Plné znění - 32015R1515

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&Xxxxxx;xxřxxx&xxxxxx; protistrany xxxxxxx&xxxxxx; mezi xxxxxxxxxxx xxxxx xxxxxxxxxx&xxxxxx;xx xx xxxxxx či xěxxxxxx xxxxxčx&xxxxxx;xx xxx&xxxxxx;xx. &Xxxxxx;xěxxx&xxxxxx; xxxxxx xěxxxx protistran xx xx&xxxxxx;xňxxx složením xxxx&xxxxxx;xěx&xxxxxx;, xxxx&xxxxxx; xx xxxxč&xxxxxx;x&xxxxxx; xxx, xxx xxxxxxx xx&xxxxxx;xxx&xxxxxx; xxžx&xxxxxx; xxx&xxxxxx;xx xřx xxxx&xxxxxx;x&xxxxxx;. &Xxxxxx;xxřxxx&xxxxxx; protistrany xřxx&xxxxxx;xxx&xxxxxx; xxxx xxxx&xxxxxx;xěx&xxxxxx; xxxxx xxxxxx xxxxxxx&xxxxxx; xxxxxx, xxxxxxx hotovost, aby xxxxx xxxx&xxxxxx;x x&xxxxxx;xx&xxxxxx;x x&xxxx;&xxxxxx;xxxxě xxxxxčx&xxxxxx; marže, x&xxxx;x&xxxxxx;x xxxžxxx rychlou xxxxxxxxx x&xxxx;xř&xxxxxx;xxxě xxxx&xxxxxx;x&xxxxxx;.

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Xxxžxx xxxxxxx&xxxxxx;xx systému x&xxxx;xxxxx čxxxxx&xxxxxx;xx xx&xxxxxx;xxxx xxxx xxxxxx&xxxxxx;xx účastníky xxxx x&xxxx;XXX xxxxx&xxxxxx;xx. Složky xxxxxxx&xxxxxx;xx xxxx&xxxxxx;xx x&xxxxxx;xx xxxxxě xxxxxxxxxxx&xxxxxx; xxxx xxxxxxxx x&xxxx;x&xxxxxx;xxx xxxx xxž&xxxxxx; x&xxxxxx;xxxxěx&xxxxxx;&xxxxxx; investice, xxxx xxxx xxxx&xxxxxx; xxx&xxxxxx;xx, xx &xxxxxx;čxxxx xxxx&xxxxxx;xěx&xxxxxx; vysoké x&xxxxxx;xxxxxxxxx xxx xůxxxxxx. Subjekty xxxxxxxx&xxxxxx;x&xxxxxx; složky penzijního xxxx&xxxxxx;xx, jejichž xxxx&xxxxxx;xx&xxxxxx;x &xxxxxx;čxxxx xx zabezpečovat x&xxxxxx;xxx x&xxxx;xůxxxxx, xxxxxxx xx formě xxžxxxxx&xxxxxx;xx xxxxxx, xx&xxxxxx;xx také xxxxxx xxxx&xxxxxx;xxx&xxxxxx;xx xxčxxxě xxxx xxxxxx&xxxxxx;xxxě, xxxxxxx xxxxxxxxxxx&xxxxxx; držbu xxxxxřxxxů x&xxxx;xxxxxxxxx, xxx maximalizovaly xxxxxxxxxxx a návratnost pro xx&xxxxxx; pojistníky. Stanovení xxžxxxxxx, aby xxxx xxxxxxxx prováděly xxxxxxxx XXX derivátových xxxxx xxxxx&xxxxxx;xxě, xx tak xěxx xx x&xxxxxx;xxxxxx xřxxxx významné č&xxxxxx;xxx xxxxxx xxxxx xx xxxxxxxxx, xxx xxxxx xxxxx průběžné maržové xxžxxxxxx ústředních protistran.

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X&xxxx;xxxxxxxxx&xxxxxx; čx.&xxxx;89 xxxx.&xxxx;1 xxř&xxxxxx;xxx&xxxxxx; (XX) č.&xxxx;648/2012 je xxxxx xxxxxxx, že xx xxxx xř&xxxxxx; xxx xx xxxxxx xxxxxx&xxxxxx;xx xxř&xxxxxx;xxx&xxxxxx; x&xxxx;xxxxxxxx xx xxxxxxxxx clearingu xxxxxxxx&xxxxxx; x&xxxx;čx&xxxxxx;xxx&xxxx;4 xxxxxxxxxx xx OTC xxxxx&xxxxxx;xxx&xxxxxx; xxxxxxx, xxxx&xxxxxx; jsou xxxxxxxxxě xěřxxxxx&xxxxxx; jako xxxžxx&xxxxxx;x&xxxxxx; xxxxxxxčx&xxxxxx; xxxxxx xř&xxxxxx;xx xxxxxxxx&xxxxxx;x&xxxxxx; x&xxxx;xxxxxčx&xxxxxx; xxxxxxxxxxx&xxxxxx; složek xxxxxxx&xxxxxx;xx xxxx&xxxxxx;xx. Xřxxxxxx&xxxxxx; xxxxx&xxxxxx; xx xxxxxxxx xxxxěž xx xxxxxxxx xř&xxxxxx;xxx&xxxxxx; xxx &xxxxxx;čxxx poskytování x&xxxxxx;xxxxx čxxxůx složek xxxxxxx&xxxxxx;xx xxxx&xxxxxx;xx x&xxxx;xř&xxxxxx;xxxě xxxx&xxxxxx;x&xxxxxx;.

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X&xxxx;x&xxxxxx;xxx celkového xxxxxxxx&xxxxxx; xxxčxxx&xxxxxx; xxxxxxx xřxxxxxxxx Xxxxxx x&xxxx;xxxxxxx x&xxxx;čx.&xxxx;85 xxxx.&xxxx;2 nařízení (EU) č.&xxxx;648/2012 xxx&xxxxxx;xx, x&xxxx;x&xxxxxx;ž xxxxxx&xxxxxx;, zda &xxxxxx;xxřxxx&xxxxxx; xxxxxxxxxxx vyvinuly nezbytné &xxxxxx;xxx&xxxxxx; x&xxxx;xxxxxxx&xxxxxx; xxxxx&xxxxxx;xx xxxxxxxx&xxxxxx;xx řešení pro xřxxxx xxxxxxxxxxx&xxxxxx;xx xxxxxxx&xxxxxx;xx xxxx xxxxxčx&xxxxxx; xxxžx xxxžxxxx penzijního xxxx&xxxxxx;xx. X&xxxx;x&xxxxxx;xxx xxxxxxxx&xxxxxx; xxxxxx xxxxxxxx&xxxxxx; xxxxxx Xxxxxx xxxxxxxx&xxxxxx;x&xxxxxx; x&xxxxxx;xxxxx&xxxxxx; xxxxxx x&xxxx;řx&xxxxxx;xx&xxxxxx;xx xxx xřxxxx xxxxxxxxxxx&xxxxxx;xx xxxxxxx&xxxxxx;xx xxxžxxxx xxxxxxx&xxxxxx;xx xxxx&xxxxxx;xx xx &xxxxxx;xxřxxx&xxxxxx; protistrany, xxxxž x&xxxx;x&xxxx;xxxxxx v případě, žx xxxx x&xxxxxx;xxxxx xxx&xxxxxx;xxx x&xxxx;xxxxxx nalezeno xxx&xxxxxx; řx&xxxxxx;xx&xxxxxx;, pokud jde x&xxxx;xx&xxxxxx;žxx&xxxxxx; xůxxxxxx&xxxxxx;xx xř&xxxxxx;xxx xxx xř&xxxxxx;xxxxx xůxxxxx xxxčxx&xxxxxx;xx xxxžxx penzijního xxxx&xxxxxx;xx.

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X&xxxx;xxxxxxx se xxx&xxxxxx;xěx&xxxxxx;xx xx&xxxxxx; zprávy se Xxxxxx xxxx&xxxxxx;x&xxxxxx;, že &xxxxxx;xxřxxx&xxxxxx; xxxxxxxxxxx až xxxxx nevyvinuly xxxxxxxčx&xxxxxx; &xxxxxx;xxx&xxxxxx; xxxxxxx&xxxxxx; x&xxxx;xxxxxxxx&xxxxxx;x&xxxxxx; xxxxx&xxxxxx;xx xxxxxxxx&xxxxxx;xx řx&xxxxxx;xx&xxxxxx; x&xxxx;žx se negativní xxxxx centrálně zúčtovaných XXX xxxxx&xxxxxx;xxx&xxxxxx;xx smluv xx xůxxxxxx&xxxxxx; x&xxxxxx;xxx xxxxxx&xxxxxx;xx xůxxxxxů xxxěx&xxxxxx;.

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Xř&xxxxxx;xxx&xxxxxx; xřxxxxxx&xxxxxx; xxxxx&xxxxxx; xxxxxx&xxxxxx; x&xxxx;čx.&xxxx;89 xxxx.&xxxx;1 xxř&xxxxxx;xxx&xxxxxx; (XX) č.&xxxx;648/2012 xx xxxxx xěxx x&xxxxxx;x xxxxxxxžxxx x&xxxx;xxx xxxx.

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Xxxx xxř&xxxxxx;xxx&xxxxxx; by xěxx xxxxxxxx v platnost xx xxxxř&xxxxxx;xx, aby x&xxxx;xxxxxxxžxx&xxxxxx; xx&xxxxxx;xxx&xxxxxx;x&xxxxxx;xx xřxxxxxx&xxxxxx;xx období xx&xxxxxx;xx před xxxxxx xxxxxxx&xxxxxx;x xxxx co xxxxř&xxxxxx;xx xxx&xxxxxx;. Xxxxěx&xxxxxx;&xxxxxx; xxxxx x&xxxx;xxxxxxxx xx xxxx x&xxxx;xxxžxx xxxxxxx&xxxxxx;xx xxxx&xxxxxx;xx vyvolat xx&xxxxxx;xx&xxxxxx; xxxxxxxxx xxxxxxě xxxxxčxxxxx, xxx xx musí xxč&xxxxxx;x xřxxxxxxxxx xx xxxxx&xxxxxx;xxx&xxxxxx;x&xxxxxx; povinnosti clearingu,