Guideline (EU) 2016/1386 of the European Central Bank of 2 August 2016 amending Guideline ECB/2013/7 concerning statistics on holdings of securities (ECB/2016/23)

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), as well as a framework for data quality management of these statistics, which aims to ensure the completeness, accuracy and consistency of output data by consistently applying rules on quality standards for such data.’;

For the purposes of this Guideline, the definitions contained in Regulation (EU) No 1011/2012 (ECB/2012/24) shall apply, unless otherwise provided for, together with the following definitions: (1) “input data” means data reported to the ECB; (2) “output data” means data created by the ECB within the scope of securities holdings statistics; (3) “Data Quality Management” or “DQM” means ensuring, verifying and maintaining the quality of output data through the use and application of DQM targets, DQM metrics and DQM thresholds; (4) “European System of Central Banks Securities Holdings Statistics Database” or “SHSDB” means the technical tool operated by the ECB and the Deutsche Bundesbank to compile the data collected under this Guideline and under Regulation (EU) No 1011/2012 (ECB/2012/24); (5) “DQM target” means a benchmark for assessing the quality of output feed data; (6) “DQM metric” means a statistical indicator measuring the level to which a certain DQM target has been reached; (7) “DQM threshold” means the minimum level of verification work to be conducted in order to satisfy the requirements of the DQM framework for a DQM target.’;

1 NCBs shall collect and report to the ECB statistical information on holdings of securities with an ISIN code provided by group data reporting agents, on a security-by-security basis, in accordance with the reporting schemes in Annex I, Part 2 (Tables 1 to 3), and in compliance with electronic reporting standards which are laid down separately, for the following types of instruments: debt securities (F.31 and F.32); listed shares (F.511) and investment fund shares or units (F.521 and F.522). NCBs' reporting obligations shall cover end-of-quarter positions as laid down in paragraph 2.

2 NCBs shall report to the ECB the data mentioned in paragraph 1 by close of business on the 55th calendar day following the end of the quarter to which the data relate. By way of derogation, the ECB may allow an NCB to report data by close of business on the 62nd calendar day following the end of the quarter to which the data relate. In such cases the NCB shall submit a request for a derogation to the ECB in writing, setting out: (a) the reasons on which the request is based, demonstrating that it is necessary for the purposes of ensuring the accuracy and consistency of the data reported to the ECB by enabling the NCB to cross-check the data with additional data sources, which otherwise would not be available in time for the required quality checking of input data; (b) the period for which such a derogation should be granted. Following its assessment of the NCB's request, the ECB may grant the derogation for a specified period, and shall review the need for the derogation on an annual basis.’;

1 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.

2 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.

3 The reporting requirements set out in this Article are subject to the following back data reporting requirements where a Member State adopts the euro after this Guideline takes effect: (a) 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; (b) 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.

4 The accounting rules laid down in Articles 5, 5a and 5b of Regulation (EU) No 1011/2012 (ECB/2012/24) shall also apply when the NCBs report data in accordance with this Guideline.’;

1 NCBs shall report to the ECB statistical information covering holdings of securities with an ISIN code issued by the holders and, at the discretion of each relevant NCB, holdings of securities without an ISIN code issued by the holders, held by MFIs subject to Regulation (EU) No 1011/2012 (ECB/2012/24). NCBs' reporting obligations shall cover end-of-quarter positions.

2 NCBs that report statistical information pursuant to paragraph 1 shall do so in accordance with the rules set out in Article 3(2)(a), using the reporting schemes of Annex I, Part 1 (Tables 1, 2 and 5) as well as the electronic reporting standards laid down separately.

3 Quarterly data shall be revised in accordance with Article 3b(2)(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 NCBs shall collect and report to the ECB statistical information on holdings of securities without an ISIN code provided by group data reporting agents, on a security-by-security basis, in accordance with the reporting schemes in Annex I, Part 2, Tables 1, 2 and 4, and in compliance with electronic reporting standards which are laid down separately. NCBs' reporting obligations shall cover end-of-quarter positions as laid down in paragraph 2.

2 NCBs shall report to the ECB the data mentioned in paragraph 1 by close of business on the 55th calendar day following the end of the quarter to which the data relate. By way of derogation, the ECB may allow an NCB to report data by close of business on the 62nd calendar day following the end of the quarter to which the data relate. In such cases the NCB shall submit a request for a derogation to the ECB in writing, setting out: (a) the reasons on which the request is based, demonstrating that it is necessary for the purposes of ensuring the accuracy and consistency of the data reported to the ECB by enabling the NCB to cross-check the data with additional data sources, which otherwise would not be available in time for the required quality checking of input data; (b) the period for which such a derogation should be granted. Following its assessment of the NCB's request, the ECB may grant the derogation for a specified period, and shall review the need for the derogation on an annual basis.’;

1 NCBs shall, on behalf of the ECB, use the template letter in Annex II (hereinafter the “notification letter”) to notify the group data reporting agents 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 the group data reporting agent.

2 The relevant NCB shall send the notification letter to the group data reporting agent 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 group data reporting agents, 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 group data reporting agent 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 group data reporting agent, 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 group data reporting agent of the Governing Council's decision within 10 ECB working days.’;

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 SHSDB as part of overall DQM.

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.

3 Every two years the ECB and the NCBs shall share information with the ESCB Statistics Committee, and if applicable the end-users, about practices, measures and procedures applied in the compilation of securities holdings statistics data.

4 NCBs shall ensure, verify and maintain the quality of security holdings statistics data through the use and application of DQM targets, DQM metrics and DQM thresholds. DQM targets shall include ensuring: (a) the quality of aggregate output data; (b) the consistency of holdings and reference data; and (c) consistency with other statistics.

5 When the operators of the SHSDB raise queries with NCBs, the operators should classify these queries as: (a) high-priority queries; (b) priority queries; or (c) other queries. NCBs shall reply to these queries in writing, within a timeframe appropriate to this classification.

6 Data from the Centralised Securities Database used for securities holdings statistics shall be checked in accordance with Guideline ECB/2012/21 .

This Guideline shall take effect on the day of its notification to the NCBs. The Eurosystem central banks shall comply with paragraphs 1, 2 and 15 of Article 1 from that date. The Eurosystem central banks shall comply with paragraphs 3 to 14 and 16 and 17 of Article 1 of this Guideline from 1 October 2018.

This Guideline is addressed to all Eurosystem central banks.