Plné znění - 32015R1515

(1)

Ústřední xxxxxxxxxxx xxxxxxx&xxxxxx; xxxx protistrany xxxxx xxxxxxxxxx&xxxxxx;xx xx xxxxxx čx několika xxxxxčx&xxxxxx;xx xxx&xxxxxx;xx. &Xxxxxx;xěxxx&xxxxxx; xxxxxx xěxxxx xxxxxxxxxx xx xx&xxxxxx;xňxxx složením xxxx&xxxxxx;xěx&xxxxxx;, xxxx&xxxxxx; se xxxxč&xxxxxx;x&xxxxxx; xxx, aby xxxxxxx veškeré xxžx&xxxxxx; xxx&xxxxxx;xx xřx selhání. &Xxxxxx;xxřxxx&xxxxxx; protistrany přijímají xxxx xxxx&xxxxxx;xěx&xxxxxx; xxxxx xxxxxx likvidní xxxxxx, xxxxxxx hotovost, xxx xxxxx dostát x&xxxxxx;xx&xxxxxx;x x&xxxx;&xxxxxx;xxxxě variační xxxžx, x&xxxx;x&xxxxxx;x xxxžxxx rychlou xxxxxxxxx x&xxxx;xř&xxxxxx;xxxě xxxx&xxxxxx;x&xxxxxx;.

(2)

Xxxžxx xxxxxxx&xxxxxx;xx systému v mnoha čxxxxx&xxxxxx;xx xx&xxxxxx;xxxx xxxx xxxxxx&xxxxxx;xx &xxxxxx;čxxxx&xxxxxx;xx xxxx x&xxxx;XXX xxxxx&xxxxxx;xx. Xxxžxx xxxxxxx&xxxxxx;xx xxxx&xxxxxx;xx x&xxxxxx;xx xxxxxě xxxxxxxxxxx&xxxxxx; xxxx xxxxxxxx x&xxxx;x&xxxxxx;xxx toho xxž&xxxxxx; x&xxxxxx;xxxxěx&xxxxxx;&xxxxxx; investice, xxxx xxxx xxxx&xxxxxx; xxx&xxxxxx;xx, xx &xxxxxx;čxxxx xxxx&xxxxxx;xěx&xxxxxx; xxxxx&xxxxxx; x&xxxxxx;xxxxxxxxx xxx xůxxxxxx. Xxxxxxxx xxxxxxxx&xxxxxx;x&xxxxxx; xxxžxx xxxxxxx&xxxxxx;xx xxxx&xxxxxx;xx, xxxxxxž xxxx&xxxxxx;xx&xxxxxx;x &xxxxxx;čxxxx xx xxxxxxxčxxxx x&xxxxxx;xxx x&xxxx;xůxxxxx, obvykle xx xxxxě xxžxxxxx&xxxxxx;xx xxxxxx, xx&xxxxxx;xx také xxxxxx xxxx&xxxxxx;xxx&xxxxxx;xx dočasně xxxx xxxxxx&xxxxxx;xxxě, obvykle xxxxxxxxxxx&xxxxxx; držbu xxxxxřxxxů x&xxxx;xxxxxxxxx, aby maximalizovaly xxxxxxxxxxx a návratnost pro xx&xxxxxx; xxxxxxx&xxxxxx;xx. Xxxxxxxx&xxxxxx; xxžxxxxxx, xxx tyto xxxxxxxx xxxx&xxxxxx;xěxx xxxxxxxx XXX xxxxx&xxxxxx;xxx&xxxxxx;xx xxxxx xxxxx&xxxxxx;xxě, xx xxx xěxx xx x&xxxxxx;xxxxxx xřxxxx x&xxxxxx;xxxxx&xxxxxx; části xxxxxx xxxxx xx xxxxxxxxx, xxx xxxxx xxxxx xxůxěžx&xxxxxx; xxxžxx&xxxxxx; xxžxxxxxx &xxxxxx;xxřxxx&xxxxxx;xx xxxxxxxxxx.

(3)

X&xxxx;xxxxxxxxx&xxxxxx; čx.&xxxx;89 xxxx.&xxxx;1 xxř&xxxxxx;xxx&xxxxxx; (XX) č. 648/2012 xx xxxxx xxxxxxx, žx xx xxxx xř&xxxxxx; xxx po xxxxxx xxxxxx&xxxxxx;xx xxř&xxxxxx;xxx&xxxxxx; x&xxxx;xxxxxxxx xx xxxxxxxxx xxxxxxxxx xxxxxxxx&xxxxxx; v článku 4 xxxxxxxxxx xx XXX xxxxx&xxxxxx;xxx&xxxxxx; xxxxxxx, xxxx&xxxxxx; xxxx 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. Přechodné xxxxx&xxxxxx; xx vztahuje xxxxěž xx xxxxxxxx zřízené xxx &xxxxxx;čxxx xxxxxxxx&xxxxxx;x&xxxxxx; x&xxxxxx;xxxxx členům xxxžxx xxxxxxx&xxxxxx;xx xxxx&xxxxxx;xx x&xxxx;xř&xxxxxx;xxxě xxxx&xxxxxx;x&xxxxxx;.

(4)

X&xxxx;x&xxxxxx;xxx xxxxxx&xxxxxx;xx xxxxxxxx&xxxxxx; xxxčxxx&xxxxxx; situace xřxxxxxxxx Xxxxxx x&xxxx;xxxxxxx s čl. 85 xxxx.&xxxx;2 xxř&xxxxxx;xxx&xxxxxx; (EU) č.&xxxx;648/2012 zprávu, x&xxxx;x&xxxxxx;ž xxxxxx&xxxxxx;, zda &xxxxxx;xxřxxx&xxxxxx; xxxxxxxxxxx xxxxxxxx nezbytné &xxxxxx;xxx&xxxxxx; k nalezení vhodných xxxxxxxx&xxxxxx;xx řx&xxxxxx;xx&xxxxxx; xxx xřxxxx xxxxxxxxxxx&xxxxxx;xx xxxxxxx&xxxxxx;xx xxxx xxxxxčx&xxxxxx; xxxžx xxxžxxxx xxxxxxx&xxxxxx;xx xxxx&xxxxxx;xx. X&xxxx;x&xxxxxx;xxx xxxxxxxx&xxxxxx; xxxxxx xxxxxxxx&xxxxxx; xxxxxx Komise 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 systému xx &xxxxxx;xxřxxx&xxxxxx; xxxxxxxxxxx, xxxxž x&xxxx;x&xxxx;xxxxxx x&xxxx;xř&xxxxxx;xxxě, žx xxxx x&xxxxxx;xxxxx xxx&xxxxxx;xxx x&xxxx;xxxxxx xxxxxxxx xxx&xxxxxx; řx&xxxxxx;xx&xxxxxx;, pokud xxx x&xxxx;xx&xxxxxx;žxx&xxxxxx; xůxxxxxx&xxxxxx;xx xř&xxxxxx;xxx xxx xř&xxxxxx;xxxxx xůxxxxx xxxčxx&xxxxxx;xx složek penzijního xxxx&xxxxxx;xx.

(5)

X&xxxx;xxxxxxx xx zjištěními xx&xxxxxx; xxx&xxxxxx;xx xx Xxxxxx xxxx&xxxxxx;x&xxxxxx;, že &xxxxxx;xxřxxx&xxxxxx; protistrany xž xxxxx xxxxxxxxxx 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 xx xxxxxxxx&xxxxxx; xxxxx xxxxx&xxxxxx;xxě zúčtovaných XXX xxxxx&xxxxxx;xxx&xxxxxx;xx xxxxx xx xůxxxxxx&xxxxxx; x&xxxxxx;xxx xxxxxx&xxxxxx;xx důchodců nemění.

(6)

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 by xxxxx měla být xxxxxxxžxxx x&xxxx;xxx xxxx.

(7)

Toto xxř&xxxxxx;xxx&xxxxxx; by xěxx xxxxxxxx x&xxxx;xxxxxxxx co xxxxř&xxxxxx;xx, aby x&xxxx;xxxxxxxžxx&xxxxxx; xx&xxxxxx;xxx&xxxxxx;x&xxxxxx;xx přechodných xxxxx&xxxxxx; xx&xxxxxx;xx před jejich xxxxxxx&xxxxxx;x nebo xx xxxxř&xxxxxx;xx xxx&xxxxxx;. Xxxxěx&xxxxxx;&xxxxxx; xxxxx x&xxxx;xxxxxxxx xx xxxx x&xxxx;xxxžxx penzijního xxxx&xxxxxx;xx vyvolat právní xxxxxxxxx xxxxxxě skutečnosti, xxx se xxx&xxxxxx; xxč&xxxxxx;x připravovat xx xxxxx&xxxxxx;xxx&xxxxxx;x&xxxxxx; xxxxxxxxxx xxxxxxxxx,