Regulation (EU) No 1011/2012 of the European Central BankDangos y teitl llawn

Article 1 Definitions

For the purposes of this Regulation:

1.

‘security-by-security’ data collection means the collection of data broken down into individual securities;

2.

‘position’ means the stock amount of securities, the types of which are listed in paragraph 15, owned or held in custody by an actual reporting agent at the end of a reference period, as further defined in Part 4 of Annex II;

3.

‘parent credit institution’, ‘parent financial holding company’, ‘subsidiary’ and ‘branch’ have the same meaning as defined in Article 4 of Directive 2006/48/EC;

4.

‘banking group’ means (a) a parent credit institution and all its financial subsidiaries and branches, other than insurance undertakings which have received official authorisation in accordance with Article 6 of Directive 73/239/EEC(1) or Article 4 of Directive 2002/83/EC(2); or (b) a parent financial holding company and all its financial subsidiaries and branches, other than insurance undertakings which have received official authorisation in accordance with Article 6 of Directive 73/239/EEC or Article 4 of Directive 2002/83/EC, provided that in both cases the parent is head of the banking group. An entity without any subsidiary constitutes a group on its own, provided that the entity is not a subsidiary itself;

5.

‘resident’ has the same meaning as defined in Article 1(4) of Regulation (EC) No 2533/98;

6.

‘monetary financial institution’ (MFI), ‘credit institution’ (CI) and ‘money market fund’ (MMF) have the same meaning as defined in Article 1 of Regulation (EC) No 25/2009 (ECB/2008/32). The MFI sector comprises CIs and MMFs;

7.

‘investment fund’ (IF) has the same meaning as defined in Article 1 of Regulation (EC) No 958/2007 (ECB/2007/8);

8.

‘financial vehicle corporation’ (FVC) has the same meaning as defined in Article 1(1) of Regulation (EC) No 24/2009 (ECB/2008/30);

9.

‘custodian’ means an entity belonging to the ‘financial corporations sector’ (S.12(3)) 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 2004/39/EC;

10.

‘head of a banking group’ means the parent company of a banking group, provided it is either an EU parent credit institution or an EU parent financial holding company as defined in Article 4 of Directive 2006/48/EC and as implemented in the Union Member States, except that ‘EU’ shall be replaced by ‘euro area’ and ‘Member State’ shall be replaced by ‘euro area Member State’;

11.

‘head of a reporting group’ means the head of a banking group identified by the Governing Council as a reporting group pursuant to Article 2(4);

12.

‘investor’ means any entity or person owning financial instruments;

13.

‘securities held in custody’ means securities which are held and administered by custodians on behalf of investors;

14.

‘relevant NCB’ means the NCB of the euro area Member State in which the reporting agent is resident;

15.

‘securities’ means the following types of securities:

(a)

‘debt securities’ (F.3);

(b)

‘listed shares’ (F.511);

(c)

‘investment fund shares or units’ (F.52);

16.

‘holdings of securities’ means economic ownership of securities, the types of which are listed in paragraph 15;

17.

‘ISIN code’ means the International Securities Identification Number assigned to securities, composed of 12 alphanumeric characters, which uniquely identifies a securities issue (as defined by ISO 6166).

Article 2 Actual reporting population

1. The actual reporting population shall consist of the resident MFIs, IFs, FVCs, custodians and the heads of banking groups identified by the Governing Council as reporting groups pursuant to paragraph 4 and notified of their reporting obligations pursuant to paragraph 5 (hereinafter collectively ‘actual reporting agents’ and individually ‘actual reporting agent’).

2. If an MMF, an IF or an FVC does not have legal personality under their national law, the persons legally entitled to represent them or, in the absence of formalised representation, persons that under the applicable national laws are liable for their acts, shall be responsible for reporting the information required under this Regulation.

3. The actual reporting agents shall be subject to full reporting requirements unless any derogation granted pursuant to Article 4 applies.

4. The Governing Council may decide that a banking group is a reporting group if the banking group has consolidated balance sheet assets in accordance with Title V, Chapter 4, Section 1 of Directive 2006/48/EC:

(a) larger than 0,5 % of the total consolidated balance sheet assets of the Union banking groups (hereinafter the ‘0,5 % threshold’), according to the most recent data available to the ECB, i.e.;

(i)

data with reference to the end of December of the calendar year preceding notification pursuant to paragraph 5; or

(ii)

if the data under (i) is not available, data with reference to the end of December of the previous year; or

(b) equal or below the 0,5 % threshold, provided that the banking group meets certain quantitative or qualitative criteria that make it important for the stability and functioning of the financial system in the euro area (concerning, e.g., interconnectedness with other financial institutions of the euro area; cross-jurisdictional activity; lack of substitutability; complexity of the corporate structure) and/or individual euro area Member State (concerning, e.g. relative importance of the banking group within a particular segment of the banking services market in one or more euro area Member State).

5. The relevant NCB shall notify the heads of reporting groups of the Governing Council’s decision pursuant to paragraph 4 and of their obligations under this Regulation.

6. Without prejudice to Article 10, heads of reporting groups which are notified in accordance with paragraph 5 after the first reporting under this Regulation has started shall start reporting data no later than six months after the date of the notification.

7. A head of a reporting group notified in accordance with paragraph 5 shall inform the relevant NCB of changes to its name or legal form, of mergers or restructurings, and of any other event or circumstances affecting its reporting obligations within 14 days of the occurrence of such event or circumstances.

8. A head of a reporting group notified in accordance with paragraph 5 shall remain subject to the obligations set out in this Regulation until it is notified by the relevant NCB to the contrary.

Article 3 Statistical reporting requirements

1. MFIs, IFs, FVCs and custodians shall provide to their relevant NCB security-by-security data on end-of-quarter or end-of-month positions and, in accordance with paragraph 5, financial transactions over the reference month or quarter, or the statistical information needed to derive such transactions, on own holdings of securities with an ISIN code, in accordance with Part 2 of Annex I. Such data shall be reported on a quarterly or monthly basis in accordance with the reporting instructions defined by the relevant NCBs.

2. A custodian shall inform the relevant NCB of the conduct of custodian activities within one week from the date on which it starts custodian activities, irrespective of whether it expects to be subject to regular reporting obligations under this Regulation, unless a custodian has informed other competent authorities thereof.

Custodians shall provide to the relevant NCB on a quarterly or monthly basis, in accordance with the reporting instructions defined by the relevant NCBs, security-by-security data on end-of-quarter or end-of-month positions and, in accordance with paragraph 5, financial transactions over the reference quarter or month, on the following securities with an ISIN code:

(a) securities they hold in custody on behalf of resident investors that do not report their own holdings pursuant to paragraph 1, in accordance with Part 3 of Annex I;

(b) securities they hold in custody on behalf of non-financial investors resident in other euro area Member States, in accordance with Part 4 of Annex I;

(c) securities issued by euro area entities they hold in custody on behalf of investors resident in non-euro area Member States and of investors resident outside the Union, in accordance with Part 5 of Annex I.

3. Heads of reporting groups shall provide to the relevant NCB on a quarterly basis security-by-security data on end-of-quarter positions of securities with an ISIN code which are held by their group, including non-resident entities. Such data shall be reported on the basis of the group’s gross portfolio, without netting out from the group holdings the securities issued by entities of the same group.

In accordance with the instructions of the relevant NCB, the heads of reporting groups shall report data on holdings of securities on the basis of one of the three approaches specified in Part 6 of Annex I.

4. The reporting requirements under this Regulation, including derogations therefrom, shall be without prejudice to the reporting requirements set out in (a) Regulation (EC) No 25/2009 (ECB/2008/32); (b) Regulation (EC) No 958/2007 (ECB/2007/8); and (c) Regulation (EC) No 24/2009 (ECB/2008/30).

5. The actual reporting agents shall, in accordance with instructions by the relevant NCB, report either (a) security-by-security data on monthly or quarterly financial transactions and, where requested by the relevant NCB, other changes in volume; or (b) the statistical information needed to derive financial transactions on the basis of one of the approaches specified in Part 1 of Annex I. Further requirements and guidelines regarding the compilation of transactions are laid down in Part 3 of Annex II.

6. The actual reporting agents shall, if instructed by the relevant NCB, report on a quarterly or monthly basis data on end-of-quarter or end-of-month positions and, in accordance with paragraph 5, statistical information over the reference quarter or month, on holdings of securities without an ISIN code, in accordance with Part 7 of Annex I. This paragraph shall not apply to actual reporting agents that are granted derogations under Article 4.

7. Security-by-security data on end-of-quarter or end-of-month positions and, in accordance with paragraph 5, statistical information over the reference quarter or month, shall be reported in accordance with Parts 1, 2 and 4 of Annex II, and with the accounting rules referred to in Article 5.

Article 4 Derogations

1. At the discretion of each relevant NCB, the following derogations may be granted to the actual reporting agents:

(a) in euro area Member States with total holdings of securities with an ISIN code by resident investors which at market value are lower than or equal to EUR 40 billion:

(i)

NCBs may grant derogations to MFIs, IFs, FVCs and custodians from the reporting requirements set out in Article 3(1), provided that in terms of positions the combined contribution of exempted MFIs, IFs, FVCs and custodians to the national holdings of MFIs, IFs, FVCs and custodians, respectively, does not exceed 40 %. FVCs that do not report security-by-security data in accordance with Regulation (EC) No 24/2009 (ECB/2008/30) shall have the right, in accordance with the instructions of their relevant NCBs, to exceed this threshold for the first two years after the start of reporting under this Regulation;

(ii)

NCBs may grant derogations to custodians from the reporting requirements set out in Article 3(2)(a), provided that in terms of positions the combined contribution of exempted custodians to the national amount of securities held in custody does not exceed 40 %;

(b) in euro area Member States with total holdings of securities with an ISIN code by resident investors which at market value are higher than EUR 40 billion:

(i)

NCBs may grant derogations to MFIs, IFs, FVCs and custodians from the reporting requirements set out in Article 3(1), provided that in terms of positions the combined contribution of exempted MFIs, IFs, FVCs and custodians to the national holdings of MFIs, IFs, FVCs and custodians, respectively does not exceed 5 %;

(ii)

NCBs may grant derogations to custodians from the reporting requirements set out in Article 3(2)(a), provided that in terms of positions the combined contribution of exempted custodians to the national amount of securities held in custody does not exceed 5 %;

(c) NCBs shall consult the ECB on the use of information to identify total holdings of securities at market value necessary to grant derogations under this paragraph.

2. NCBs may choose to grant derogations to CIs from the reporting requirements set out in Article 3(1) as follows:

(a) NCBs may fully or partly exempt CIs from reporting requirements, provided that the combined contribution to the total amount of securities held by CIs in the relevant euro area Member State in terms of positions does not exceed 5 %;

(b) this threshold may however be raised to 15 % for the first two years after the start of reporting under this Regulation;

(c) the thresholds referred to in points (a) and (b) shall be calculated on the basis of total holdings of securities for the relevant Member State after applying any derogations under paragraph 1.

3. NCBs may choose to grant derogations to all MMFs from the reporting requirements set out in Article 3(1), provided that their total holdings of securities with an ISIN code account for less than 2 % of securities held by euro area MMFs. This 2 % threshold shall be calculated on the basis of total holdings of securities by MMFs in the relevant Member State, after applying any derogations under paragraph 1.

4. NCBs may choose to grant derogations to all FVCs from the reporting requirements set out in Article 3(1), provided that their total holdings of securities with an ISIN code account for less than 2 % of securities held by euro area FVCs. This 2 % threshold shall be calculated on the basis of total holdings of securities by FVCs in the relevant Member State, after applying any derogations under paragraph 1.

5. NCBs may choose to grant the following derogations to custodians:

(a) NCBs may fully or partly exempt custodians from the reporting requirements set out in Article 3(2)(a), provided that the data referred to in Article 3(2)(a) can be derived from other statistical or supervisory data sources, in accordance with the minimum statistical standards specified in Annex III. In addition the following applies:

(i)

in Member States for which the derogations under paragraph 1(a) apply, and in which the data referred to in Article 3(2)(a) are directly reported by investors, such data shall cover as a minimum on a security-by-security basis 60 % of the amount of securities referred to in Article 3(2)(a);

(ii)

in Member States for which the derogations under paragraph 1(b) apply, and in which the data referred to in Article 3(2)(a) are directly reported by investors, such data shall cover as a minimum on a security-by-security basis 75 % of the amount of securities referred to in Article 3(2)(a).

(b) NCBs may partially or fully exempt from the reporting requirements set out in Article 3(2)(b) and (c) custodians holding a total amount of securities on behalf of all non-resident investors below EUR 10 billion.

6. NCBs may choose to grant derogations to heads of reporting groups from the reporting requirements set out in Article 3(3) as follows:

(a) NCBs may allow heads of reporting groups to report on a security-by-security basis statistical information covering 95 % of the amount of securities with an ISIN code held by their group, in accordance with the requirements of this Regulation, provided that the remaining 5 % of securities held by the group are not issued by one single issuer;

(b) NCBs may request heads of reporting groups to provide further information on the type of securities excluded from reporting under point (a).

7. NCBs may choose to grant derogations from the reporting requirements under this Regulation if the actual reporting agents report the same data under Regulation (EC) No 25/2009 (ECB/2008/32), Regulation (EC) No 958/2007 (ECB/2007/8), or Regulation (EC) No 24/2009 (ECB/2008/30), or if NCBs can otherwise derive the same data, in accordance with the minimum statistical standards specified in Annex III.

8. With regard to actual reporting agents for which a derogation referred to in paragraphs 1, 2, 3 or 4 applies, NCBs shall continue to collect data on an annual basis on the amount of securities they hold or keep in custody in accordance with the requirements set out in Article 3(1), either on an aggregated or on a security-by-security basis.

9. NCBs shall check the fulfilment of the conditions set out in paragraphs 1 to 7, as applicable, for the purposes of granting, renewing or withdrawing, if necessary, any derogation with effect from the start of each calendar year.

10. The relevant NCB shall withdraw any derogations granted to custodians under paragraph 5(a) if data from other statistical or supervisory data sources that fulfil the minimum statistical standards specified in Annex III have not been made available in time to it for three consecutive reporting periods, irrespective of whether there is fault on the part of custodians. Custodians shall start reporting data, as set out in Article 3(2), not later than three months from the date on which the relevant NCB notifies them that the derogation has been withdrawn.

11. NCBs may choose to address ad hoc reporting requirements to actual reporting agents that have been granted derogations under this Article, according to the level of detail deemed necessary by them. Actual reporting agents shall report the information requested on an ad hoc basis within 15 working days of a request made by the relevant NCB.

12. The actual reporting agents may choose not to make use of derogations granted by the NCBs and to fulfil full reporting requirements instead. An actual reporting agent not using the derogations granted by a relevant NCB shall obtain that NCB’s consent prior to subsequently using them.

Article 5 Accounting rules

1. Unless otherwise provided for in this Regulation, the accounting rules followed by the actual reporting agents for the purposes of reporting under this Regulation shall be those laid down in the national transposition of Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions(4) or, if this is inapplicable, in any other national or international standards that apply to the actual reporting agents.

2. Without prejudice to national accounting practices holdings of securities shall be reported at nominal value or as number of shares. Market values may also be reported, as indicated in Part 4 of Annex II.

3. Without prejudice to national accounting practices and netting arrangements, holdings of securities shall be reported on a gross basis for statistical purposes.

4. Holdings of securities lent out under securities lending operations, or sold under a repurchase agreement, shall remain recorded as holdings by the original owner (and not as holdings of the temporary acquirer) where there is a firm commitment to reverse the operation (and not simply an option to do so). Where the temporary acquirer sells the securities received, this sale shall be recorded as an outright transaction in securities and reported by the temporary acquirer as a negative position in the securities portfolio.

Article 6 Timeliness

1. NCBs shall decide when they need to receive data from actual reporting agents to be able to perform the necessary quality control procedures and to meet the deadlines in paragraph 2.

2. NCBs shall transmit to the ECB for the actual reporting agents:

(a) quarterly security-by-security data in accordance with Article 3(1), (2) and (5) by close of business on the 70th calendar day following the end of the quarter to which the data relate; or

(b) monthly security-by-security data in accordance with Article 3(5) and Part 1 of Annex I, according to one of the options below:

(i)

on a quarterly basis for the three months of the reference quarter, by close of business on the 63rd calendar day following the end of the quarter to which the data relate; or

(ii)

on a monthly basis for each month of the reference quarter, by close of business on the 63rd calendar day following the end of the month to which the data relate; and

(c) quarterly security-by-security positions in accordance with Article 3(3) by close of business:

(i)

from 2013 to 2015: on the 70th calendar day following the end of the quarter to which the data relate; and

(ii)

from 2016: on the 55th calendar day following the end of the quarter to which the data relate.

3. Where a deadline referred to in paragraph 2 falls on a TARGET2 closing day, the deadline shall be extended to the following TARGET2 operating day, as announced on the ECB’s website.

Article 7 Minimum standards and national reporting arrangements

1. The actual reporting agents shall comply with the reporting requirements to which they are subject in accordance with the minimum standards specified in Annex III.

2. The NCBs shall define and implement the reporting arrangements to be followed by the actual reporting agents in accordance with national characteristics. The NCBs shall decide whether to require custodians to report security-by-security data on an investor-by-investor basis. The NCBs shall ensure that these reporting arrangements provide the required statistical information and allow checking of whether the minimum standards for transmission, accuracy and revisions specified in Annex III are met.

Article 8 Verification and compulsory collection

The NCBs shall exercise the rights to verify, according to the level of detail deemed necessary by the relevant NCB, or to collect, the information which the actual reporting agents are required to provide pursuant to this Regulation, without prejudice to the ECB’s right to exercise these rights itself. These rights shall in particular be exercised by the NCBs when actual reporting agents do not fulfil the minimum standards specified in Annex III.

Article 9 Simplified amendment procedure

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

Article 10 First reporting

The first reporting pursuant to this Regulation shall start with data relating to the reference period December 2013. The first time NCBs report to the ECB, they shall only be required to submit data on positions.

Article 11 Final provision

This Regulation shall enter into force on the 20th day following its publication in the Official Journal of the European Union.

Done at Frankfurt am Main, 17 October 2012.

The President of the ECB

Mario Draghi