XXXXXXXXX XXXXXXXX XXXXXX (XX) 2018/633
ze xxx 24. xxxxx 2018,
xxxxxx xx xxxx xxxxxxxxx xxxxxxxx (XX) 2016/1800, kterým xx stanoví xxxxxxxxx xxxxx, pokud jde x xxxxxxxxxxx xxxxxxxxx hodnocení xx xxxxxxxxx xxxxxxxxxxx xxxxxxx xxxxx xxxxxxxx xxxxxxxxx xxxxxxxxx x xxxxxxx xx xxxxxxxx Xxxxxxxxxx xxxxxxxxxx a Rady 2009/138/ES
(Xxxx x xxxxxxxx xxx XXX)
XXXXXXXX XXXXXX,
x xxxxxxx xx Xxxxxxx x xxxxxxxxx Xxxxxxxx xxxx,
x xxxxxxx xx xxxxxxxx Xxxxxxxxxx xxxxxxxxxx x Xxxx 2009/138/XX ze dne 25. xxxxxxxxx 2009 x xxxxxxxx k pojišťovací x xxxxxxxxxxx xxxxxxxx x xxxxx xxxxxx (Solventnost XX) (1), x xxxxxxx na xx. 109x xxxx. 1 xxxxxxx směrnice,
xxxxxxxx x xxxxx xxxxxxx:
(1) |
Od přijetí xxxxxxxxxxx xxxxxxxx Komise (XX) 2016/1800 (2) xxxx xxxxxxxxxxxx nebo xxxxxxxxxxxxx xxx nových xxxxxxxxx xxxxxxxxxxx agentur. Xx xxxxx xxxxxxxx xxxxxx xxxxxxx xxxxxxxxx xxxxxxxxxxx xxxxxxxx xx účelem xxxxxxxxx xxxxxxxxx xxxxxxxxx xx těchto xxxx xxxxxxxxxxxxxx nebo xxxxxxxxxxxxxxx xxxxxxxxx ratingových agentur xxxxx stupnice úvěrového xxxxxxxxx. |
(2) |
Xx xxxxxxx xxxxxxxxxxx xxxxxxxx (EU) 2016/1800 xxxx xxxxxxx xxxxxxxxxx xxxxx xxxxxxx xxxxxxxxx xxxxxxxx. Tato xxxxxxxx, xxx xxxx xxxxxxx xxxxxxxxxx, xx xxxxx xxxx xxx xxxxxxxxxx x xxxxxxx xxxxxxxxx prováděcího xxxxxxxx. |
(3) |
Xxxx nařízení vychází x xxxxxx xxxxxxxxxxx technických xxxxx, xxxx Xxxxxx xxxxxxxxxx evropské orgány xxxxxxx (Xxxxxxxx xxxxx xxx xxxxxxxxxxxx, Xxxxxxxx xxxxx pro pojišťovnictví x xxxxxxxxxxxxx xxxxxxxx xxxxxxxxx x Xxxxxxxx xxxxx pro xxxxx xxxxxx x xxxx). |
(4) |
X xxxxxx xxxxxxxxxxx xxxxxxxxxxx xxxxx, x xxxxx xxxx nařízení xxxxxxx, uskutečnily evropské xxxxxx xxxxxxx otevřené xxxxxxx xxxxxxxxxx, xxxxxxxxxxx xxxxxxxxxxx související xxxxxxx x xxxxxxx a vyžádaly si xxxxxxxxxx xxxxxxx subjektů xxxxxxxxxx x xxxxxxxxxxxx xxxxxxx xxxxx xxxxxx 37 xxxxxxxx Xxxxxxxxxx xxxxxxxxxx a Rady (XX) x. 1093/2010 (3), xxxxxxx xxxxxxxx xxxxxxxxxx x xxxxxxx xxxxxxxxx x xxxxxxxxx xxxxxxx xx xxxxxxx xxxxxx 37 xxxxxxxx Xxxxxxxxxx xxxxxxxxxx x Xxxx (XX) x. 1094/2010 (4) x xxxxxxx xxxxxxxx xxxxxxxxxx x xxxxxxx cenných xxxxxx x xxxx xxxxxxx xx xxxxxxx xxxxxx 37 xxxxxxxx Xxxxxxxxxx parlamentu x Xxxx (XX) x. 1095/2010 (5). |
(5) |
Xxxxxxxxx nařízení (XX) 2016/1800 xx xxxxx xxxx být xxxxxxxxxxxxx xxxxxxxx změněno, |
XXXXXXX XXXX XXXXXXXX:
Xxxxxx 1
Xxxxx xxxxxxxxxxx xxxxxxxx (XX) 2016/1800
Příloha xxxxxxxxxxx xxxxxxxx (EU) 2016/1800 xx nahrazuje xxxxxx xxxxxxxx x xxxxxxx xxxxxx xxxxxxxx.
Xxxxxx 2
Xxxxx x xxxxxxxx
Toto nařízení xxxxxxxx x xxxxxxxx dvacátým xxxx xx xxxxxxxxx x Xxxxxxx xxxxxxxx Evropské xxxx.
Xxxx nařízení xx xxxxxxx x xxxxx rozsahu x xxxxx použitelné ve xxxxx xxxxxxxxx xxxxxxx.
X Xxxxxxx xxx 24. xxxxx 2018.
Xx Xxxxxx
xxxxxxxx
Xxxx-Xxxxxx XXXXXXX
(1)&xxxx;&xxxx;Xxxxxxxx Xxxxxxxxxx parlamentu x&xxxx;Xxxx 2009/138/XX xx xxx 25.&xxxx;xxxxxxxxx&xxxx;2009 x&xxxx;xxxxxxxx x&xxxx;xxxxxxxxxxx x&xxxx;xxxxxxxxxxx xxxxxxxx x&xxxx;xxxxx xxxxxx (Xxxxxxxxxxx XX) (Xx.&xxxx;xxxx.&xxxx;X&xxxx;335, 17.12.2009, x.&xxxx;1).
(2)&xxxx;&xxxx;Xxxxxxxxx nařízení Xxxxxx (XX) 2016/1800 xx xxx 11. října 2016, kterým xx xxxxxxx xxxxxxxxx xxxxxxxxx xxxxx, pokud xxx x&xxxx;xxxxxxxxxxx xxxxxxxxx xxxxxxxxx od externích xxxxxxxxxxx xxxxxxx xxxxx xxxxxxxx xxxxxxxxx xxxxxxxxx x&xxxx;xxxxxxx xx xxxxxxxx Xxxxxxxxxx parlamentu x&xxxx;Xxxx 2009/138/XX (Úř. věst. L 275, 12.10.2016, x.&xxxx;19).
(3) Nařízení Xxxxxxxxxx xxxxxxxxxx x&xxxx;Xxxx (XX) x.&xxxx;1093/2010 xx xxx 24.&xxxx;xxxxxxxxx&xxxx;2010 x&xxxx;xxxxxxx Evropského xxxxxx xxxxxxx (Xxxxxxxxxx xxxxxx xxx bankovnictví), x&xxxx;xxxxx xxxxxxxxxx x.&xxxx;716/2009/XX a o zrušení xxxxxxxxxx Komise 2009/78/XX (Xx.&xxxx;xxxx.&xxxx;X&xxxx;331, 15.12.2010, x.&xxxx;12).
(4)&xxxx;&xxxx;Xxxxxxxx Xxxxxxxxxx parlamentu x&xxxx;Xxxx (XX) x.&xxxx;1094/2010, xx dne 24.&xxxx;xxxxxxxxx&xxxx;2010 x&xxxx;xxxxxxx Xxxxxxxxxx xxxxxx xxxxxxx (Evropského orgánu xxx xxxxxxxxxxxxxx x&xxxx;xxxxxxxxxxxxx xxxxxxxx pojištění), x&xxxx;xxxxx xxxxxxxxxx č. 716/2009/ES x&xxxx;x&xxxx;xxxxxxx xxxxxxxxxx Komise 2009/79/XX (Xx.&xxxx;xxxx.&xxxx;X&xxxx;331, 15.12.2010, s. 48).
(5)&xxxx;&xxxx;Xxxxxxxx Evropského xxxxxxxxxx x&xxxx;Xxxx (XX) č. 1095/2010 xx xxx 24.&xxxx;xxxxxxxxx&xxxx;2010 x&xxxx;xxxxxxx Xxxxxxxxxx orgánu xxxxxxx (Xxxxxxxxxx orgánu xxx xxxxx xxxxxx x&xxxx;xxxx), o změně xxxxxxxxxx x.&xxxx;716/2009/XX a o zrušení xxxxxxxxxx Xxxxxx 2009/77/XX (Xx.&xxxx;xxxx.&xxxx;X&xxxx;331, 15.12.2010, x.&xxxx;84).
XXXXXXX
XXXXXXX
Xxxxxxxxxxx xxxxxxxxx xxxxxxxxx xx externích ratingových xxxxxxx xxxxx xxxxxxxx xxxxxxxxx hodnocení
Xxxxxx xxxxxxxxx xxxxxxxxx (xxxxxx úvěrové xxxxxxx) |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
XX Xxxx Xxxxxx-Xxxxxx Xxxxxxxx Xxx |
|||||||
Stupnice pro xxxxxxxxxx xxxxxx emitentů |
xxx |
xx+, xx, aa– |
x+, x, x– |
xxx+, xxx, bbb– |
bb+, xx, bb– |
x+, b, x– |
xxx+, ccc, xxx, xx, c, xx |
Stupnice xxx xxxxxxxxxx xxxxxx xxxxx |
xxx |
xx+, xx, aa– |
a+, x, x– |
xxx+, bbb, xxx– |
xx+, bb, xx– |
b+, x, b– |
xxx+, xxx, xxx, cc, c, x |
Xxxxxxxx xxx xxxxxx xxxxxxxx xxxx |
|
X++, X+ |
X, X– |
X++, X+ |
B, X– |
X++, X+ |
X, X–, X, X, X, S |
Xxxxxxxx xxx krátkodobý xxxxxx |
|
XXX-1+ |
XXX-1– |
XXX-2, XXX-3 |
XXX-4 |
|
|
XXX Xxxxxxx S.A. |
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Xxxxxxxx xxx xxxxxxx– x xxxxxxxxxx rating xxxxxxxx |
XXX |
XX |
A |
XXX |
BB |
X |
CCC, XX, X, X |
Stupnice xxx středně– a xxxxxxxxxx rating xxxxx |
AAA |
XX |
X |
BBB |
BB |
X |
XXX, XX, C, X |
Xxxxxxxx xxx xxxxxxxxxx xxxxxx xxxxxxxx |
|
X-1+ |
X-1 |
X-2, X-3 |
B, C, X |
|
|
Xxxxxxxx pro xxxxxxxxxx xxxxxx xxxxx |
|
X-1+ |
A-1 |
X-2, A-3 |
X, X, D |
|
|
XXXXXXXXXX Assekuranz Xxxxxx-Xxxxxxx GmbH |
|||||||
Xxxxxxxx pro xxxxxxxxxx xxxxxx |
XXX |
XX |
X |
XXX |
BB |
B |
CCC, XX, X, X |
Stupnice xxx xxxxxxxxxx xxxxxx podniků |
|
X++ |
X |
|
X, X, X |
|
|
Xxxxxx S.A. |
|||||||
Stupnice xxx xxxxxxxx xxxxxx |
AAA |
XX |
A |
XXX |
BB |
X |
CCC, XX, X, X, X |
Xxxxxx xx Xxxxxx |
|||||||
Xxxxxxxx xxx xxxxxxxx dlouhodobý xxxxxx xxxxxxxx |
|
3++ |
3+, 3 |
4+ |
4, 5+ |
5, 6 |
7, 8, 9, X |
XXXX – Credit Xxxxxx Agency AD |
|||||||
Xxxxxxxx xxx dlouhodobý rating xxxx |
XXX |
XX |
X |
XXX |
XX |
X |
X, X |
Stupnice xxx xxxxxxxxxx rating xxxxxxxxxx |
iAAA |
iAA |
iA |
xXXX |
xXX |
iB |
xX, xX |
Xxxxxxxx pro xxxxxxxxxx xxxxxx xxxxxxx |
XXX |
XX |
X |
BBB |
XX |
X |
CCC, CC, X, X |
Xxxxxxxx pro xxxxxxxxxx rating xxxx |
XXX |
AA |
A |
BBB |
BB |
X |
XXX, XX, X, X |
Xxxxxxxx xxx xxxxxxxxxx rating xxxxx |
XXX |
XX |
X |
XXX |
XX |
X |
XXX, XX, X, X |
Xxxxxxxx xxx krátkodobý xxxxxx xxxx |
|
X-1+ |
X-1 |
X-2, X-3 |
X, X, X |
|
|
Xxxxxxxx pro xxxxxxxxxx xxxxxx podniků |
|
A-1+ |
X-1 |
A-2, X-3 |
X, X, D |
|
|
Stupnice xxx xxxxxxxxxx xxxxxx xxxx |
|
X-1+ |
X-1 |
X-2, X-3 |
B, X, X |
|
|
Xxxxxxxx xxx xxxxxxxxxx xxxxxx xxxxx |
|
X-1+ |
A-1 |
X-2, X-3 |
B, X, D |
|
|
Capital Intelligence |
|||||||
Xxxxxxxx xxx xxxxxxxxxxx xxxxxxxxxx xxxxxx emitentů |
XXX |
AA |
X |
BBB |
XX |
X |
X, RS, XX, D |
Stupnice xxx xxxxxxxxxxx xxxxxxxxxx rating xxxxx |
XXX |
XX |
X |
XXX |
XX |
X |
XXX, XX, C, X |
Xxxxxxxx xxx xxxxxxxxxxx xxxxxxxxxx xxxxxx emitentů |
|
X-1+ |
X-1 |
X-2, X-3 |
X, C, X |
|
|
Xxxxxxxx xxx xxxxxxxxxxx xxxxxxxxxx xxxxxx xxxxx |
|
X-1+ |
X-1 |
X-2, X-3 |
X, X, X |
|
|
Xxxxxx Rating Xxxxxx X.x.X. |
|||||||
Xxxxxxxx xxx xxxxxxxxxx rating podniků |
X1.1 |
A1.2, X1.3 |
X2.1, X2.2, X3.1 |
B1.1, X1.2 |
X2.1, X2.2 |
X1.1 |
X1.2, X2.1 |
Xxxxxxxxxxxx Xxxxxxx XX |
|||||||
Xxxxxxxx xxx xxxxxxxxxx xxxxxx |
XXX |
XX |
X |
XXX |
XX |
X |
C, X |
XXXX X.x.X. |
|||||||
Xxxxxxxx xxx xxxxxxxx xxxxxxxxxx xxxxxx |
XXX |
XX |
X |
XXX |
BB |
X |
XXX, D1, X2 |
Xxxxxx Xxxxxx Xxxxxx Xxxxxx |
|||||||
Xxxxxxxx xxx dlouhodobý xxxxxx |
XXX |
XX |
X |
XXX |
XX |
X |
XXX, CC, X, X |
Xxxxxxxx xxx xxxxxxxxxx xxxxxx |
|
X-1 |
|
X-2, X-3 |
B, X, X |
|
|
XXXX Ratings Xxxxxxx |
|||||||
Xxxxxxxx xxx xxxxxxxxxx xxxxxx xxxxxxxx |
XXX |
XX |
X |
XXX |
XX |
X |
XXX, XX, C, X |
Xxxxxxxx xxx rating xxxxxxxxxx xxxxxx x xxxxxxxxxxxx dluhu |
|
X-1 X, X-1 X |
X-1 X |
R-2, X-3 |
X-4, X-5, X |
|
|
Stupnice xxx xxxxxx schopnosti xxxxxxxx pojistné plnění |
|
XX-1 |
IC-2 |
XX-3 |
XX-4 |
IC-5 |
D |
Egan-Jones Xxxxxxx Xx. |
|||||||
Xxxxxxxx xxx xxxxxxxxxx xxxxxx |
XXX |
AA |
X |
BBB |
XX |
X |
CCC, XX, X, D |
Xxxxxxxx xxx xxxxxxxxxx rating |
|
X-1+ |
X-1 |
A-2 |
X-3, B, X, D |
|
|
Euler Xxxxxx Xxxxxx GmbH |
|||||||
Xxxxxxxx xxx xxxxxxxx xxxxxxxxxx xxxxxx |
AAA |
XX |
X |
XXX |
XX |
X |
XXX, XX, X, XX, X |
Xxxxxxxx Xxxxxx Xxxxxx, x.x. |
|||||||
Stupnice xxx dlouhodobý rating |
|
|
XXX, XX, X |
XXX |
BB |
B |
CCC, XX, X, D |
Xxxxxxxx pro xxxxxxxxxx rating |
|
|
X1 |
X2 |
X3, S4, XX |
|
|
XxxxXxxxxx Sp. z x.x. |
|||||||
Xxxxxxxx pro xxxxxxxx xxxxxxxxxx rating |
XXX |
XX |
A |
XXX |
XX |
X |
XXX, XX, X, D |
Xxxxx Xxxxxx X.X.X., Xxxxx Xxxxxxxxxxx XxxX, Xxxxx Xxxxxx X.x.X., Fitch Xxxxxx X.X., Fitch Xxxxxxx Xxxxñx X.X.X., Fitch Xxxxxxx Limited XX, Xxxxx Xxxxxxx XXX Xxxxxxx |
|||||||
Xxxxxxxx xxx xxxxxxxxxx xxxxxx xxxxxxxx |
AAA |
AA |
X |
BBB |
XX |
X |
XXX, XX, X, XX, X |
Xxxxxxx x xxxxxxxxxxx xxxxxxx – stupnice xxx xxxxxxxxxx rating |
XXX |
AA |
X |
XXX |
XX |
X |
XXX, XX, X |
Xxxxxxxx pro mezinárodní xxxxxxxxxx rating finanční xxxx xxxxxxxxxx |
AAA |
XX |
X |
XXX |
XX |
X |
XXX, CC, X |
Xxxxxxxx xxx xxxxxxxxxx xxxxxx |
|
X1+ |
X1 |
X2, X3 |
B, X, XX, X |
|
|
Xxxxxxxx pro xxxxxxxxxx xxxxxx xxxxxxxx xxxx pojišťoven |
|
X1+ |
X1 |
X2, X3 |
X, X |
|
|
XXX-Xxxxxx Xxxxxxxxxxxx xüx Xxxxxäxxxxxxxxxxxxx xxX |
|||||||
Xxxxxxxx xxx xxxxxxxx xxxxxxxxxx xxxxxx |
XXX |
AA |
|
X, XXX |
XX |
X |
XXX, XX, X, X |
XX Ratings xx Xxxxxx, X.X. xx X.X. |
|||||||
Xxxxxxxx xxx xxxxxxxx xxxxxxxxxx xxxxxx |
HR XXX(X) |
XX XX(X) |
XX X(X) |
XX XXX(X) |
XX XX(X) |
XX X(X) |
XX X(X), XX X (X) |
Xxxxxxxx xxx xxxxxxxx xxxxxxxxxx rating |
XX+1(X) |
XX1(X) |
XX2(X) |
XX3(X) |
HR4(G), XX5(X), XX X(X) |
|
|
XXXX Xxxxx X.X. |
|||||||
Xxxxxxxx xxx globální xxxxxxxxxx xxxxxx |
|
|
AA, X |
XX, X |
X, X |
X, X |
X, X |
XXX Xxxxxx Xx. x x.x. |
|||||||
Xxxxxxxx xxx xxxxxxxxxx xxxxxx xxxxxxxx |
AAA |
AA |
X |
XXX |
BB |
X |
XXX, XX, X, X |
Japan Xxxxxx Xxxxxx Agency Xxx |
|||||||
Xxxxxxxx pro xxxxxxxxxx xxxxxx xxxxxxxx |
XXX |
XX |
A |
BBB |
XX |
X |
CCC, CC, X, LD, X |
Xxxxxxxx xxx xxxxxxxxxx xxxxxx xxxxx |
XXX |
XX |
X |
XXX |
XX |
X |
XXX, XX, C, X |
Xxxxxxxx pro xxxxxxxxxx xxxxxx emitentů |
|
X-1+ |
J-1 |
J-2 |
X-3, XX, XX, X |
|
|
Xxxxxxxx pro xxxxxxxxxx xxxxxx emisí |
|
X-1+ |
X-1 |
J-2 |
X-3, XX, X |
|
|
Xxxxx Xxxx Xxxxxx Xxxxxx |
|||||||
Xxxxxxxx xxx xxxxxxxxxx xxxxxx |
XXX |
XX |
X |
XXX |
XX |
X |
CCC, CC, X, X |
Xxxxxxxx xxx xxxxxxxxxx rating |
|
X1+ |
X1 |
K2, X3 |
X, X, X |
|
|
modeFinance X.x.x. |
|||||||
Xxxxxxxx xxx xxxxxxxx xxxxxxxxxx xxxxxx |
X1 |
X2 |
X3 |
X1 |
X2 |
X3 |
X1, X2, X3, X |
Xxxxx'x Investors Service Xxxxxx Xxx, Xxxxx'x Xxxxxx X.X.X., Xxxxx'x Xxxxxxxxxxx XxxX, Xxxxx'x Xxxxxx X.x.x., Xxxxx'x Xxxxxxxxx Service Xxxxñx X.X., Moody's Xxxxxxxxx Xxxxxxx Xxx |
|||||||
Xxxxxxxx xxx xxxxxxxx xxxxxxxxxx xxxxxx |
Xxx |
Aa |
A |
Xxx |
Xx |
B |
Caa, Xx, C |
Xxxxxxxx xxx xxxxxx xxxxxxxxxxxxx xxxxx |
Xxx-xx |
Xx-xx |
A-bf |
Xxx-xx |
Xx-xx |
X-xx |
Caa-bf, Xx-xx, C-bf |
Xxxxxxxx pro xxxxxxxx xxxxxxxxxx rating |
|
X-1 |
X-2 |
X-3 |
XX |
|
|
Xxxxxx-Xxxxxxx Xxxxxx XX GmbH |
|||||||
Stupnice xxx mezinárodní xxxxxx |
XXX |
AA |
A |
XXX |
BB |
X |
XXX, XX, X, X, X |
Xxxxxxxx xxx mezinárodní xxxxxx xxxxxxxxxxxxx |
XXX |
XX |
X |
XXX |
XX |
X |
XXX, XX, X, X, X |
Xxxxx Ratings XX |
|||||||
Xxxxxxxx xxx xxxxxxxx dlouhodobý xxxxxx |
XXX |
XX |
X |
XXX |
XX |
X |
XXX, CC, X, X |
Xxxxxxxx xxx globální xxxxxxxxxx xxxxxx |
|
S-1+ |
S-1 |
X-2 |
S-3, X-4 |
|
|
Spread Xxxxxxxx |
|||||||
Xxxxxxxx pro mezinárodní xxxxxxxxxx xxxxxx |
XXX |
XX |
A |
XXX |
XX |
X |
CCC, XX, X, X |
Xxxxxxxx & Xxxx'x Xxxxxx Market Xxxxxxxx France S.A.S., Xxxxxxxx &xxx; Xxxx'x Xxxxxx Xxxxxx Xxxxxxxx Xxxxx S.r.l., Xxxxxxxx &xxx; Poor's Credit Xxxxxx Xxxxxxxx Europe Xxxxxxx |
|||||||
Xxxxxxxx pro dlouhodobý xxxxxx xxxxxxxx |
AAA |
XX |
X |
BBB |
XX |
X |
XXX, XX, X, XX/X |
Xxxxxxxx xxx xxxxxxxxxx rating xxxxx |
XXX |
AA |
A |
XXX |
BB |
X |
CCC, XX, X, D |
Stupnice xxx xxxxxx finanční xxxx xxxxxxxxxx |
XXX |
AA |
X |
BBB |
XX |
X |
XXX, XX, XX/X, X |
Xxxxxxxx xxx xxxxxx xxxxxxx kvality xxxxx |
AAAf |
XXx |
Xx |
BBBf |
XXx |
Bf |
XXXx |
Xxxxxxxx xxx xxxxxx xxxxxxxxx xxxxxxxxxxx xx xxxxxxxx xxxx (MME) |
|
|
XX1 |
MM2 |
MM3, XX4 |
MM5, XX6 |
XX7, MM8, XXX |
Xxxxxxxx xxx krátkodobý rating xxxxxxxx |
|
X-1+ |
X-1 |
X-2, X-3 |
X, C, X, SD/D |
|
|
Xxxxxxxx pro xxxxxxxxxx xxxxxx xxxxx |
|
A-1+ |
X-1 |
A-2, X-3 |
X, X, D |
|
|
Xxx Xxxxxxxxx Xxxxxxxxxxxx Xxxx Xxx |
|||||||
Xxxxxxxx pro rating xxxxx |
XXX |
XX |
X |
XXX |
XX |
X |
XXX, CC, X, X |