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  1. #586628

    i gcás idirbheart iasachta urraithe beidh an tréimhse leachtaithe cothrom le 20 lá gnó;

    for secured lending transactions the liquidation period shall be 20 business days;

    Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 Text with EEA relevance

  2. #586630

    i gcás idirbheart caipitil eile faoi thionchar an mhargaidh, beidh an tréimhse leachtaithe cothrom le 10 lá gnó;

    for other capital market driven transactions, the liquidation period shall be 10 business days.

    Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 Text with EEA relevance

  3. #586654

    TM = an tréimhse leachtaithe iomchuí;

    TM = the relevant liquidation period;

    Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 Text with EEA relevance

  4. #586655

    HM = an coigeartú luaineachta arna bhunú ar an tréimhse leachtaithe TM;

    HM = the volatility adjustment based on the liquidation period TM;

    Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 Text with EEA relevance

  5. #586656

    HN = an coigeartú luaineachta arna bhunú ar an tréimhse leachtaithe TN.

    HN = the volatility adjustment based on the liquidation period TN.

    Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 Text with EEA relevance

  6. #586686

    TM = an tréimhse leachtaithe don chineál idirbhirt lena mbaineann.

    TM = the liquidation period for the type of transaction in question.

    Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 Text with EEA relevance

  7. #1663289

    Ós rud é nach praiticiúil na teorainneacha infheistíochta a choinneáil ar bun le linn na tréimhse leachtaithe sin, ba cheart go scoirfidís d'fheidhm a bheith acu nuair a thosóidh an tréimhse leachtaithe.

    Due to the impracticality of maintaining the investment limits during this liquidation period, they should cease to apply when the liquidation period starts.

    Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds (Text with EEA relevance)

  8. #1902590

    Ar an dara dul síos, ní dhéantar foráil sna rialacha príomhúla maidir le híostréimhse leachtaithe.

    Secondly, the primary rules do not provide for a minimum liquidation period.

    Commission Implementing Decision (EU) 2021/85 of 27 January 2021 on the equivalence to the requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council of the regulatory framework of the United States of America for central counterparties that are authorised and supervised by the U.S. Securities and Exchange Commission (Text with EEA relevance)

  9. #2248317

    I gcás TLFanna, ríomhtar éarlaisí ar bhonn tréimhse leachtaithe trí lá.

    For TBAs, margins are calculated on the basis of a three-day liquidation period.

    Commission Implementing Decision (EU) 2022/551 of 4 April 2022 amending Implementing Decision (EU) 2021/85 on the equivalence to the requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council of the regulatory framework of the United States of America for central counterparties that are authorised and supervised by the U.S. Securities and Exchange Commission (Text with EEA relevance)

  10. #586566

    beidh sé bunaithe ar thréimhse leachtaithe atá coibhéiseach le 5 lá, ach amháin i gcás idirbheart seachas idirbhearta athcheannaigh i leith urrús nó idirbheart maidir le hurrúis a iasachtú nó a fháil ar iasacht mar a n-úsáidfear tréimhse leachtaithe atá coibhéiseach le 10 lá;

    it shall be based on a 5-day equivalent liquidation period, except in the case of transactions other than securities repurchase transactions or securities lending or borrowing transactions where a 10-day equivalent liquidation period shall be used;

    Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 Text with EEA relevance

  11. #1902604

    Go háirithe, ba cheart do CPL tréimhse leachtaithe 2 lá a chur i bhfeidhm i ndáil le conarthaí díorthacha nach le díorthaigh thar an gcuntar a bhaineann siad, agus tréimhse leachtaithe 5 lá a chur i bhfeidhm i ndáil le conarthaí díorthacha thar an gcuntar, agus sin a dhéanamh ar bhonn glanluachála sa dá chás.

    In particular, a CCP should apply a 2-day liquidation period with respect to non-OTC derivative contracts and a 5-day liquidation period with respect to OTC derivative contracts, both on a net basis.

    Commission Implementing Decision (EU) 2021/85 of 27 January 2021 on the equivalence to the requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council of the regulatory framework of the United States of America for central counterparties that are authorised and supervised by the U.S. Securities and Exchange Commission (Text with EEA relevance)

  12. #1902609

    Go háirithe, ba cheart do ESMA a sheiceáil go gcuireann an CPL tréimhse leachtaithe 2 lá i bhfeidhm i ndáil le conarthaí díorthacha nach le díorthaigh thar an gcuntar a bhaineann siad agus go gcuireann sé tréimhse leachtaithe 5 lá i bhfeidhm i ndáil le conarthaí díorthacha thar an gcuntar, rud atá ar bhonn glanluachála sa dá chás, agus go gcuireann an CPL bearta i bhfeidhm atá ceaptha chun an chomh-thimthriallacht a theorannú, bearta atá coibhéiseach le haon cheann de na trí bheart a leagtar amach faoi Rialachán (AE) Uimh. 648/2012 maidir le héarlaisí cobhsaí coimeádacha a chur ar fáil.

    In particular, ESMA should check that the CCP applies a 2-day liquidation period with respect to non-OTC derivative contracts and a 5-day liquidation period with respect to OTC derivative contracts, both on a net basis, and that the CCP applies measures designed to limit procyclicality that are equivalent in delivering stable and conservative margins to any of the three measures set out under Regulation (EU) No 648/2012.

    Commission Implementing Decision (EU) 2021/85 of 27 January 2021 on the equivalence to the requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council of the regulatory framework of the United States of America for central counterparties that are authorised and supervised by the U.S. Securities and Exchange Commission (Text with EEA relevance)

  13. #2248322

    Leis an bhforáil sin ceanglaítear ar CPL íostréimhse leachtachta 2 lá a chur san áireamh le haghaidh conarthaí díorthacha nach mbaineann le díorthaigh thar an gcuntar, agus íostréimhse leachtaithe 5 lá le haghaidh conarthaí díorthacha thar an gcuntar, agus is ar bhonn glanluachála a bhailítear an éarlais de ghnáth.

    That provision requires a CCP to consider minimum liquidation period of 2 days for non-OTC derivative contracts, and a minimum liquidation period of 5 days for OTC derivative contracts, typically with margin collected on a net basis.

    Commission Implementing Decision (EU) 2022/551 of 4 April 2022 amending Implementing Decision (EU) 2021/85 on the equivalence to the requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council of the regulatory framework of the United States of America for central counterparties that are authorised and supervised by the U.S. Securities and Exchange Commission (Text with EEA relevance)

  14. #586658

    Déanfaidh siad an tréimhse leachtaithe a choigeartú in airde i gcásanna ina bhfuil amhras faoi leachtacht na comhthaobhachta.

    They shall adjust the liquidation period upwards in cases where there is doubt concerning the liquidity of the collateral.

    Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 Text with EEA relevance

  15. #1902641

    i gcás conarthaí díorthacha a dhéantar ar mhargaí rialáilte, tréimhse leachtaithe 2 lá a ríomhtar ar bhonn glanluachála;

    in the case of derivative contracts executed on regulated markets, a liquidation period of 2 days calculated on a net basis;

    Commission Implementing Decision (EU) 2021/85 of 27 January 2021 on the equivalence to the requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council of the regulatory framework of the United States of America for central counterparties that are authorised and supervised by the U.S. Securities and Exchange Commission (Text with EEA relevance)

  16. #1902642

    i gcás conarthaí díorthacha thar an gcuntar, tréimhse leachtaithe 5 lá arna ríomh ar bhonn glanluachála;

    in the case of OTC derivative contracts, a liquidation period of 5 days calculated on a net basis;

    Commission Implementing Decision (EU) 2021/85 of 27 January 2021 on the equivalence to the requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council of the regulatory framework of the United States of America for central counterparties that are authorised and supervised by the U.S. Securities and Exchange Commission (Text with EEA relevance)

  17. #2248316

    Ní dhéanann na rialacha príomhúla sin foráil, áfach, maidir le híostréimhse leachtaithe le haghaidh éarlaisí tosaigh a ríomh agus a bhailiú.

    Those primary rules, however, do not provide for a minimum liquidation period for the calculation and collection of initial margins.

    Commission Implementing Decision (EU) 2022/551 of 4 April 2022 amending Implementing Decision (EU) 2021/85 on the equivalence to the requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council of the regulatory framework of the United States of America for central counterparties that are authorised and supervised by the U.S. Securities and Exchange Commission (Text with EEA relevance)

  18. #2248329

    Go háirithe, ba cheart don CPL éarlaisí tosaigh a ríomh agus a bhailiú ar bhonn tréimhse leachtachta trí lá i leith TLFanna, ar bhonn glanluachála.

    In particular, the CCP should calculate and collect initial margins on the basis of a three-day liquidation period with respect to TBAs, on a net basis.

    Commission Implementing Decision (EU) 2022/551 of 4 April 2022 amending Implementing Decision (EU) 2021/85 on the equivalence to the requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council of the regulatory framework of the United States of America for central counterparties that are authorised and supervised by the U.S. Securities and Exchange Commission (Text with EEA relevance)

  19. #2248342

    i gcás urrúis le taca morgáistí a thrádáiltear ar bhonn Tá Le Fógairt, tréimhse leachtaithe 3 lá a ríomhtar ar bhonn glanluachála;”;

    in the case of mortgage-backed securities traded on To-Be-Announced basis, a liquidation period of three days calculated on a net basis;’;

    Commission Implementing Decision (EU) 2022/551 of 4 April 2022 amending Implementing Decision (EU) 2021/85 on the equivalence to the requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council of the regulatory framework of the United States of America for central counterparties that are authorised and supervised by the U.S. Securities and Exchange Commission (Text with EEA relevance)

  20. #518929

    an céatadán iomchuí agus na tréimhsí ionchais iomchuí i gcomhair tréimhse leachtachta agus i gcomhair ríomh na luaineachta stairiúla a bheidh le breithniú le haghaidh na n-aicmí éagsúla ionstraimí airgeadais, agus an cuspóir chun comh-thimthriallacht a theorannú mar aon leis na coinníollacha faoina bhféadfar na coinníollacha um éarlaisiú punainne a chur chun feidhme á gcur san áireamh;

    the appropriate percentage and time horizons for the liquidation period and the calculation of historical volatility to be considered for the different classes of financial instruments taking into account the objective to limit pro-cyclicality and the conditions under which portfolio margining practices can be implemented;

    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 Text with EEA relevance

  21. #519626

    5. D'fhonn cur i bhfeidhm comhsheasmhach an Airteagail seo a áirithiú, déanfaidh ÚEUM, tar éis dó dul i gcomhairle le ÚBE agus le CEBC, dréachtchaighdeáin theicniúla rialála a fhorbairt ina sonrófar síos an céatadán iomchuí agus an tréimhse ionchais iomchuí i gcomhair tréimhse leachtachta agus i gcomhair ríomh na luaineachta stairiúla, dá dtagraítear i mír 1, a bheidh le breithniú le haghaidh aicmí éagsúla na n-ionstraimí airgeadais, agus an cuspóir chun comhthimthriallacht a theorannú á chur san áireamh, agus na coinníollacha faoina bhféadfar na cleachtais um éarlaisiú punainne dá dtagraítear i mír 4 a chur chun feidhme.

    5. In order to ensure consistent application of this Article, ESMA shall, after consulting EBA and the ESCB, develop draft regulatory technical standards specifying the appropriate percentage and time horizons for the liquidation period and the calculation of historical volatility, as referred to in paragraph 1, to be considered for the different classes of financial instruments, taking into account the objective to limit procyclicality, and the conditions under which portfolio margining practices referred to in paragraph 4 can be implemented.

    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 Text with EEA relevance

  22. #586629

    i gcás idirbheart athcheannaigh, ach amháin a mhéid is a bhaineann na hidirbhearta sin le haistriú na dtráchtearraí nó na gceart faoi ráthaíocht a bhaineann le teideal chun tráchtearraí, agus idirbhearta maidir le hurrúis a iasachtú nó a fháil ar iasacht, beidh an tréimhse leachtaithe cothrom le 5 lá gnó;

    for repurchase transactions, except insofar as such transactions involve the transfer of commodities or guaranteed rights relating to title to commodities, and securities lending or borrowing transactions the liquidation period shall be 5 business days;

    Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 Text with EEA relevance

  23. #586635

    I gcás aonaid incháilithe i GCanna, tá an coigeartú luaineachta cothrom leis na meánchoigeartuithe luaineachta ualaithe a mbeadh feidhm acu, ag féachaint do thréimhse leachtaithe an idirbhirt a shonraítear i mír 2, maidir leis na sócmhainní inar infheistigh an ciste.

    For eligible units in CIUs the volatility adjustment is the weighted average volatility adjustments that would apply, having regard to the liquidation period of the transaction as specified in paragraph 2, to the assets in which the fund has invested.

    Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 Text with EEA relevance

  24. #586653

    féadfaidh institiúidí uimhreacha coigeartúcháin luaineachta a úsáid arna ríomh de réir tréimhsí leachtaithe níos giorra nó níos faide, arna méadú nó arna laghdú ó scála ar an tréimhse leachtaithe a leagtar amach i bpointe (b) maidir leis an gcineál idirbhirt atá i gceist, ag úsáid na foirmle um fhréamh chearnach ama:

    institutions may use volatility adjustment numbers calculated according to shorter or longer liquidation periods, scaled up or down to the liquidation period set out in point (b) for the type of transaction in question, using the square root of time formula:

    Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 Text with EEA relevance

  25. #586668

    i gcás ina bhfuil an tréimhse leachtaithe a úsáideann institiúid ina próiseas bainistithe priacal ó lá go lá níos faide ná an tréimhse a leagtar amach sa Roinn seo le haghaidh an chineáil idirbhirt atá i gceist, déanfaidh an institiúid sin a coigeartuithe luaineachta a mhéadú ó scála i gcomhréir leis an bhfoirmle um fhréamh chearnach ama a leagtar amach i bpointe (c) de mhír 2;

    where the liquidation period used by an institution in its day-to-day risk management process is longer than that set out in this Section for the type of transaction in question, that institution shall scale up its volatility adjustments in accordance with the square root of time formula set out in point (c) of paragraph 2;

    Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 Text with EEA relevance

  26. #586771

    Bunóidh institiúidí na coigeartuithe luaineachta le haghaidh neamhréire airgeadra ar bith ar thréimhse leachtaithe 10 lá gnó, ag glacadh leis go ndéantar athluacháil laethúil, agus féadfaidh siad iad a ríomh bunaithe ar an gcur chuige Maoirseachta maidir le Coigeartuithe Luaineachta nó ar an gCur Chuige bunaithe ar a Meastacháin Féin mar a leagtar amach in Airteagal 224 agus Airteagal 225 faoi seach.

    Institutions shall base the volatility adjustments for any currency mismatch on a 10 business day liquidation period, assuming daily revaluation, and may calculate them based on the Supervisory Volatility Adjustments approach or the Own Estimates Approach as set out in Articles 224 and 225 respectively.

    Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 Text with EEA relevance

  27. #1770927

    an céatadán iomchuí agus na tréimhsí ionchais iomchuí i gcomhair tréimhse leachtachta agus i gcomhair ríomh na luaineachta stairiúla a bheidh le breithniú le haghaidh na n-aicmí éagsúla ionstraimí airgeadais, agus an cuspóir chun comh-thimthriallacht a theorannú mar aon leis na coinníollacha faoina bhféadfar na coinníollacha um éarlaisiú punainne a chur chun feidhme á gcur san áireamh;

    the appropriate percentage and time horizons for the liquidation period and the calculation of historical volatility to be considered for the different classes of financial instruments taking into account the objective to limit pro-cyclicality and the conditions under which portfolio margining practices can be implemented;

    NoDG-2012-02012R0648_EN-GA-DWN

  28. #1771577

    D'fhonn cur i bhfeidhm comhsheasmhach an Airteagail seo a áirithiú, déanfaidh ÚEUM, tar éis dó dul i gcomhairle le ÚBE agus le CEBC, dréachtchaighdeáin theicniúla rialála a fhorbairt ina sonrófar síos an céatadán iomchuí agus an tréimhse ionchais iomchuí i gcomhair tréimhse leachtachta agus i gcomhair ríomh na luaineachta stairiúla, dá dtagraítear i mír 1, a bheidh le breithniú le haghaidh aicmí éagsúla na n-ionstraimí airgeadais, agus an cuspóir chun comhthimthriallacht a theorannú á chur san áireamh, agus na coinníollacha faoina bhféadfar na cleachtais um éarlaisiú punainne dá dtagraítear i mír 4 a chur chun feidhme.

    In order to ensure consistent application of this Article, ESMA shall, after consulting EBA and the ESCB, develop draft regulatory technical standards specifying the appropriate percentage and time horizons for the liquidation period and the calculation of historical volatility, as referred to in paragraph 1, to be considered for the different classes of financial instruments, taking into account the objective to limit procyclicality, and the conditions under which portfolio margining practices referred to in paragraph 4 can be implemented.

    NoDG-2012-02012R0648_EN-GA-DWN

  29. #1796776

    Chun críche phointe (d) de mhír 1, socróidh institiúidí an tréimhse leachtaithe is ábhartha do ríomh an luacha comhthaobhachta arna choigeartú i bhfianaise na luaineachta, a fuarthas nó a breacadh, i gcomhréir le ceann amháin de na tréimhsí ionchasacha seo a leanas:

    For the purposes of point (d) of paragraph 1, institutions shall set the liquidation period relevant for the calculation of the volatility-adjusted value of any collateral received or posted in accordance with one of the following time horizons:

    Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012 (Text with EEA relevance.)

  30. #2248318

    Leis an tréimhse leachtaithe trí lá sin cuirtear san áireamh leachtacht ard an mhargaidh TLF atá ar an dara margadh ioncaim sheasta is mó in SAM, agus bunaítear í ar shamhail éarlaisithe a forbraíodh chun a áirithiú go gcumhdaíonn éarlaisí neamhchosaintí féideartha a mheasann an CPL a d’fhéadfadh tarlú sula ndéantar suíomhanna comhpháirtí mainneachtana a fhálú nó a leachtú.

    That three-day liquidation period takes into account the high liquidity of the TBA market, which is the second largest fixed income market in the USA, and is based on a margining model elaborated to ensure that margins cover potential exposures that the CCP estimates may occur until the hedging or liquidation of positions of a defaulting participant.

    Commission Implementing Decision (EU) 2022/551 of 4 April 2022 amending Implementing Decision (EU) 2021/85 on the equivalence to the requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council of the regulatory framework of the United States of America for central counterparties that are authorised and supervised by the U.S. Securities and Exchange Commission (Text with EEA relevance)

  31. #2248334

    Go háirithe, ba cheart do ESMA a sheiceáil go gcuireann an CPL tréimhse leachtaithe trí lá i bhfeidhm i ndáil le TLFanna, ar bhonn glanluachála, agus go gcuireann an CPL bearta i bhfeidhm atá ceaptha chun an chomh-thimthriallacht a theorannú, bearta atá coibhéiseach le haon cheann de na trí bheart a leagtar síos le hAirteagal 28(1) de Rialachán Tarmligthe (AE) Uimh. 153/2013 maidir le héarlaisí cobhsaí coimeádacha a chur ar fáil.

    In particular, ESMA should check that the CCP applies a three-day liquidation period with respect to TBAs, on a net basis, and that the CCP applies measures designed to limit procyclicality that are equivalent in delivering stable and conservative margins to any of the three measures laid down Article 28(1) of Delegated Regulation (EU) No 153/2013.

    Commission Implementing Decision (EU) 2022/551 of 4 April 2022 amending Implementing Decision (EU) 2021/85 on the equivalence to the requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council of the regulatory framework of the United States of America for central counterparties that are authorised and supervised by the U.S. Securities and Exchange Commission (Text with EEA relevance)