Regulation (EU) 2024/1988 of the European Central Bank of 27 June 2024 concerning statistics on investment funds and repealing Decision (EU) 2015/32 (ECB/2014/62) (ECB/2024/17) (recast)

This Regulation establishes the reporting requirements for investment funds (IFs), and in certain cases other financial intermediaries (OFIs) and monetary financial institutions (MFIs), with regard to statistical information on their assets, liabilities, income received, dividends paid, and fees paid by the shareholders to the IF.

For the purposes of this Regulation, the following definitions apply: (1) ‘investment fund’ (IF) means a collective investment undertaking that: (a) invests in financial and/or non-financial assets, described in Annex II, to the extent that its objective is investing capital raised from retail and professional investors; and (b) is constituted pursuant to Union or national law under: (i) contract law, as a common fund managed by management companies; (ii) trust law, as a unit trust; (iii) company law, as an investment company; (iv) any other similar mechanism or legal form. The following are considered IFs for the purposes of this Regulation: collective investment undertakings whose units or shares are, at the request of the holders, repurchased or redeemed directly or indirectly out of the undertaking’s assets; and collective investment undertakings which have a fixed number of issued shares and whose shareholders have to buy or sell existing shares when entering or leaving the fund. The following are not considered IFs for the purposes of this Regulation: pension funds as defined in the Article 1 of Regulation (EU) 2018/231 of the European Central Bank (ECB/2018/2) ; money market funds (MMFs) as defined in Article 2 of Regulation (EU) 2021/379 of the European Central Bank (ECB/2021/2) ; (2) ‘resident’ means established within the territory of a Member State. A legal entity is established within the territory of a Member State in which it is authorised or registered or has its registered office. If the entity is not incorporated, it is established where it is domiciled, having regard to the Member State whose legal system governs the creation and continued existence of the entity; (3) ‘relevant NCB’ means the NCB of the euro area Member State in which the IF is resident; (4) ‘security-by-security information’ means information broken down into individual securities; (5) ‘IF shares/units’ means shares or units, including in the form of equity capital, issued by IFs that are included in the list of IFs for statistical purposes and includes IF registered shares/units and IF bearer shares/units; (6) ‘IF registered shares/units’ means IF shares/units in respect of which, in accordance with national legislation, a record is kept identifying the holders of its shares/units including information on the residency and institutional sector of the holder; (7) ‘IF bearer shares/units’ means either of the following: (a) IF shares/units in respect of which, in accordance with national legislation, a record is not kept identifying the holders of its shares/units; (b) IF shares/units in respect of which, in accordance with national legislation, a record is kept identifying the holders of its shares/units, but which does not contain information on the residency and institutional sector of the holder; (8) ‘monetary financial institution’ (MFI) means ‘monetary financial institution (MFI)’ as defined in Article 2(1) of Regulation (EU) 2021/379 (ECB/2021/2); (9) ‘other financial intermediaries except insurance corporations and pension funds’ (OFIs) means ‘other financial intermediaries except insurance corporations and pension funds’ as defined in paragraphs 2.86 to 2.94 of Annex A to Regulation (EU) No 549/2013 of the European Parliament and of the Council and excluding financial vehicle corporations engaged in securitisation transactions (FVCs) as defined in paragraph 2.90 of that Annex; (10) ‘custodian’ means an entity belonging to the ‘financial corporations sector’ as defined in paragraph 2.55 of Annex A to Regulation (EU) No 549/2013 and undertaking the safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management as specified in Section B, point (1), of Annex I to Directive 2014/65/EU of the European Parliament and of the Council ; (11) ‘undertakings for collective investment in transferable securities’ (UCITS) means ‘undertakings for collective investment in transferable securities’ as referred to in Article 1(2) of Directive (EC) No 2009/65 of the European Parliament and of the Council ; (12) ‘non-UCITS IF’ means IFs that are not UCITS as defined in point (11).

1 The actual reporting population shall consist of IFs that are resident in the territory of the euro area Member States. The IF itself or, in the case of IFs that do not have legal personality under their national legislation, the persons legally representing them shall report the statistical information required to be reported under this Regulation.

2 For the purposes of this Regulation, where an IF segregates its assets into different sub-funds in such a way that shares/units relating to each sub-fund are independently backed by different assets, each sub-fund shall be considered as an individual IF.

3 The actual reporting population shall also include those OFIs and MFIs which are subject to the ECB’s statistical reporting requirements by reason of the application of Article 6(3), point (b).

1 The Executive Board shall establish and maintain a list of IFs that form the actual reporting population, including each sub-fund that is considered an individual IF.

2 IFs shall inform the relevant NCB of their existence within one week from the date on which it has taken up business where such information is not made available to the NCB in accordance with the national supervisory framework or local cooperation arrangements, irrespective of whether the IF expects to be subject to any of the statistical reporting requirements under this Regulation.

3 The ECB shall publish the up-to-date list of IFs for statistical purposes by electronic means, including on the ECB’s website.

4 NCBs shall establish, maintain and publish an up-to-date list of OFIs and MFIs that are included in the actual reporting population by electronic means, including on the NCB’s website.

5 Where the latest accessible version of the lists referred to in paragraph 1 or 4 is incorrect, the ECB shall not impose sanctions on an IF, OFI or MFI that does not properly fulfil its statistical reporting requirements under this Regulation where that IF, OFI or MFI relied in good faith on the incorrect list.

6 IFs, OFIs and MFIs shall report the required statistical information in accordance with this Regulation where their exclusion from the relevant list is manifestly erroneous.

1 IFs shall report all of the following statistical information to the relevant NCB, in accordance with the specifications set out in Annex I and the descriptions set out in Annex II: (a) end-of-month stock data on the assets and liabilities of IFs specified in Table 1 of Annex I; (b) monthly flow data on either the revaluation adjustments or transactions of IFs, or both, specified in Table 2 of Annex I, in accordance with the methodology set out in Annex III; (c) monthly income received and dividends paid for each share class issued by the IF and annual fees paid by the shareholders to the IF specified in Table 4 of Annex I; (d) information on the classification of the IF specified in Table 5 of Annex I.

2 For the purposes of paragraph 1, points (a) and (b), the IF shall report security-by-security information where specified in Table 1 or Table 2 of Annex I, and in accordance with Table 3 of Annex I.

1 IFs shall report statistical information on the residency and institutional sector breakdown of the holders of IF registered shares/units issued by IFs set out in Tables 1 and 2, section 9 (IF shares/units), of Annex I.

2 Where the residency or institutional sector breakdown of the holder of IF registered shares/units issued by IFs referred to in paragraph 1 cannot be directly identified, IFs shall report the relevant statistical information on the basis of available information.

3 Where the residency or institutional sector breakdown of the holders of IF bearer shares/units issued by IFs set out in Tables 1 and 2, section 9 (IF shares/units), of Annex I cannot be directly identified, the relevant statistical information shall be reported in accordance with the instructions or arrangements established by the relevant NCB based on one or more of the following options: (a) issuing IFs shall report statistical information on the residency and institutional sector breakdown of the holders of IF bearer shares/units, including where it is based on information provided by the agent distributing the IF bearer shares/units, or from any other entity involved in the issue, buy-back or transfer of the IF bearer shares/units; (b) NCBs may require MFIs or OFIs acting as a custodian of IF bearer shares/units, to report statistical information on the residency and institutional sector breakdown of the holders of those IF bearer shares/units, issued by resident IFs and held in custody on behalf of the holder or of another intermediary also acting as a custodian, where both of the following apply: (i) the custodian distinguishes IF bearer shares/units kept in custody on behalf of holders from IF shares/units kept on behalf of other custodians; and (ii) most of the IF bearer shares/units are in the custody of domestic resident institutions that are classified as financial intermediaries (MFIs or OFIs).

4 NCBs may derive the required statistical information on IF shares/units issued by IFs on the basis of available information, including the statistical information collected pursuant to Regulation (EU) No 1011/2012 (ECB/2012/24), where that information complies with the timeliness requirements of Article 8 of this Regulation and with the minimum standards set out in Annex IV to this Regulation.

1 NCBs may obtain the statistical information required to be reported under this Regulation from the national competent authority, in particular through data collected under the framework established in Directive 2011/61/EU of the European Parliament and of the Council , where that statistical information is transmitted to the NCB in accordance with the terms of local cooperation arrangements between the relevant NCB and the national competent authority, and provided that it fulfils the conditions on the protection and use of confidential statistical information collected by the ESCB under Article 8 of Regulation (EC) No 2533/98, in particular paragraph 5 thereof.

2 NCBs may estimate statistical information required to be reported pursuant to Article 5(1), point (c), on income received based on the assets of the IF, by using the methodology previously agreed with the ECB.

3 NCBs may compile the statistical information required to be reported pursuant to Article 5(1), point (c), on fees paid by the shareholders to the IF, and point (d), on information on the classification of the IF, from information sources that are available to them, and provided that it fulfils the conditions on the protection and use of confidential statistical information collected by the ESCB under Article 8 of Regulation (EC) No 2533/98, in particular paragraph 5 thereof.

1 NCBs shall determine the frequency and timeliness with which they receive statistical information from IFs, OFIs or MFIs, pursuant to this Regulation in order to meet the reporting deadlines referred to in paragraphs 2 and 3, and shall inform the reporting agents accordingly.

2 NCBs shall transmit all of the following to the ECB: (a) monthly statistical information by close of business on the 28th working day following the end of the month to which the statistical information relates; (b) the statistical information referred to in Article 5(1), point (d), by close of business on the 28th working day following the end of the month in which either the IF is first established or in which there is a change to the classification information of the IF; (c) annual statistical information by close of business on 30 June of each calendar year.

3 Where derogations granted by NCBs permit IFs, OFIs or MFIs to report statistical information to NCBs on a basis that is not monthly, the NCB shall transmit the statistical information to the ECB by close of business on the 28th working day following the end of the period to which the statistical information relates.

For the purposes of reporting pursuant to this Regulation, except where a derogation is granted in accordance with Article 10, IFs, OFIs and MFIs shall: (a) follow the accounting rules set out in Council Directive 86/635/EEC and in any other applicable international standards; (b) apply market valuation methods, where available; (c) report all financial assets and liabilities on a gross basis; (d) report based on the latest available asset valuations, in accordance with the frequency set out in Article 5 and the deadlines established by NCBs pursuant to Article 8(1).

1 NCBs may grant derogations from the statistical reporting requirements referred to in Article 5(1), points (a), (b) and (c), to the smallest IFs in terms of total assets provided that the IFs that contribute to the monthly aggregated balance sheet account for at least 95 % of the total of IFs’ assets in terms of stocks in each euro area Member State.

2 In euro area Member States where the combined total assets of resident IFs do not exceed 1 % of the euro area IF total assets, NCBs may grant derogations from the statistical reporting requirements referred to in Article 5(1), points (a), (b) and (c), to the smallest IFs in terms of total assets resident in their respective Member State, provided that the IFs that contribute to the monthly aggregated balance sheet account for at least 80 % of the total of IFs’ assets in terms of stocks in each euro area Member State.

3 Where NCBs grant derogations pursuant to paragraphs 1 or 2, IFs shall report all of the following statistical information, as a minimum, to the relevant NCB in accordance with the descriptions set out in Annex II: (a) on a quarterly basis, the statistical information on end-of-quarter stock data on IF shares/units specified in Table 1, section 9, of Annex I on an aggregated or a security-by-security basis; (b) on a quarterly basis, the statistical information on quarterly revaluation adjustments or transactions on IF shares/units specified in Table 2, section 9, of Annex I on an aggregated or a security-by-security basis.

4 Where NCBs grant derogations pursuant to paragraphs 1 or 2, both of the following shall apply: (a) derogations shall not be granted for a period longer than one calendar year; (b) NCBs shall verify that the thresholds referred to in paragraphs 1 and 2 are not exceeded on at least a yearly basis and in good time in order to grant or withdraw, if necessary, any derogation with effect from the start of the following calendar year.

5 NCBs may grant derogations regarding statistical information that is not security-by-security information as specified in Tables 1 and 2 of Annex I to non-UCITS IFs that are subject to national accounting rules that allow the valuation of their assets less frequently than monthly. Where NCBs grant such derogations, non-UCITS IFs shall report that statistical information in accordance with the frequency with which they are required to value their assets under national accounting rules, but as a minimum on an annual basis.

6 NCBs may grant derogations regarding security-by-security and share class information to non-UCITS IFs that are subject to national accounting rules that allow the valuation of their assets less frequently than monthly. Where NCBs grant such derogations, non-UCITS IFs shall report security-by-security and share class information specified in Tables 3 and 4 of Annex I on a quarterly basis.

7 NCBs may grant derogations from the statistical reporting requirements referred to in Article 5 to IFs that are subject to national accounting rules that do not require their assets to be valued in time to meet the clear reporting deadlines established by NCBs pursuant to Article 8(1). Where NCBs grant such derogations, IFs may report information to the NCB with the timeliness with which they are required to value their assets under national accounting rules.

8 NCBs may grant derogations to IFs with respect to statistical information collected pursuant to Article 5(2) on a security-by-security basis for securities classified under the categories ‘debt securities’, ‘equity’ and ‘IF shares/units’ in Tables 1 and 2 of Annex 1 where those securities do not have an individual ISIN code, or another valid identification code, and where either of the following apply: (a) the market value of the total holdings of such securities amounts to less than 1 % of the total holdings of securities of IFs in the country; or (b) the market value of the total holdings of such securities amounts to less than 5 % of the total holdings of securities of the IF. Where NCBs grant such derogations, IFs may report such information on an aggregated basis, broken down by instrument/maturity categories and counterparties.

9 NCBs shall grant derogations to IFs with respect to statistical information collected pursuant to Article 6(3)(b), Article 6(4) or Article 7. The NCBs shall verify that it is possible to collect that statistical information in good time so as to grant or withdraw, if necessary, any derogation with effect from the start of each calendar year, where agreed with the ECB.

10 Where an IF has not been granted a derogation in accordance with paragraph 7, NCBs may grant derogations to IFs from the reporting requirements set out in Article 6 for a period of one year where IF registered shares/units or bearer shares/units are issued for the first time or where market developments require a change of option or combination of options set out in Article 6(3).

11 NCBs may grant derogations to IFs to report the statistical information referred to in Article 5(1), points (a) and (b), on a quarterly basis for the period to which the statistical information relates up to and including the second quarter of 2026.

1 IFs, OFIs and MFIs shall comply with the statistical reporting requirements to which they are subject in accordance with the minimum standards for transmission, accuracy, compliance with concepts and revisions specified in Annex IV.

2 NCBs shall define and implement the reporting arrangements to be followed by the actual reporting population in accordance with national requirements. NCBs may establish local cooperation arrangements with the national competent authorities where applicable. NCBs shall ensure that those reporting arrangements and local cooperation arrangements provide the required statistical information and allow for accurate checking of the fulfilment of the minimum standards for transmission, accuracy, compliance with concepts and revisions specified in Annex IV.

1 IFs shall notify the relevant NCB of a merger, division or other reorganisation where both of the following apply: (a) that merger, division or other reorganisation is likely to affect an IFs fulfillment of the statistical reporting requirements under this Regulation; and (b) the intention to implement the operation referred to in point (a) is public knowledge.

2 The notification referred to in paragraph 1 shall: (a) be given within a reasonable time before the merger, division or other reorganisation takes effect; and (b) specify the procedures to be used to fulfil the statistical reporting requirements established in this Regulation.

The NCBs shall exercise the right to verify or to collect compulsorily the information which IFs, OFIs or MFIs are required to provide pursuant to this Regulation, without prejudice to the ECB’s right to exercise these rights itself. In particular, the NCBs shall exercise this right when an institution included in the actual reporting population does not fulfil the minimum standards for transmission, accuracy, compliance with concepts and revisions specified in Annex IV.

IFs, OFIs or MFIs shall continue to report all statistical information relating to the period to which the statistical information relates up to and including November 2025 as required under Regulation (EU) No 1073/2013 of the European Central Bank (ECB/2013/38) to the relevant NCB in accordance with Articles 5 and 9 of that Regulation.

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

Decision (EU) 2015/32 of the European Central Bank (ECB/2014/62) is repealed with effect from 1 December 2025.

1 Regulation (EU) No 1073/2013 of the European Central Bank (ECB/2013/38) is repealed with effect from 1 December 2025.

2 References to the repealed Regulation (EU) No 1073/2013 (ECB/2013/38) shall be construed as references to this Regulation and shall be read in accordance with the correlation table set out in Annex V.

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from 1 December 2025, with the exception of Article 10, which shall apply from the entry into force of this Regulation.