2013/215/EU: Guideline of the European Central Bank of 22 March 2013 concerning statistics on holdings of securities (ECB/2013/7)

This Guideline establishes the obligations of the NCBs to report to the ECB statistics on holdings of securities collected pursuant to Regulation (EU) No 1011/2012 (ECB/2012/24).

The terms used in this Guideline have the same meaning as those defined in Regulation (EU) No 1011/2012 (ECB/2012/24).

1 NCBs shall collect and report to the ECB statistical information on holdings of securities with an ISIN code, on a security-by-security basis, in accordance with the reporting schemes in Annex I, Part 1 (Tables 1 to 3) and Part 2 (Tables 1 to 3), and in compliance with electronic reporting standards which are laid down separately, for the following types of instruments: short-term debt securities (F.31); long-term debt securities (F.32); listed shares (F.511) and investment fund shares or units (F.52). NCBs’ reporting obligations shall cover end-of-quarter positions and either (i) end-of-quarter financial transactions over the reference quarter, or (ii) end-of-month or end-of-quarter data that are necessary to derive financial transactions, as laid down in paragraph 2. Financial transactions or data necessary to derive financial transactions that are reported by actual reporting agents to NCBs in accordance with Part 1 of Annex I to Regulation (EU) No 1011/2012 (ECB/2012/24) shall be measured as laid down in Part 3 of Annex II to Regulation (EU) No 1011/2012 (ECB/2012/24).

2 NCBs shall report to the ECB the data mentioned in paragraph 1 for the following reference periods and in accordance with the following deadlines: (a) with respect to holdings of securities by resident investors excluding NCBs, securities held in custody by resident custodians on behalf of investors resident in other euro area Member States and securities issued by euro area entities held in custody with resident custodians on behalf of non-euro area resident investors: (i) NCBs shall report on a quarterly basis data on end-of-quarter security-by-security positions by close of business on the 70th calendar day following the end of the quarter to which the data relate; (ii) NCBs shall report either (1) on a quarterly basis security-by-security transactions and, where available, other changes in volume over the reference quarter by close of business on the 70th calendar day following the end of the quarter to which the data relate; or (2) security-by-security positions and, where available, other changes in volume, which are necessary for the derivation of transactions. In this latter case, the NCBs shall report in accordance with the approaches described under Part 1 of Annex I to Regulation (EU) No 1011/2012 (ECB/2012/24) by close of business on the 70th calendar day following the end of the quarter to which the data relate for quarterly security-by-security data and on the 63rd calendar day following the end of the month to which the data relate for monthly security-by-security data; (b) with respect to holdings of securities by reporting groups, including non-resident entities, NCBs shall report data on a quarterly basis on end-of-quarter security-by-security positions by the following deadlines: (i) from 2013 to 2015, by close of business on the 70th calendar day following the end of the quarter to which the data relate; and (ii) from 2016, by close of business on the 55th calendar day following the end of the quarter to which the data relate.

3 By September of every year, the ECB shall communicate to NCBs the exact transmission dates of data to be reported in the form of a reporting calendar for the following year.

4 The following general rules shall apply to the revision of monthly and quarterly data. (a) NCBs shall report regular revisions as follows: (i) revisions to monthly data with reference to the three months prior to the most recent quarter, which are transmitted on a quarterly basis, shall be sent together with the data for the most recent quarter (regular data transmission); revisions to monthly data with reference to the month prior to the most recent month, which are transmitted on a monthly basis, shall be sent together with the data for the most recent month (regular data transmission); (ii) revisions to quarterly data with reference to the quarter prior to the most recent quarter shall be sent together with the data for the most recent quarter (regular data transmission); (iii) revisions to the previous three years (12 quarters) shall be sent together with the regular transmission of data referring to the third quarter of the year; (iv) the reporting of any other regular revisions not falling under points (i) to (iii) shall be agreed with the ECB; (b) NCBs shall report exceptional revisions that significantly improve the quality of the data as soon as available and outside the regular transmission periods, subject to prior agreement with the ECB. NCBs shall submit explanatory notes to the ECB setting out the reasons for significant revisions. NCBs may also submit explanatory notes for any other revisions on a voluntary basis.

5 The reporting requirements set out in this Article are subject to the following back data reporting requirements. (a) NCBs shall, to the extent possible, report back data for the reference period starting from the first quarter of 2009 until the fourth quarter of 2013; (b) where a Member State adopts the euro after this Guideline takes effect, the following rules shall apply: (i) NCBs of Member States that joined the Union before December 2012 shall report back data to the ECB, on a best efforts basis, which cover at least (1) the data reference periods starting from March 2014, or (2) the five years preceding the adoption of the euro by the relevant Member State, whichever period is shorter; (ii) NCBs of Member States that joined the Union after December 2012 shall report back data to the ECB, on a best efforts basis, which cover at least (1) the data reference periods starting from March 2016, or (2) the five years preceding the adoption of the euro by the relevant Member State, whichever period is shorter.

6 The accounting rules laid down in Article 5 of Regulation (EU) No 1011/2012 (ECB/2012/24) shall also apply when the NCBs report data in accordance with this Guideline.

1 NCBs may decide whether to report to the ECB statistical information covering securities without an ISIN code held by MFIs, IFs, FVCs and heads of reporting groups subject to Regulation (EU) No 1011/2012 (ECB/2012/24) or held by custodians on behalf of (i) resident investors not subject to Regulation (EU) No 1011/2012 (ECB/2012/24), (ii) non-financial investors resident in other euro area Member States, or (iii) investors resident in non-euro area Member States, as defined in Regulation (EU) No 1011/2012 (ECB/2012/24), which are not granted a derogation from reporting requirements under Regulation (EU) No 1011/2012 (ECB/2012/24).

2 NCBs that report statistical information pursuant to paragraph 1 shall do so in accordance with the rules set out in Article 3(2), using the reporting schemes of Annex I, Part 1 (Tables 1, 2 and 4) and Part 2 (Tables 1, 2 and 4) as well as the electronic reporting standards laid down separately.

3 Quarterly data shall be revised in accordance with Article 3(4)(a) and (b).

4 NCBs shall submit explanatory notes to the ECB setting out the reasons for significant revisions. NCBs may also submit explanatory notes for any other revisions on a voluntary basis. In addition, NCBs shall provide information on significant reclassifications in the holder sectors or in the instrument classification, where available.

1 Notwithstanding the exemption from statistical reporting obligations that NCBs may grant to custodians in accordance with Article 4(5)(a) of Regulation (EU) No 1011/2012 (ECB/2012/24), to comply with Article 3, NCBs, after consulting the ECB, shall decide on the most appropriate approach for compiling statistics on securities held by investors not subject to reporting requirements under Regulation (EU) No 1011/2012 (ECB/2012/24), depending on the organisation of the relevant markets and the availability of other relevant statistical, public or supervisory information in the Member States.

2 If data on holdings of securities are not reported by custodians following the exemption granted in accordance with Article 4(5)(a) of Regulation (EU) No 1011/2012 (ECB/2012/24), and if NCBs obtain these data from other statistical or supervisory data sources, or if they collect them directly from investors in accordance with national arrangements, NCBs shall take all the following measures: (a) ensure that these sources are sufficiently aligned with the statistical concepts and definitions laid down in Regulation (EU) No 1011/2012 (ECB/2012/24); (b) monitor the quality of the data in accordance with the minimum statistical standards laid down in Annex III to Regulation (EU) No 1011/2012 (ECB/2012/24); (c) if the reported data do not meet the quality standards referred to in subparagraph (b), increase the quality of such data, including the collection of data from custodians as provided for in Article 4(10) and (11) of Regulation (EU) No 1011/2012 (ECB/2012/24).

3 In addition, NCBs shall provide information on significant other changes in volume, where available, as defined in Part 3 of Annex II to Regulation (EU) No 1011/2012 (ECB/2012/24).

1 NCBs shall inform the ECB, at least once a year, of the derogations granted to, renewed or withdrawn from reporting agents for the following calendar year, as well as any ad hoc reporting requirements imposed on actual reporting agents that have been granted a derogation.

2 NCBs shall regularly check, at least once a year, the fulfilment of the conditions set out in Article 4 of Regulation (EU) No 1011/2012 (ECB/2012/24) for granting, renewing or withdrawing any derogation.

1 The ECB’s Governing Council shall identify the reporting groups as set out, and according to the criteria laid down, in Article 2(4) of Regulation (EU) No 1011/2012 (ECB/2012/24) on the basis of end-of-December data corresponding to the preceding calendar year provided by NCBs to the ECB (hereinafter the ‘reference data’) for the purpose of deriving ESCB statistics on consolidated banking data for Member States.

2 By September of every year, the ECB shall communicate to NCBs the date in the following year by which NCBs are to transmit the reference data. Such transmission shall occur in time to allow the derivation of the total consolidated assets of European Union banks in July of every year.

1 NCBs shall, on behalf of the ECB, use the template letter in Annex II (hereinafter the ‘notification letter’) to notify the heads of reporting groups of the Governing Council’s decision pursuant to Article 2(4) of Regulation (EU) No 1011/2012 (ECB/2012/24) of their reporting obligations under the Regulation. The notification letter shall contain the criteria justifying the classification of the notified entity as head of a reporting group.

2 The relevant NCB shall send the notification letter to the head of a reporting group within 10 ECB working days following the date of the Governing Council’s decision, and send a copy of that letter to the ECB Secretariat.

3 The procedure described in paragraph 2 shall not apply to the notification of heads of reporting groups, which have been identified by the Governing Council pursuant to Article 2(4) of Regulation (EU) No 1011/2012 (ECB/2012/24) prior to the date on which this Guideline takes effect.

1 If a head of a reporting group notified in accordance with Article 8 submits, within 15 ECB working days of the receipt of such notification, a reasoned written request with supporting information to the relevant NCB to review its classification as head of a reporting group, the relevant NCB shall transmit such request to the Governing Council within 10 ECB working days.

2 Following receipt of the written request pursuant to paragraph 1, the Governing Council shall review the classification and communicate its reasoned decision in writing, within two months of receipt of the request, to the relevant NCB, which shall notify the head of the reporting group of the Governing Council’s decision within 10 ECB working days.

1 Where all or part of the data described in Regulation (EU) No 1011/2012 (ECB/2012/24) can be obtained from competent authorities other than NCBs, NCBs shall establish appropriate cooperation mechanisms with these authorities to ensure a permanent structure for receiving such data.

2 NCBs shall ensure that the data referred to in paragraph 1 meet the ECB’s minimum statistical standards set out in Annex III to Regulation (EU) No 1011/2012 (ECB/2012/24), as well as any other requirements set out in Regulation (EU) No 1011/2012 (ECB/2012/24), before transmitting them to the ECB in accordance with Article 3.

1 Without prejudice to the ECB’s verification rights set out in Regulations (EC) No 2533/98 and (EU) No 1011/2012 (ECB/2012/24), the NCBs shall monitor and ensure the quality and reliability of the statistical information made available to the ECB and cooperate closely with the operators of the ESCB Securities Holdings Statistics Database (hereinafter the ‘SHSDB’) as part of overall data quality management.

2 The ECB shall assess these data in a similar manner, in close cooperation with the operators of the SHSDB. The assessment shall be carried out in a timely manner.

The NCBs shall use the ESCB-Net for the electronic transmission of the statistical information required by the ECB. The statistical information shall be made available to the ECB in accordance with electronic reporting standards laid down separately. Subject to the ECB’s prior consent, other means may be used to transmit statistical information.

Taking account of the views of the ESCB Statistics Committee, the ECB’s Executive Board may make technical amendments to the annexes to this Guideline, provided that such amendments neither change the underlying conceptual framework nor affect the reporting burden on reporting agents. The Executive Board shall inform the Governing Council of any such amendment without undue delay.

This Guideline shall take effect on the day of its notification to the NCBs. The Eurosystem central banks shall comply with Articles 8 and 9 from the date of notification of the Guideline to the NCBs and with the remaining provisions of the Guideline from 1 January 2014.

This Guideline is addressed to all Eurosystem central banks.