![]()
|
||||||||||
|
Volver |
|
Terminología legal y financiera:
El viernes 24 de abril se celebró la conferencia
de SpanSIG en el Instituto Cervantes de la ciudad de Nueva York,
sobre terminología legal y financiera. Los ponentes fueron
Octavio Hernández, abogado mexicano residente en Estados
Unidos y autor del Corporate Finance Translator's Glossary, y
Teresa Waldes, natural de Barcelona, traductora de la Banca Morgan
y directora del Continuing Education Committee del New York Circle
of Translators.
Octavio Hernández explicó que debía
exponer su tema básicamente en inglés porque de
lo contrario no funcionaría su método de hacer participar
a los presentes en la elaboración de las respuestas a los
interrogantes sobre terminología. Es interesante observar
que Agreement, el término que eligió Octavio, es
uno de los pocos casos en que un término inglés,
en terminología financiera o legal, encuentra más
variantes en español, pues como explicó Teresa Waldes
en su ponencia, ocurre todo lo contrario, en español en
general faltan palabras para cubrir el vocabulario inglés.
Okay, let's talk about the legal term "Agreement";
at the end of this workshop we will learn how to better apply
its numerous equivalents in our Spanish projects. As we all know,
complete accuracy and correctness have always been a challenge
for translators. Devoted translators always try to improve their
professional skills and quality by culling every available source
of information, but sometimes these sources don't seem helpful
enough when it comes to finding the closest Spanish equivalent
for an English word used in a technical document.
Guillermo Cabanellas' Legal Dictionary says "Agreement:
acuerdo, convenio, contrato, pacto, estipulación";
Marina Orellana's Glosario Internacional para el Traductor states
"agreement: acuerdo, pacto, convenio, contrato, concordancia,
conformidad." Yes, but!... which is the right one? If I have
a trust agreement, a repurchase agreement, a non-disclosure agreement,
a North American Free Trade Agreement, etc., how am I going to
call them in my translations? Well, that's what we are going to
learn tonight
First, let me just give you a brief introduction
to the problems posed by this legal concept.
Certainly, it would be much easier for us, the
Spanish translators, if American lawyers used more often the English
word "contract," -when appropriate, of course (actually
this happens quite often since most economic relationships are
governed by contracts), instead of calling almost everything an
agreement, since for American lawyers, the words "contract"
and "agreement" mean the same thing. However, for Latin-
American lawyers, the term "agreement" happens to be
a broader term when it comes to naming a legal instrument.
Let's put it this way, Black's Law Dictionary,
under its entry "agreement," says, "it's a meeting
of two or more minds". Basic! Looks easy!; however, it goes
on to say: "it's the coming together in accord of two minds
on a given proposition" (well, for Hispanic attorneys and
the Real Academia Española, this sounds like an acuerdo).
But this is not the end of the story because the entry continues,
"it's the consent of two or more persons concurring respecting
the transmission of some property, right, or benefit, with the
view of contracting a mutual obligation" (for a Hispanic
attorney and the Real Academia Española, this definition
is very close to a contrato); Black's dictionary adds: , "it's
the act of two or more persons, who unite in expressing a mutual
and common purpose, with the view of altering their rights and
obligations" (again, for me, personally, a Mexican lawyer,
and the Real Academia Española, this one is pretty close
to what convenio is all about).
You may be wondering what's the point of this
kind of comparison; well, it is an attempt to answer why American
lawyers call everything "agreement" and Hispanic lawyers
just can't do the same. For us, the equivalents of "agreement",
including, but not necessarily limited to, acuerdo, contrato,
convenio, and pacto are of a different nature and have a different
purpose, and they should be used accordingly.
Let me suggest some tips to help us distinguish
and make better use of at least the main Spanish equivalents of
the term "agreement." Please note that what follows
is mostly taken from law doctrine and not the result of lexicographic
techniques:
Acuerdo. Let's use acuerdo when the instrument
is intended to settle a private conflict and when it involves
a resolution adopted by a court or a board; also when the instrument
represents a cultural or economic relationship between two or
more countries, or two or more government agencies.
Contrato. We use contrato when the instrument
is intended to govern the financial relationships between two
or more individuals or corporations. While there is situation
characterized by a desire to purchase and a will to provide, the
most important element here is that there must be a consideration
and economic benefit for each party to the contract. (Remember,
"consideration" means compensation, payment, price.)
Convenio. Convenio is used when the instrument
supplements, modifies, or terminates a contract. Therefore, convenio
requires a prior legal act or an existing contract , otherwise
what is it going to supplement, modify or terminate?
Pacto. Let's use pacto very rarely, because it
doesn't actually represent an instrument (except in international
law, when used in the sense of agreements entered into by two
or more countries). Pacto is a side agreement; actually, it is
a particular term or condition within a contract; which creates
accessory obligations that will normally expire with the main
contract; in other words, it co-exists with the contract.
Now, let's try this recipe using the following
common instruments, so that we know how to call them when their
Spanish translation has to be rendered:
1. Repurchase agreement. This item is a pacto.
Why? Because it happens to be a particular term or condition inserted
in a purchase contract. Under such condition, the seller is entitled
to buy back the goods he sold at a specified date and price.
As I said before, this side agreement requires, first of all,
a purchase contract for its existence and, therefore, its effects
will normally expire when the purchase contract expires.
2. Trust agreement. This instrument is a contrato,
because it entails a financial relationship whereby the trustor
desires to entrust property and the trustee agrees, for a consideration,
to undertake the responsibility of handling such property for
the benefit of someone else.
3. Price-fixing agreement. This one is an acuerdo,
because it is the kind of agreement reached by trade boards or
price-fixing committees. (Please note that these arrangements
are more common in Hispanic countries to protect, let's say, consumer
rights.)
4. Escrow agreement. This is a contrato. It
is another financial relationship whereby the depositor desires
to put funds in deposit and the custodian wishes, for a consideration,
to undertake the responsibility of holding such funds.
5. Joint venture agreement. This instrument is
also a contrato, because it is a financial relationship involving
two or more parties that are to work on a project together. As
I said before, here too there is a consideration and an economic
benefit for each party to the contract. For example, let's say
that one party desires to provide funding and the second party
will provide technology, so that both of them obtain an economic
benefit.
6. Exclusivity agreement. This is a pacto. Why?
Because it is a particular term or condition within a distributor
or agency contract. Therefore, it is a side agreement that co-exists
with the contract, i.e., with the main instrument.
7. Non-disclosure agreement. This one is a convenio,
and I'll tell you why. This instrument is commonly a set of terms
and conditions agreed to by an employee, as a supplement to his
employment agreement, whereby the employee pledges to hold in
strictest confidence and not to disclose the employer's proprietary
information.
8. Free trade agreement. This is an acuerdo,
because these kinds of instruments involve economic relationships
between two or more countries and, therefore, are governed by
international law, and not by contracts, as happens with economic
relationships between individuals or corporations. We can also
call these instruments tratados.
9. Discharge agreement. This is a convenio, because
the instrument terminates a prior agreement, which may be a labor
contract or a loan contract.
10. Amendatory agreement. This is also a convenio,
because it requires a prior legal act for its purpose, which is
to modify an existing contract.
Teresa Waldes comenzó su ponencia comentando
que las dificultades de la traducción financiera se deben
a la evolución y renovación constante del campo
financiero, en el que todos los términos se inventan en
inglés. Cuando se traduce al inglés, nunca faltan
palabras, pero al traducir al español no sólo faltan
palabras sino que además surgen otros problemas de vocabulario.
Los recursos más recomendables para el traductor
financiero son los glosarios monolingües en ambos idiomas,
donde pueden encontrarse concordancias en las definiciones de
un término en esos idiomas. Como ejemplos, indicó
varios glosarios monolingües en inglés (ver Financial
News Sources, pág. 14) que se especializan en el tema de
los bonos, mientras que el Diccionario de Bolsa (www.joramon.com/dicciona.dicciona.htm)
da definiciones en español, lo que permite comparar y confirmar
términos.
También es muy útil leer la prensa
financiera. En inglés citó al Wall Street Journal,
la sección de finanzas de The New York Times y el periódico
inglés The Economist. La prensa económica en español,
particularmente la de España, Argentina y México,
países de mayor presencia en la Internet y con economías
más internacionalizadas, permite ver cómo se van
adaptando los nuevos conceptos yanquis al mundo económico
hispano. Los diarios El País de España, Clarín
de Argentina y El Economista de México tienen páginas
en la Internet (ver Financial News Sources, pág. 14).
Análisis del término obligación
y otros vocablos afines.
Para elegir obligaciones, el comprador recurre a
las agencias calificadoras que determinan la solvencia de las
empresas y atribuyen una calificación crediticia o bond
rating. Las oligaciones de calificación superior se denominan
investment grade, una de cuyas traducciones es apto para la inversión,
mientras que las de calificación inferior son los junk
bonds o bonos basura (que de manera más elegante se denominan
high-yield bonds o bonos de alto rendimiento). Cuanto menor sea
la solvencia del emisor, es decir su capacidad de pagar sus deudas,
más alta tendrá que ser la tasa de interés
requerida para atraer inversores.
Análisis del término underwriting
y otros vocablos afines.
Los gobiernos también emiten obligaciones
porque necesitan financiar proyectos u obtener fondos antes de
que entren los impuestos. Estas obligaciones también están
sujetas a la calificación crediticia de las agencias -
las más conocidas son Standard & Poor's y Moody's.
El emisor puede ser el gobierno o una empresa, pero
en ambos casos necesita un banco de inversión que le asesore
en estos temas. Este es el "lead manager" o director
o líder de la emisión. Este banco forma un syndicate
o sindicato (el término tradicional español era
consorcio de emisión) para colocar la emisión, es
decir encontrar inversores interesados en comprarla. El banco
puede también comprar la emisión completa al emisor
y encargarse de revenderla, evitándole así al emisor
la preocupación de ver si hay suficientes inversores interesados
para colocar la totalidad de los títulos emitidos. A este
proceso se le denomina underwriting, y en algunos países,
tales como Chile, se usa en inglés, mientras que otros
lo traducen como suscripción o aseguramiento de la emisión.
Underwriter puede traducirse como asegurador, garante o colocador
de la emisión.
FINANCIAL NEWS SOURCES
ENGLISH-LANGUAGE PERIODICALS
The New York Times - http://www.nytimes.com
The Wall Street Journal - http://update.wsj.com
Business Week -http://www.businessweek.com
The Economist - http://www.economist.com
SPANISH-LANGUAGE PERIODICALS
El País (España) - www.elpais.es
Clarín (Argentina) - http://www.clarin.com
El Economista (México) - http://www.economista.com.mx
BOND GLOSSARIES
http://www.bonds-online.com/bpgloss.htm#top |
|
| ||||