bonitetna agencija. | 44. The credit rating agency infringes the first subparagraph of Article 8(4) by refusing to issue a credit rating of an entity or a financial instrument because a portion of the entity or the financial instrument had been previously rated by another credit rating agency. |
| 45. Bonitetna agencija prekrši drugi pododstavek člena 8(4), če ne evidentira vseh primerov, kjer v svojem postopku bonitetnega ocenjevanja odstopa od obstoječih bonitetnih ocen, ki jih je v zvezi z zadevnimi osnovnimi ali strukturiranimi finančnimi produkti izdelala druga bonitetna agencija, ali ne utemelji odstopajoče ocene. | 45. The credit rating agency infringes the second subparagraph of Article 8(4) by not recording all instances where in its credit rating process it departs from existing credit ratings prepared by another credit rating agency with respect to underlying assets or structured finance instruments or by not providing a justification for the differing assessment. |
| ▼M3 | ▼M3 |
| 46. Bonitetna agencija prekrši prvi stavek prvega pododstavka člena 8(5), če svojih bonitetnih ocen, razen bonitetnih ocen držav, ne spremlja ali če svojih bonitetnih ocen, razen bonitetnih ocen držav, ali metodologij bonitetnega ocenjevanja ne pregleduje stalno ali najmanj enkrat letno. | 46. The credit rating agency infringes the first sentence of the first subparagraph of Article 8(5) by not monitoring its credit ratings other than sovereign ratings or by not reviewing its credit ratings other than sovereign ratings or rating methodologies on an ongoing basis or at least annually. |
| ▼M3 | ▼M3 |
| 46a. Bonitetna agencija prekrši drugi pododstavek člena 8(5) v povezavi s prvim stavkom prvega pododstavka člena 8(5), če svojih bonitetnih ocen držav ne spremlja ali če svojih bonitetnih ocen držav ne pregleduje stalno ali najmanj vsakih šest mesecev. | 46a. The credit rating agency infringes the second subparagraph of Article 8(5), in conjunction with the first sentence of the first subparagraph of Article 8(5), by not monitoring its sovereign ratings or by not reviewing its sovereign ratings on an ongoing basis or at least every six months. |
| ▼M1 | ▼M1 |
| 47. Bonitetna agencija prekrši drugi stavek člena 8(5), če ne določi notranjih postopkov za spremljanje učinka, ki ga imajo spremembe makroekonomskih razmer ali razmer na finančnih trgih na bonitetne ocene. | 47. The credit rating agency infringes the second sentence of Article 8(5) by not establishing internal arrangements to monitor the impact of changes in macroeconomic or financial market conditions on credit ratings. |
| 48. Bonitetna agencija prekrši točko (b) člena 8(6), kadar so metodologije, modeli ali ključne predpostavke, uporabljene pri dejavnosti bonitetnega ocenjevanja spremenjeni, vendar se ne pregleda zadevne bonitetne ocene v skladu z navedeno točko ali se teh ocen v vmesnem času ne poda v opazovanje. | 48. The credit rating agency infringes point (b) of Article 8(6), where methodologies, models or key rating assumptions used in credit rating activities are changed, by not reviewing the affected credit ratings in accordance with that point, or by not placing those ratings under observation in the meantime. |
| 49. Bonitetna agencija prekrši točko (c) člena 8(6), če ne izvede ponovnega ocenjevanja bonitetne ocene, izdelane na podlagi metod, modelov ali bistvenih predpostavk bonitetnega ocenjevanja, na podlagi spremenjenih metod, če skupni učinek teh sprememb vpliva na zadevne bonitetne ocene. | 49. The credit rating agency infringes point (c) of Article 8(6) by not re-rating a credit rating that has been based on methodologies, models or key rating assumptions that are changed where the overall combined effect of those changes affects that credit rating. |
| ▼M3 | ▼M3 |
| 49a. Bonitetna agencija prekrši točko (c) člena 8(6) v povezavi s točko (c) člena 8(7), če ne izvede ponovnega ocenjevanja bonitetne ocene, kadar napake v metodologijah bonitetnega ocenjevanja ali pri njihovi uporabi vplivajo na te bonitetne ocene. | 49a. The credit rating agency infringes point (c) of Article 8(6), in conjunction with point (c) of Article 8(7), by not re-rating a credit rating where errors in the rating methodologies or in their application affect that credit rating. |
| ▼M1 | ▼M1 |
| 50. Bonitetna agencija prekrši člen 9, če odda pomembne operativne funkcije v zunanje izvajanje tako, da se bistveno poslabša kakovost notranjih kontrol bonitetne agencije ali zmožnost ESMA, da nadzira, kako bonitetna agencija izpolnjuje svoje obveznosti v skladu s to uredbo. | 50. The credit rating agency infringes Article 9 by undertaking the outsourcing of important operational functions in such a way as to impair materially the quality of the credit rating agency's internal control or the ability of ESMA to supervise the credit rating agency's compliance with obligations under this Regulation. |
| 51. Bonitetna agencija prekrši člen 10(2) v zvezi z drugim odstavkom točke 4 dela I oddelka D Priloge I, če izda bonitetno oceno ali ne prekliče obstoječe bonitetne ocene v primeru pomanjkanja zanesljivih podatkov ali zapletenosti strukture nove vrste finančnega instrumenta ali nezadovoljive kakovosti razpoložljivih informacij ali če se zaradi njih pojavijo resni dvomi o tem, ali lahko bonitetna agencija zagotovi verodostojno bonitetno oceno. | 51. The credit rating agency infringes Article 10(2), in conjunction with the second paragraph of point 4 of Part I of Section D of Annex I, by issuing a credit rating or not withdrawing an existing rating in a case where the lack of reliable data or the complexity of the structure of a new type of financial instrument or the quality of information available is not satisfactory or raises serious questions as to whether the credit rating agency can provide a credible credit rating. |
| 52. Bonitetna agencija prekrši člen 10(6), če uporablja ime ESMA ali katerega koli pristojnega organa na tak način, ki bi namigoval ali nakazoval, da je ta ESMA ali pristojni organ odobril bonitetne ocene ali kakršne koli dejavnosti bonitetnega ocenjevanja, ki jih izvaja bonitetna agencija. | 52. The credit rating agency infringes Article 10(6) by using the name of ESMA or any competent authority in such a way that would indicate or suggest endorsement or approval by ESMA or any competent authority of the credit ratings or any credit rating activities of the credit rating agency. |
| 53. Bonitetna agencija prekrši člen 13, če zaračunava pristojbino ali takse za informacije, zagotovljene v skladu s členi 8 do 12. | 53. The credit rating agency infringes Article 13 by charging a fee for the information provided in accordance with Articles 8 to 12. |
| 54. Bonitetna agencija, ki je pravna oseba, ustanovljena v Uniji, prekrši člen 14(1), če ne zaprosi za registracijo za namene člena 2(1). | 54. The credit rating agency, where it is a legal person established in the Union, infringes Article 14(1) by not applying for registration for the purposes of Article 2(1). |
| ▼M3 | ▼M3 |
| 55. Bonitetna agencija prekrši člen 8a(3), če v skladu s točko 3 dela II oddelka D Priloge I na svoji spletni strani ne objavi ali organu ESMA vsako leto konec decembra ne predloži koledarskega razporeda za naslednjih 12 mesecev, v katerem določi največ tri datume, ki padejo na petek, za objavo nenaročenih bonitetnih ocen držav in s tem povezanih obetov glede bonitetnih ocen pa tudi datume, ki padejo na petek, za objavo naročenih bonitetnih ocen držav in s tem povezanih obetov glede bonitetnih ocen. | 55. The credit rating agency infringes Article 8a(3) by not publishing on its website, or by not submitting to ESMA on an annual basis, in accordance with point 3 of Part III of Section D of Annex I, a calendar at the end of December for the following 12 months, setting a maximum of three dates that fall on a Friday for the publication of unsolicited sovereign ratings and related rating outlooks and setting dates that fall on a Friday for the publication of solicited sovereign ratings and related rating outlooks. |
| 56. Bonitetna agencija prekrši člen 8a(4), če odstopa od napovedanega koledarskega razporeda, kadar to ni potrebno za izpolnjevanje njenih obveznosti v skladu s členom 8(2), členom 10(1) ali členom 11(1), ali če ne pojasni podrobno odstopanja od napovedanega koledarskega razporeda. | 56. The credit rating agency infringes Article 8a(4) by deviating from the announced calendar where this is not necessary to fulfil its obligations under Article 8(2), Article 10(1) or Article 11(1) or by not providing a detailed explanation of the reasons for the deviation from the announced calendar. |
| 57. Bonitetna agencija prekrši člen 10(2) v povezavi s točko 3 dela III oddelka D Priloge I, če objavi bonitetno oceno države ali obete glede bonitetne ocene države v času trgovanja na reguliranih trgih ali manj kot uro pred njihovim odprtjem. | 57. The credit rating agency infringes Article 10(2), in conjunction with point 3 of Part III of Section D of Annex I, by publishing a sovereign rating or a related rating outlook during business hours of regulated markets or less than one hour before their opening. |
| 58. Bonitetna agencija prekrši člen 10(2) v povezavi s točko 4 dela III oddelka D Priloge I, če v bonitetne ocene držav ali povezane obete glede bonitetne ocene vključi politična priporočila, navodila ali smernice za ocenjevane subjekte, vključno z državami ali regionalnimi ali lokalnimi državnimi organi. | 58. The credit rating agency infringes Article 10(2), in conjunction with point 4 of Part III of Section D of Annex I, by including policy recommendations, prescriptions or guidelines to rated entities, including States or regional or local authorities of States, as part of a sovereign rating or a related rating outlook. |
| 59. Bonitetna agencija prekrši člen 8a(2), če njena sporočila za javnost v zvezi s spremembami bonitetnih ocen države, ki niso bonitetne ocene, obeti glede bonitetnih ocen ali spremljajoča sporočila za javnost iz točke 5 dela I oddelka D Priloge I, temeljijo na informacijah, ki jih ima ocenjeni subjekt, kadar ocenjeni subjekt ni dal soglasja za njihovo razkritje, razen če so na razpolago v splošno dostopnih virih ali če ni upravičenih razlogov, zakaj ocenjeni subjekt ne bi dal soglasja za razkritje teh informacij. | 59. The credit rating agency infringes Article 8a(2) by basing its public communications relating to changes in sovereign ratings, and which are not credit ratings, rating outlooks or accompanying press releases, as referred to in point 5 of Part I of Section D of Annex I, on information within the sphere of the rated entity, where such information has been disclosed without the consent of the rated entity, unless it is available from generally accessible sources or unless there are no legitimate reasons for the rated entity not to give its consent to the disclosure of the information. |
| 60. Bonitetna agencija prekrši člen 8a(1), če ob napovedi pregleda določene skupine držav ne objavi javno dostopnih poročil o posameznih državah. | 60. The credit rating agency infringes Article 8a(1) by not issuing individual publicly available country reports when announcing the revision of a given group of countries. |
| 61. Bonitetna agencija prekrši točko 1 dela III oddelka D Priloge I, če pri izdaji bonitetne ocene države ali povezanih obetov glede bonitetne ocene bonitetno oceno ali obete glede bonitetne ocene hkrati ne izda podrobnega raziskovalnega poročila, ki pojasnjuje vse predpostavke, parametre, omejitve in negotovosti ter vse druge informacije, ki so bili upoštevani pri določanju te bonitetne ocene države ali obetov glede bonitetne ocene, ali če to poročilo ni javno dostopno, jasno in lahko razumljivo. | 61. The credit rating agency infringes point 1 of Part III of Section D of Annex I by issuing a sovereign rating or a related rating outlook without simultaneously providing a detailed research report explaining all the assumptions, parameters, limits and uncertainties and any other information taken into account in determining that sovereign rating or rating outlook or by not making that report publicly available, clear and easily comprehensible. |
| 62. Bonitetna agencija prekrši točko 2 dela III oddelka D Priloge I, če ne izda javno dostopnega raziskovalnega poročila, ki spremlja spremembo v primerjavi s prejšnjo bonitetno oceno države ali povezanimi obeti glede bonitetne ocene, ali če v to poročilo ne vključi vsaj informacij iz točke 2(a) do (d) dela III oddelka D Priloge I. | 62. The credit rating agency infringes point 2 of Part III of Section D of Annex I by not issuing a publicly available research report accompanying a change compared to the previous sovereign rating or related rating outlook or by not including in that report at least the information referred to in point 2(a) to (d) of Part III of Section D of Annex I. |
| ▼M1 | ▼M1 |
| II. Kršitve, povezane z ovirami nadzornih dejavnosti | II. Infringements related to obstacles to the supervisory activities |
| 1. Bonitetna agencija prekrši člen 6(2) v zvezi s točko 7 oddelka B Priloge I, če ne zagotovi evidence ali revizijskih sledi svojih dejavnosti bonitetnega ocenjevanja, kot je zahtevano v teh določbah. | 1. The credit rating agency infringes Article 6(2), in conjunction with point 7 of Section B of Annex I, by not arranging for records or audit trails of its credit rating activities as required by those provisions. |
| 2. Bonitetna agencija prekrši člen 6(2) v zvezi s prvim odstavkom točke 8 oddelka B Priloge I, če ne hrani evidenc ali revizijskih sledi iz točke 7 navedenega oddelka vsaj pet let, ali če teh evidenc ali revizijskih sledi ne da na voljo ESMA na njegovo zahtevo. | 2. The credit rating agency infringes Article 6(2), in conjunction with the first paragraph of point 8 of Section B of Annex I, by not keeping the records or audit trails referred to in point 7 of that Section at its premises for at least five years or by not making available those records or audit trails to ESMA upon request. |
| 3. Bonitetna agencija prekrši člen 6(2) v zvezi s točko 9 oddelka B Priloge I, če ne ohrani evidenc, v katerih so določene pravice in obveznosti bonitetne agencije ali ocenjevanega subjekta ali njegovih povezanih tretjih oseb v okviru dogovora za opravljanje storitev bonitetnega ocenjevanja, med trajanjem razmerja z ocenjenim subjektom ali njegovo povezano tretjo osebo. | 3. The credit rating agency infringes Article 6(2), in conjunction with point 9 of Section B of Annex I, by not retaining records which set out the respective rights and obligations of the credit rating agency or the rated entity or its related third parties under an agreement to provide credit rating services for the duration of the relationship with that rated entity or its related third party. |
| ▼M3 | ▼M3 |
| 3a. Bonitetna agencija prekrši tretji pododstavek člena 14(3), če ESMA ne sporoči nameravanih bistvenih sprememb obstoječih metodologij bonitetnega ocenjevanja, modelov ali ključnih predpostavk ocenjevanja ali novih predlaganih metodologij bonitetnega ocenjevanja, modelov ali ključnih predpostavk ocenjevanja, ko metodologije bonitetnega ocenjevanja objavi na svoji spletni strani v skladu s členom 8(5a). | 3a. The credit rating agency infringes the third subparagraph of Article 14(3) by not notifying ESMA of the intended material changes to the existing rating methodologies, models or key rating assumptions or of the proposed new rating methodologies, models or key rating assumptions when it publishes the rating methodologies on its website in accordance with Article 8(5a). |
| 3b. Bonitetna agencija prekrši prvi pododstavek člena 8(5a), če na svoji spletni strani ne objavi predlaganih novih metodologij bonitetnega ocenjevanja ali predlaganih sprememb metodologij bonitetnega ocenjevanja, ki bi lahko vplivale na bonitetno oceno, skupaj z obrazložitvijo razlogov za spremembe in njihovih posledic. | 3b. The credit rating agency infringes the first subparagraph of Article 8(5a) by not publishing on its website the proposed new rating methodologies or the proposed material changes to the rating methodologies that could have an impact on a credit rating together with an explanation of the reasons for and the implications of the changes. |
| 3c. Bonitetna agencija prekrši točko (a) člena 8(7), če organu ESMA ne sporoči odkritih napak v svojih metodologijah bonitetnega ocenjevanja ali pri njihovi uporabi ali če ne pojasni vpliva na njene bonitetne ocene niti potrebo po pregledu že objavljenih bonitetnih ocen. | 3c. The credit rating agency infringes point (a) of Article 8(7) by not notifying ESMA of discovered errors in its rating methodologies or in their application or by not explaining their impact on its credit ratings, including the need to review its issued credit ratings. |
| ▼M1 | ▼M1 |
| 4. Bonitetna agencija prekrši člen 11(2), če ne predloži zahtevanih informacij ali če teh informacij ne predloži v zahtevani obliki, kakor je določena v navedenem odstavku. | 4. The credit rating agency infringes Article 11(2) by not making available the required information or by not providing that information in the required format as referred to in that paragraph. |
| ▼M3 | ▼M3 |
| 4a. Bonitetna agencija prekrši člen 11a(1), če ne da na voljo zahtevanih informacij ali če teh informacij ne zagotovi v zahtevani obliki iz navedenega odstavka. | 4a. The credit rating agency infringes Article 11a(1) by not making available the required information or by not providing that information in the required format as referred to in that paragraph. |
| ▼M1 | ▼M1 |
| 5. Bonitetna agencija prekrši člen 11(3) v zvezi s točko 2 dela I oddelka E Priloge I, če ESMA ne predloži seznama svojih pomožnih storitev. | 5. The credit rating agency infringes Article 11(3), in conjunction with point 2 of Part I of Section E of Annex I, by not providing to ESMA a list of its ancillary services. |
| 6. Bonitetna agencija prekrši drugi pododstavek člena 14(3), če ne obvesti ESMA o bistvenih spremembah pogojev za začetno registracijo v skladu z navedenim pododstavkom. | 6. The credit rating agency infringes the second subparagraph of Article 14(3) by not notifying ESMA of any material changes to the conditions for initial registration in accordance with that subparagraph. |
| ▼M3 | ▼M3 |
| 7. Bonitetna agencija prekrši člen 23b(1), če kot odziv na sklep, s katerim se zahtevajo informacije na podlagi člena 23b(3), ne predloži informacij, ali če kot odziv na sklep predloži napačne ali zavajajoče informacije. | 7. The credit rating agency infringes Article 23b(1) by failing to provide information in response to a decision requiring information pursuant to Article 23b(3), or by providing incorrect or misleading information in response to a simple request for information or a decision. |
| 8. Bonitetna agencija prekrši točko (c) člena 23c(1), če ne predloži obrazložitve ali predloži napačno ali zavajajočo obrazložitev glede dejstev ali dokumentov v zvezi s predmetom in namenom inšpekcije. | 8. The credit rating agency infringes point (c) of Article 23c(1) by failing to provide an explanation, or by providing an incorrect or misleading explanation, on facts or documents related to to the subject matter and purpose of an inspection. |
| ▼M1 | ▼M1 |
| III. Kršitve v zvezi z določbami razkrivanja | III. Infringements related to disclosure provisions |
| 1. Bonitetna agencija prekrši člen 6(2) v zvezi s točko 2 oddelka B Priloge I, če javnosti ne razkrije imen ocenjevanih subjektov ali povezanih tretjih oseb, od katerih prejema več kot 5 % svojih letnih prihodkov. | 1. The credit rating agency infringes Article 6(2), in conjunction with point 2 of Section B of Annex I, by not disclosing to the public the names of the rated entities or related third parties from which it receives more than 5 % of its annual revenue. |
| 2. Bonitetna agencija prekrši člen 6(2) v zvezi z drugim delom tretjega odstavka točke 4 oddelka B Priloge I, če v končnem poročilu o bonitetnih ocenah ne razkrije pomožne storitve, nudene ocenjenemu subjektu ali njegovi povezani tretji osebi. | 2. The credit rating agency infringes Article 6(2), in conjunction with the second part of the third paragraph of point 4 of Section B of Annex I, by not disclosing in the final rating report an ancillary service provided for the rated entity or any related third party. |
| 3. Bonitetna agencija prekrši člen 8(1), če javnosti ne razkrije metod, modelov ali ključnih predpostavk bonitetnega ocenjevanja, ki jih uporablja pri dejavnostih bonitetnega ocenjevanja, kot je opisano v točki 5 dela I oddelka E Priloge I. | 3. The credit rating agency infringes Article 8(1) by not disclosing to the public the methodologies, models or key rating assumptions it uses in its credit rating activities as described in point 5 of Part I of Section E of Annex I. |
| 4. Bonitetna agencija prekrši točko (a) člena 8(6), kadar se spremenijo metodologije, modeli ali ključne predpostavke, uporabljene pri dejavnosti bonitetnega ocenjevanja, vendar se nemudoma ne razkrije verjetnega obsega zadevnih bonitetnih ocen ali pa se obseg zadevnih ocen razkrije, vendar ne z uporabo istih sredstev komuniciranja kot so bila uporabljena pri dodelitvi zadevnih bonitetnih ocen. | 4. The credit rating agency infringes point (a) of Article 8(6), where methodologies, models or key rating assumptions used in credit rating activities are changed, by not disclosing immediately, or by disclosing and not using the same means of communication as used for the distribution of the affected credit ratings, the likely scope of affected credit ratings. |
| ▼M3 | ▼M3 |
| 4a. Bonitetna agencija prekrši točko (aa) člena 8(6), če, kadar namerava uporabiti nove metodologije bonitetnega ocenjevanja, o tem ne obvesti ESMA ali na svojem spletišču ne objavi nemudoma rezultatov posvetovanj ter novih metodologij bonitetnega ocenjevanja skupaj z njihovo podrobno razlago in datuma začetka izvajanja novih metodologij. | 4a. The credit rating agency infringes point (aa) of Article 8(6), where it intends to use new rating methodologies, by not informing ESMA or by not publishing immediately on its website the results of the consultation and those new rating methodologies together with a detailed explanation thereof and their date of application. |
| 4b. Bonitetna agencija prekrši točko (a) člena 8(7), če ne sporoči odkritih napak v svojih metodologijah bonitetnega ocenjevanja ali pri njihovi uporabi ali če ne pojasni vpliva na njene bonitetne ocene niti potrebo po pregledu že objavljenih bonitetnih ocen. | 4b. The credit rating agency infringes point (a) of Article 8(7) by not notifying affected rated entities of discovered errors in its rating methodologies or in their application,or by not explaining the impact on its credit ratings, including the need to review its issued credit ratings. |
| 4c. Bonitetna agencija prekrši točko (b) člena 8(7), če na svojem spletišču ne objavi odkritih napak v svojih metodologijah bonitetnega ocenjevanja ali pri njihovi uporabi, kadar imajo tako napake vpliv na bonitetne ocene bonitetne agencije. | 4c. The credit rating agency infringes point (b) of Article 8(7) by not publishing on its website discovered errors in its rating methodologies or in their application where such errors have an impact on the credit rating agency’s credit ratings. |
| ▼M1 | ▼M1 |
| 5. Bonitetna agencija prekrši člen 10(1), če ne razkrije na selektivni osnovi ali pravočasno odločitev o prenehanju bonitetnega ocenjevanja, vključno z vsemi razlogi zanje. | 5. The credit rating agency infringes Article 10(1) by not disclosing on a non-selective basis or in a timely manner a decision to discontinue a credit rating, including full reasons for the decision. |
| ▼M3 | ▼M3 |
| 6. Bonitetna agencija prekrši člen 10(2) v povezavi s točko 1 ali 2, prvim odstavkom točke 4 ali točko 5 ali 6 dela I oddelka D Priloge I ali dela II ali III oddelka D Priloge I, če ne predloži informacij, zahtevanih s temi določbami, ko predstavi bonitetno oceno ali obete glede bonitetne ocene. | 6. The credit rating agency infringes Article 10(2), in conjunction with point 1 or 2, the first paragraph of point 4 or points 5 or 6, of Part I of Section D of Annex I, or Parts II or III of Section D of Annex I, by not providing the information as required by those provisions when presenting a credit rating or a rating outlook. |
| 7. Bonitetna agencija prekrši člen 10(2) v povezavi s točko 3 dela I oddelka D Priloge I, če ocenjevanega subjekta ne obvesti o bonitetni oceni ali obetih glede bonitetne ocene med delovnim časom ocenjevanega subjekta in najmanj en cel delovni dan pred njihovo objavo. | 7. The credit rating agency infringes Article 10(2), in conjunction with point 3 of Part I of Section D of Annex I, by not informing the rated entity during working hours of the rated entity and at least a full working day before publication of the credit rating or the rating outlook. |
| ▼M1 | ▼M1 |
| 8. Bonitetna agencija prekrši člen 10(3), če ne zagotovi, da se bonitetne kategorije, ki se dodelijo strukturiranim finančnim instrumentom, jasno razlikujejo z uporabo dodatnega simbola, ki jih razlikuje od bonitetnih kategorij, ki se uporabljajo za vse druge subjekte, finančne instrumente ali finančne obveznosti. | 8. The credit rating agency infringes Article 10(3) by not ensuring that rating categories that are attributed to structured finance instruments are clearly differentiated using an additional symbol which distinguishes them from rating categories used for any other entities, financial instruments or financial obligations. |
| 9. Bonitetna agencija prekrši člen 10(4), če ne razkrije svojih politik ali postopkov v zvezi z nenaročenimi bonitetnimi ocenami. | 9. The credit rating agency infringes Article 10(4) by not disclosing its policies or procedures regarding unsolicited credit ratings. |
| 10. Bonitetna agencija prekrši člen 10(5), če pri izdaji nenaročene bonitetne ocene ne predloži informacij, ki jih ta odstavek zahteva, ali če ne prepozna nenaročene bonitetne ocene kot takšne. | 10. The credit rating agency infringes Article 10(5) by not providing the information as required by that paragraph when issuing an unsolicited credit rating or by not identifying an unsolicited credit rating as such. |
| 11. Bonitetna agencija prekrši člen 11(1), če v celoti ne razkrije ali nemudoma ne posodobi informacij v zvezi z zadevami, določenimi v oddelku E dela I Priloge I. | 11. The credit rating agency infringes Article 11(1) by not fully disclosing or immediately updating information relating to the matters set out in Part I of Section E of Annex I. |
| PRILOGA IV | ANNEX IV |
| Seznam koeficientov, povezanih z oteževalnimi in olajševalnimi dejavniki, za uporabo člena 36a(3) | List of the coefficients linked to aggravating and mitigating factors for the application of Article 36a(3) |
| Naslednji koeficienti se seštevajo in uporabijo z osnovnimi zneski iz člena 36a(2) na podlagi vsakega posameznega oteževalnega in olajševalnega dejavnika v nadaljevanju: | The following coefficients shall be applicable in a cumulative way to the basic amounts referred to in Article 36a(2) on the basis of each of the following aggravating and mitigating factors: |
| I. Koeficienti prilagoditve, povezani z oteževalnimi dejavniki | I. Adjustment coefficients linked to aggravating factors |
| 1. Če se je kršitev večkrat pojavljala, se za vsako ponovitev kršitve uporabi dodatni koeficient 1,1. | 1. If the infringement has been committed repeatedly, for every time it has been repeated, an additional coefficient of 1,1 shall apply. |
| 2. Če se je kršitev pojavljala več kot šest mesecev, se uporabi koeficient 1,5. | 2. If the infringement has been committed for more than six months, a coefficient of 1,5 shall apply. |
| 3. Če je kršitev razkrila sistemske pomanjkljivosti v organizaciji bonitetne agencije, zlasti v njenih postopkih, sistemih za upravljanje ali notranji kontroli, se uporabi koeficient 2,2. | 3. If the infringement has revealed systemic weaknesses in the organisation of the credit rating agency, in particular in its procedures, management systems or internal controls, a coefficient of 2,2 shall apply. |
| 4. Če je kršitev negativno vplivala na kakovost bonitetnih ocen, ki jih izdeluje zadevna bonitetna agencija, se uporabi koeficient 1,5. | 4. If the infringement has had a negative impact on the quality of the ratings rated by the credit rating agency concerned, a coefficient of 1,5 shall apply. |
| 5. Če je bila kršitev storjena namerno, se uporabi koeficient 2. | 5. If the infringement has been committed intentionally, a coefficient of 2 shall apply. |
| 6. Če po ugotovitvi kršitve ni bil sprejet nikakršen ukrep za njeno odpravo, se uporabi koeficient 1,7. | 6. If no remedial action has been taken since the breach has been identified, a coefficient of 1,7 shall apply. |
| 7. Če višje vodstvo bonitetne agencije pri opravljanju preiskav ni sodelovalo z ESMA, se uporabi koeficient 1,5. | 7. If the credit rating agency’s senior management has not cooperated with ESMA in carrying out its investigations, a coefficient of 1,5 shall apply. |
| II. Koeficienti prilagoditve, povezani z olajševalnimi dejavniki | II. Adjustment coefficients linked to mitigating factors |
| 1. Če je kršitev povezana s kršitvami iz oddelkov II ali III Priloge III in se je pojavljala manj kot deset delovnih dni, se uporabi koeficient 0,9. | 1. If the infringement relates to a breach listed in Section II or III of Annex III and has been committed for fewer than 10 working days, a coefficient of 0,9 shall apply. |
| 2. Če višje vodstvo bonitetne agencije lahko dokaže, da je sprejelo vse nujne ukrepe za preprečitev kršitve, se uporabi koeficient 0,7. | 2. If the credit rating agency’s senior management can demonstrate that they have taken all the necessary measures to prevent the infringement, a coefficient of 0,7 shall apply. |
| 3. Če je bonitetna agencija o kršitvi hitro, učinkovito in v celoti obvestila ESMA, se uporabi koeficient 0,4. | 3. If the credit rating agency has brought quickly, effectively and completely the infringement to ESMA’s attention, a coefficient of 0,4 shall apply. |
| 4. Če bonitetna agencija prostovoljno sprejme ukrepe za zagotovitev, da v prihodnje ne bo prišlo do podobne kršitve, se uporabi koeficient 0,6. | 4. If the credit rating agency has voluntarily taken measures to ensure that similar infringement cannot be committed in the future, a coefficient of 0,6 shall apply. |
| ( 1 ) Mnenje z dne 13. maja 2009 (še ni objavljeno v Uradnem listu). | ( 1 ) Opinion of 13 May 2009 (not yet published in the Official Journal). |
| ( 2 ) UL C 115, 20.5.2009, str. 1. | ( 2 ) OJ C 115, 20.5.2009, p. 1. |
| ( 3 ) Mnenje Evropskega parlamenta z dne 23. aprila 2009 (še ni objavljeno v Uradnem listu) in Sklep Sveta z dne 27. julija 2009. | ( 3 ) Opinion of the European Parliament of 23 April 2009 (not yet published in the Official Journal) and Council Decision of 27 July 2009. |
| ( 4 ) UL L 96, 12.4.2003, str. 16. | ( 4 ) OJ L 96, 12.4.2003, p. 16. |
| ( 5 ) UL L 177, 30.6.2006, str. 1. | ( 5 ) OJ L 177, 30.6.2006, p. 1. |
| ( 6 ) UL L 177, 30.6.2006, str. 201. | ( 6 ) OJ L 177, 30.6.2006, p. 201. |
| ( 7 ) UL L 375, 31.12.1985, str. 3. Direktiva nadomeščena, z učinkom od 1. julija 2011, z Direktivo 2009/65/ES Evropskega parlamenta in Sveta (glej stran 32 tega Uradnega lista). | ( 7 ) OJ L 375, 31.12.1985, p. 3. Directive replaced, with effect from 1 July 2011, by Directive 2009/65/EC of the European Parliament and of the Council (See page 32 of this Official Journal). |
| ( 8 ) UL L 235, 23.9.2003, str. 10. | ( 8 ) OJ L 235, 23.9.2003, p. 10. |
| ( 9 ) UL L 345, 31.12.2003, str. 64. | ( 9 ) OJ L 345, 31.12.2003, p. 64. |
| ( 10 ) UL L 149, 30.4.2004, str. 1. | ( 10 ) OJ L 149, 30.4.2004, p. 1. |
| ( 11 ) UL C 59, 11.3.2006, str. 2. | ( 11 ) OJ C 59, 11.3.2006, p. 2. |
| ( 12 ) UL L 25, 29.1.2009, str. 18. | ( 12 ) OJ L 25, 29.1.2009, p. 18. |
| ( 13 ) UL L 52, 25.2.2005, str. 51. | ( 13 ) OJ L 52, 25.2.2005, p. 51. |
| ( 14 ) UL L 281, 23.11.1995, str. 31. | ( 14 ) OJ L 281, 23.11.1995, p. 31. |
| ( 15 ) UL L 184, 17.7.1999, str. 23. | ( 15 ) OJ L 184, 17.7.1999, p. 23. |
| ( 16 ) UL L 193, 18.7.1983, str. 1. | ( 16 ) OJ L 193, 18.7.1983, p. 1. |
| ( 17 ) UL L 145, 30.4.2004, str. 1. | ( 17 ) OJ L 145, 30.4.2004, p. 1. |
| ( 18 ) UL L 335, 17.12.2009, str. 1. | ( 18 ) OJ L 335, 17.12.2009, p. 1. |
| ( 19 ) UL L 302, 17.11.2009, str. 32. | ( 19 ) OJ L 302, 17.11.2009, p. 32. |
| ( 20 ) UL L 174, 1.7.2011, str. 1. | ( 20 ) OJ L 174, 1.7.2011, p. 1. |
| ( 21 ) UL L 201, 27.7.2012, str. 1. | ( 21 ) OJ L 201, 27.7.2012, p. 1. |
| ( 22 ) UL L 339, 24.12.2003, str. 73. | ( 22 ) OJ L 339, 24.12.2003, p. 73. |
| ( 23 ) Direktiva Komisije 2006/73/ES z dne 10. avgusta 2006 o izvajanju Direktive 2004/39/ES Evropskega parlamenta in Sveta v zvezi z organizacijskimi zahtevami in pogoji poslovanja investicijskih družb ter opredeljenimi izrazi za namene navedene direktive (UL L 241, 2.9.2006, str. 26). | ( 23 ) Commission Directive 2006/73/EC of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive (OJ L 241, 2.9.2006, p. 26). |
| ( 24 ) UL L 309, 25.11.2005, str. 15. | ( 24 ) OJ L 309, 25.11.2005, p. 15. |
| ( 25 ) UL L 331, 15.12.2010, str. 84. | ( 25 ) OJ L 331, 15.12.2010, p. 84. |
| ( 26 ) UL L 331, 15.12.2010, str. 12. | ( 26 ) OJ L 331, 15.12.2010, p. 12. |
| ( 27 ) UL L 331, 15.12.2010, str. 48. | ( 27 ) OJ L 331, 15.12.2010, p. 48. |
| ( 28 ) UL L 331, 15.12.2010, str. 1. | ( 28 ) OJ L 331, 15.12.2010, p. 1. |
| ( 29 ) UL 17, 6.10.1958, str. 385/58. | ( 29 ) OJ 17, 6.10.1958, p. 385/58. |
| ( 30 ) UL L 8, 12.1.2001, str. 1. | ( 30 ) OJ L 8, 12.1.2001, p. 1. |
| ( 31 ) UL L 191, 13.7.2001, str. 45. | ( 31 ) OJ L 191, 13.7.2001, p. 45. |
| ( 32 ) Direktiva Komisije 2004/72/ES z dne 29. aprila 2004 o izvajanju Direktive 2003/6/ES Evropskega parlamenta in Sveta glede dovoljenih tržnih ravnanj, opredelitve notranjih informacij v zvezi z izvedenimi finančnimi instrumenti na blago, sestave seznama o osebah z dostopom do notranjih informacij, poročanja o transakcijah poslovodnih delavcev in obveščanja o sumljivih poslih (UL L 162, 30.4.2004, str. 70). | ( 32 ) Commission Directive 2004/72/EC of 29 April 2004 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards accepted market practices, the definition of inside information in relation to derivatives on commodities, the drawing up of lists of insiders, the notification of managers’ transactions and the notification of suspicious transactions (OJ L 162, 30.4.2004, p. 70). |
| ( 33 ) UL L 390, 31.12.2004, str. 38. | ( 33 ) OJ L 390, 31.12.2004, p. 38. |
| ( 34 ) UL L 222, 14.8.1978, str. 11. | ( 34 ) OJ L 222, 14.8.1978, p. 11. |
| ( 35 ) UL L 142, 30.4.2004, str. 12. | ( 35 ) OJ L 142, 30.4.2004, p. 12. |
