Guideline (EU) 2022/971 of the European Central Bank of 19 May 2022 on the Centralised Securities Database and the production of securities issues statistics and repealing Guideline ECB/2012/21 and Guideline (EU) 2021/834 (ECB/2022/25)

For the purposes of this Guideline the following definitions shall apply: (1) ‘Centralised Securities Database’ or ‘CSDB’ means the Centralised Securities Database set up by the European System of Central Banks (ESCB); (2) ‘input data’ means any data provided to the CSDB from one or more of the following data sources: a) both national central banks of the Member States whose currency is the euro (hereinafter the ‘NCBs’) and national central banks of the Member States whose currency is not the euro (hereinafter the ‘non-euro area NCBs’; b) European Central Bank-internal sources; c) commercial data providers; d) administrative sources; e) the public domain; (3) ‘input provision bracket’ means a period of working days each calendar month, which is defined by the European Central Bank (ECB) and during which the NCBs may provide input data to the CSDB; (4) ‘output data’ means item-by-item data that are automatically derived in the CSDB by compounding input data into complete, high quality single data records; (5) ‘output feed data’ means the subset of item-by-item output data and characteristics listed in Annex III to this Guideline that support the production of statistics or other uses; (6) ‘CSEC aggregate statistics’ means aggregated securities issues statistics covering stock and flow aggregates of securities issuances produced from item-by-item CSDB output data as specified in Annex IV to this Guideline; (7) ‘Data Quality Management’ or ‘DQM’ means the activity of ensuring, verifying and maintaining the quality of output feed data and CSEC aggregate statistics through the use and application of DQM targets, DQM metrics, DQM thresholds and specific DQM workflows; (8) ‘Data Source Management’ or ‘DSM’ means the activity of identifying and correcting directly with a data provider repetitive and/or structural mistakes in input data; (9) ‘initial DQM’ means DQM of item-by-item output feed data and CSEC aggregate statistics, covering the end-month preview for the most recent reference month and carried out on a monthly basis; (10) ‘regular DQM’ means DQM of item-by-item output feed data and CSEC aggregate statistics, covering the reference months prior to the month covered by initial DQM and carried out on a monthly basis, taking into account non-CSDB benchmark data provided by various data sources with a view to ensuring that CSDB output data quality satisfies the requirements for CSDB feed data; (11) ‘DQM target’ means a benchmark for assessing the quality of output feed data, as specified in Annex II to this Guideline; (12) ‘DQM metric’ means a statistical indicator measuring the level to which a certain DQM target has been reached, as specified in Annex II to this Guideline; (13) ‘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; (14) ‘DQM exception’ means a possible data quality issue that is identified via a specified rule and for which the data needs to be confirmed or corrected in order to reach the respective DQM threshold; (15) ‘DQM workflow’ means a technical process applied for the correction of input data in order to comply with a DQM threshold; (16) ‘end-month preview’ means a daily update of output data and of DQM metrics which produces an approximation of output data for the forthcoming end-month status; (17) ‘initial CSEC aggregate statistics’ means CSEC aggregate statistics covering the most recent reference month; (18) ‘regular CSEC aggregate statistics’ means CSEC aggregate statistics covering the reference months prior to the month covered by initial CSEC aggregate statistics; (19) ‘CSEC priority series’ means the lowest-level CSEC aggregate statistics that are subject to the DQM requirements, as specified in Annex II and Annex IV to this Guideline; (20) ‘reference month’ means the calendar month to which the relevant data or statistics refer; (21) ‘working day’ is a complete day which is not an ECB public holiday, as published on the ECB’s website; (22) ‘verification’ means the process of checking CSDB output feed data as well as CSEC aggregate statistics and, if necessary, correcting CSDB input data, hereby applying the DQM workflow; (23) ‘resident’ has the meaning defined in Regulation (EU) No 549/2013 of the European Parliament and of the Council ; (24) ‘ISIN code’ means the International Securities Identification Number, as defined by the International Standards Organization (ISO) in ISO 6166; (25) ‘linking entity identifier’ means an entity identifier that is included both in the CSDB and in the ESCB’s Register of Institutions and Affiliates Data (RIAD) data set and that is either a RIAD code, another national entity identifier used by the relevant NCB or non-euro area NCB, a Legal Entity Identifier (LEI) defined by ISO 17442, or another entity identifier commonly accepted by the ECB and the relevant NCB or non-euro area NCB.

This Guideline establishes a framework for the production of securities data and securities issues statistics in the CSDB. The aim of this framework is to ensure the completeness, accuracy and consistency of CSDB output data and CSEC aggregate statistics by consistently applying rules on the provision of input data and DQM and DSM for such data.

1 The ECB, with the assistance of the NCBs, shall define the CSDB’s operational processes; compile the CSEC aggregate statistics; and produce output data, including output feed data.

2 In accordance with this Guideline, the NCBs shall: (a) provide input data on securities issued by residents in their Member States to the CSDB where they have such data readily available; (b) conduct the DQM of the data related to issuers resident in their Member States; (c) verify the CSEC aggregate statistics related to issuers resident in their Member States.

3 The ECB shall: (a) conduct the DQM of data related to issuers resident outside the euro area, unless a non-euro area NCB has accepted the responsibility to conduct DQM for data related to issuers resident in its Member State; (b) verify the CSEC aggregate statistics related to issuers resident outside the euro area, unless a non-euro area NCB has accepted the responsibility for verifying the CSEC aggregate statistics related to issuers resident in its Member State.

1 Where NCBs have readily available item-by-item data on securities issued by residents in their Member States, they shall provide these data to the CSDB on a regular basis.

2 Where NCBs have readily available item-by-item data on securities issued by residents of other countries, they may provide these data to the CSDB on a regular basis upon agreement with: (a) the NCB responsible for the DQM of the data related to the relevant issuer in accordance with Article 3 of this Guideline; and (b) the ECB for data related to issuers resident outside the euro area, unless a non-euro area NCB has accepted the responsibility for conducting the DQM for data related to issuers resident in its Member State.

3 When providing input data files to the CSDB, NCBs shall provide, as a minimum, information for the attributes covered by Table 1 of Annex I to this Guideline.

4 Input data on securities transmitted to the CSDB shall identify individual securities with their ISIN codes.

5 If an NCB has improved its input data, it shall provide revised input data files to the CSDB or use the CSDB system to correct any errors and omissions in its input data that were not corrected in the course of the verification of the data as specified in Article 5.

6 NCBs shall specify annually the input provision dates they will be using to provide input data files to the CSDB in accordance with the input provision brackets defined by the ECB.

7 In accordance with Article 26 of Guideline (EU) 2018/876 of the European Central Bank (ECB/2018/16) , NCBs shall ensure that resident issuers of securities are recorded in the ESCB’s RIAD data set. NCBs that provide input data files to the CSDB shall include at least one linking entity identifier that is included in RIAD in their input data files.

1 The ECB and NCBs shall carry out initial DQM and regular DQM. In doing so they shall verify item-by-item output feed data and CSEC aggregate statistics, regardless of the source of such data or statistics.

2 DQM shall be applied to DQM targets 1, 2, 3a and 3b and to the corresponding DQM metrics, as specified in Annex II to this Guideline. These metrics shall be based on end-month data that are updated by the ECB on a daily basis subject to the applicable ESCB service level requirements.

3 For the attributes covered by Annex II, the ECB and NCBs shall apply DQM thresholds at a level that ensures the quality of output feed data to support the uses for these attributes as set out in Annex III to this Guideline.

4 The ECB and NCBs shall verify output feed data to the extent that, pursuant to DQM metrics, all DQM exceptions for DQM targets 1, 3a and 3b have been verified to reach the DQM thresholds.

5 The ECB and NCBs shall verify the initial and regular CSEC aggregate statistics to the extent that all DQM exceptions for DQM target 2 have been verified to reach the DQM thresholds.

6 NCBs shall correct input data in accordance with the agreed DQM workflow by using the CSDB system or by providing input data files to the ECB, as appropriate.

1 Initial DQM shall be applied to the end-month preview data for the reference month of the current production round.

2 The ECB and NCBs shall verify DQM exceptions to ensure that, after initial DQM has been applied, output feed data and initial CSEC aggregate statistics reflect the most recent developments.

3 When conducting initial DQM, the ECB and NCBs shall rely solely on information that is readily available to them.

1 Regular DQM shall be applied to the data for the reference months prior to the month covered by initial DQM.

2 When conducting regular DQM, the ECB and NCBs shall take into account all currently available information.

1 In accordance with the production timetable set out in Table 2 of Annex II to this Guideline, the ECB and NCBs shall verify: (a) the end-month preview output feed data that are subject to initial DQM; (b) the output feed data that are subject to regular DQM; (c) the initial CSEC aggregate statistics; (d) the regular CSEC aggregate statistics.

2 If the ECB and NCBs identify data quality issues during the verification process, they shall correct these issues in accordance with the same timetable.

1 When NCBs identify DSM issues related to commercial data sources, they shall report them to the ECB indicating the relevance of the issues by reference to both their magnitude, in terms of outstanding amounts or market capitalisation of the affected securities, and to the specific output feed data that is affected.

2 The ECB shall report high-relevance DSM issues related to commercial data sources to the respective data providers within one month of the date on which a DSM issue is reported to the ECB. Insofar as possible, the ECB shall use its best efforts to address high-relevance DSM issues in cooperation with the relevant data providers.

3 The ECB shall report DSM issues related to the input data provided by NCBs indicating the relevance of the respective DSM issues by reference to both their magnitude, in terms of outstanding amounts or market capitalisation of the affected securities, and to the specific output feed data that is affected. Within their means, NCBs shall use their best efforts to address high-relevance DSM issues in their input data in cooperation with the ECB.

1 The ECB shall implement arrangements with a view to ensuring that the joint compilation process for the CSEC aggregate statistics follows the compilation rules and methodology specified in Annex IV to this Guideline.

2 The ECB shall compile the monthly CSEC aggregate statistics in the CSDB on a daily basis, as specified in Annex IV to this Guideline, subject to the applicable ESCB service level requirements. CSEC aggregate statistics shall be compiled from reference month December 2020 onwards.

1 The ECB shall make available to NCBs: (a) a snapshot of monthly output feed data as specified in Annex III to this Guideline, on a monthly basis; (b) a snapshot of the item-by-item data underlying the CSEC aggregate statistics, and the CSEC aggregate statistics for the previous reference month, on a monthly basis; (c) for the previous reference day and on a best efforts basis, a snapshot of daily output feed data as specified in Annex III to this Guideline on a daily basis, covering the most relevant securities as agreed by the ESCB Statistics Committee.

2 The ECB shall also make available to NCBs any revisions to the: (a) snapshot of output feed data as specified in Annex III to this Guideline; (b) snapshot of the item-by-item data underlying the CSEC aggregate statistics and the CSEC aggregate statistics for at least the latest 12 reference months; (c) snapshot of the item-by-item data underlying the CSEC aggregate statistics, and the CSEC aggregate statistics for at least the latest 36 reference months, but excluding any period prior to December 2020, on an annual basis.

3 The data referred to in paragraphs 1 and 2 are to be exclusively used for statistical purposes, including the production and compilation of statistics. For non-statistical usage of the data, the rules and procedures for the sharing of confidential statistical information approved by the Governing Council shall be followed.

4 The data referred to in paragraphs 1 and 2 shall be made available either via transmission or via other means commonly accepted by the ECB and the NCBs.

1 NCBs shall not publish national aggregates or euro area aggregates of securities issues statistics compiled using CSDB data before the respective publication of CSEC aggregate statistics by the ECB. This shall not prevent NCBs from publishing national aggregates of securities issues statistics, whose compilation does not rely on CSDB data, in accordance with national publication timetables.

2 When publishing euro area aggregates of securities issues statistics, NCBs shall accurately reproduce the aggregates published by the ECB.

Where a Member State whose currency is not the euro adopts the euro following the entry into force of this Guideline, the national central bank of that Member State shall use its best efforts to verify the CSEC aggregate statistics for that Member State at least from reference month December 2020 onwards or for three years prior to the date of the adoption of the euro, whichever date is later.

Taking account of the views of the ESCB Statistics Committee, the Executive Board of the ECB shall be entitled to make any necessary technical amendments to the Annexes to this Guideline, provided that such amendments neither change the underlying conceptual framework of the Guideline, including the division of responsibilities between the ECB and the NCBs, nor materially affect the reporting burden on NCBs. The Executive Board shall inform the Governing Council of any amendment to the Annexes to this Guideline without undue delay.

1 Guideline 2012/689/EU (ECB/2012/21) and Guideline (EU) 2021/834 (ECB/2021/15) are hereby repealed.

2 References to the repealed Guidelines shall be construed as references to this Guideline and shall be read in accordance with the correlation table in Annex V.

1 This Guideline shall take effect on the day of its notification to the national central banks of the Member States whose currency is the euro.

2 The national central banks of the Member States whose currency is the euro and the ECB shall comply with this Guideline from 1 June 2022.

This Guideline is addressed to all Eurosystem central banks.