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Regulation (EU) No 1011/2012 of the European Central BankShow full title

Regulation (EU) No 1011/2012 of the European Central Bank of 17 October 2012 concerning statistics on holdings of securities (ECB/2012/24)

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Changes over time for: Regulation (EU) No 1011/2012 of the European Central Bank (without Annexes)

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Article 1U.K.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.

‘[F1institution’ has the same meaning as defined in point (3) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council (1) ;]

3a.

‘[F2parent undertaking’ has the same meaning as defined in point (9) of Article 2 of Directive 2013/34/EU of the European Parliament and of the Council (2) ;

3b.

‘ subsidiary ’ means:

(a)

a subsidiary undertaking as defined in point (10) of Article 2 of Directive 2013/34/EU;

(b)

any undertaking over which a parent undertaking effectively exercises a dominant influence.

Subsidiaries of subsidiaries shall also be considered to be subsidiaries of the undertaking that is their original parent undertaking;

3c.

‘ financial institution ’ has the same meaning as defined in point (26) of Article 4(1) of Regulation (EU) No 575/2013;

3d.

‘ branch of an insurance corporation ’ means an unincorporated agency or branch, but not the head office, of an insurance or reinsurance corporation;]

4.

[F1‘ banking group ’ means the undertakings included in the scope of the consolidation of the head of a banking group pursuant to Articles 18(1), 18(4), 18(8), 19(1), 19(3) and Article 23 of Regulation (EU) No 575/2013;]

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);

8a.

‘[F3insurance corporation’ (IC) has the same meaning as defined in Article 1 of Regulation (EU) No 1374/2014 of the European Central Bank (ECB/2014/50) (3) ;]

9.

‘custodian’ means an entity belonging to the ‘financial corporations sector’ (S.12(4)) 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.

[F1‘ head of a banking group ’ means any of the following:

(a)

an EU parent institution, within the meaning of point (29) of Article 4(1) of Regulation (EU) No 575/2013, with any reference to a Member State in that definition being understood as a reference to a participating Member State;

(b)

an EU parent financial holding company within the meaning of point (31) of Article 4(1) of Regulation (EU) No 575/2013, with any reference to a Member State in that definition being understood as a reference to a participating Member State;

(c)

an EU parent mixed financial holding company within the meaning of point (33) of Article 4(1) of Regulation (EU) No 575/2013, with any reference to a Member State in that definition being understood as a reference to a participating Member State;

(d)

a central body, within the meaning of Article 10 of Regulation (EU) No 575/2013, in a participating Member State;]

11.

[F4. . . . .]

12.

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

13.

[F1‘ 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)[F1;]

18.

[F2‘ legal entity ’ means any entity, other than a natural person, that has the status of a legal person under the national law of the country in which the entity is resident, allowing the entity to have legal rights and obligations under the national legal system of that country;

19.

‘ sectoral data ’ means data reported pursuant to Article 3;

20.

‘ group data ’ means data reported pursuant to Article 3a;

21.

‘ participating Member State ’ has the same meaning as defined in Article 1(3) of Regulation (EC) No 2533/98;

22.

‘ client ’ means a natural or legal person to whom a custodian provides safekeeping and related services, including another custodian;

23.

‘ entity-by-entity basis ’ means the reported data refers to the holdings of securities of each individual legal entity of a banking group, i.e. the parent undertaking and each of its subsidiaries;

24.

‘ group basis ’ means the reported data includes information on the holdings of securities of the banking group as a whole.]

Textual Amendments

Article 2U.K.Actual reporting population

[F5 [F11. The actual reporting population shall consist of sectoral data reporting agents and group data reporting agents (hereinafter collectively referred to as ‘ actual reporting agents ’ ).

(a) Sectoral data reporting agents shall be resident MFIs, IFs, FVCs, ICs and custodians.

(b) Group data reporting agents shall be:

(i)

heads of banking groups; and

(ii)

institutions or financial institutions established in participating Member States and which are not part of a banking group;

where they have been identified by the Governing Council pursuant to paragraph 4 as part of the actual reporting population, and notified of their reporting obligations pursuant to paragraph 5.]

2. If an MMF, IF, FVC or IC 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.]

[F32a. Where NCBs derive data to be reported by ICs under this Regulation from data collected under Directive 2009/138/EC, the actual reporting population of ICs shall consist of:

(a) ICs incorporated and resident in the territory of the relevant euro area Member State, including subsidiaries whose parent entities are located outside that territory;

(b) branches of ICs specified in point (a) that are resident outside the territory of the relevant euro area Member State;

(c) branches of ICs that are resident in the territory of the relevant euro area Member State but whose head office is outside the EEA.

For the avoidance of doubt, branches of ICs that are resident in the territory of a euro area Member State and whose head office is inside the EEA are not part of the actual reporting population.]

[F13. The actual reporting agents shall be subject to full reporting requirements unless any derogation granted pursuant to Articles 4, 4a or 4b applies.

4. The Governing Council may decide that a group data reporting agent is part of the actual reporting population if the value of the total balance sheet assets of the banking group referred to under paragraph 1(b)(i) or the institution or financial institution referred to under paragraph 1(b)(ii), is:

(a) greater 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, if unavailable

(ii)

data with reference to the end of December of the previous year;

or

[F6(b) equal to or below the 0,5 % threshold, provided that the group data reporting agent meets certain quantitative or qualitative criteria that attest to its importance for the stability and functioning of the financial system in the euro area, e.g. by virtue of its interconnectedness with other financial institutions in the euro area, cross-jurisdictional activity, lack of substitutability, complexity of the corporate structure, or direct supervision by the ECB; and/or individual euro area Member States, e.g. by virtue of the relative importance of the group data reporting agent within a particular segment of the banking services market in one or more euro area Member States, or direct supervision by the ECB.]

5. The relevant NCB shall notify the group data reporting agents of the Governing Council's decision pursuant to paragraph 4, and of their obligations under this Regulation.

6. Without prejudice to Article 10, any group data reporting agent that is notified in accordance with paragraph 5 after the first reporting under this Regulation has started, shall begin reporting data no later than 6 months after the date of notification.

7. A group data reporting agent 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 group data reporting agent notified in accordance with paragraph 5 shall remain subject to the obligations set out in this Regulation until it receives notification to the contrary by the relevant NCB.]

Textual Amendments

Article 3U.K. [F1Statistical reporting requirements for sectoral data reporting agents]

[F51. MFIs, IFs, FVCs, ICs 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 laid down 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:

[F1(a) securities they hold in custody for resident clients that do not report their own holdings pursuant to paragraph 1, in accordance with Part 3 of Chapter 1 of Annex I;

(b) securities they hold in custody for non-financial clients resident in other euro area Member States, in accordance with Part 4 of Chapter 1 of Annex I;

(c) securities issued by euro area entities they hold in custody for clients resident in non-euro area Member States and for clients resident outside the Union, in accordance with Part 5 of Chapter 1 of Annex I.]

[F32a. The relevant NCB shall request that custodians report on a quarterly or monthly basis, in accordance with the reporting instructions laid down by the relevant NCBs, security-by-security data and investor information 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 securities with an ISIN code they hold in custody on behalf of ICs.

2b. Where NCBs derive data to be reported by ICs under this Regulation from data collected under Directive 2009/138/EC, ICs shall provide to the relevant NCB, on an annual basis, either aggregated or security-by-security data on end-of-year positions of securities with an ISIN code, further broken down by the total domestic holdings of the IC and the total holdings of its branches in each EEA country and outside the EEA, in accordance with Part 8 of Annex I. In this case, ICs that contribute to the annual reporting shall account for at least 95 % of the total holdings by ICs of securities with an ISIN code in the relevant euro area Member State.]

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[F15. Sectoral data 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 Chapter 1 of Annex I. Further requirements and guidelines regarding the compilation of transactions are laid down in Part 3 of Annex II.

6. Sectoral data 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 Chapter 1 of Annex I. This paragraph shall not apply to sectoral data reporting agents that are granted derogations under Articles 4 or 4b.]

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[F39. NCBs may obtain data on holdings of securities by ICs required to be reported under this Regulation from the following data collected under the framework established by Directive 2009/138/EC:

(a) data contained in quantitative reporting templates for supervisory reporting transmitted to NCBs by NCAs, whether the NCB and the NCA are separately established or integrated within the same institution, in accordance with the terms of the cooperation arrangements between the two bodies; or

(b) data contained in quantitative reporting templates for supervisory reporting, as transmitted by reporting agents directly and simultaneously to an NCB and an NCA.

10. Where a quantitative reporting template for supervisory reporting contains data needed to fulfil the statistical reporting requirements for ICs under this Regulation, NCBs shall have access to the entire template in order to ensure data quality.

11. Member States may establish cooperation arrangements to provide for centralised collection by the relevant NCA of information covering both the data collection requirements under the framework established by Directive 2009/138/EC and the additional data collection requirements laid down in this Regulation, in accordance with national law and harmonised terms of reference as may be defined by the ECB.]

[F212. The relevant NCB shall request that, when an MFI reports security-by-security data on own holdings of securities with an ISIN in accordance with Article 3(1), it reports the flag ‘ security issued by the holder ’ , as provided for in Part 2 of Chapter 1 of Annex I.

13. The relevant NCB may request that, when an MFI reports statistical information on own holdings of securities without an ISIN code in accordance with Article 3(6), it reports the flag ‘ security issued by the holder ’ as provided in Part 7 of Chapter 1 of Annex I.]

Textual Amendments

[F2Article 3a U.K. Statistical reporting requirements for group data reporting agents

1. Group data reporting agents shall, on a quarterly basis, provide the relevant NCB with security-by-security data on end-quarter positions of securities which are held by them or their groups, including non-resident entities. Such data shall be reported on a gross basis, without netting out from the group holdings the securities issued by entities of the same group. Such data shall be reported in accordance with the reporting instructions laid down by the relevant NCBs.

Group data reporting agents shall report data on holdings of securities, as specified in Chapter 2 of Annex I.

2. Group data reporting agents which are required to provide data pursuant to paragraph 1 shall report data on a group basis or on an entity-by-entity basis regarding the instruments held by the parent undertaking and/or its subsidiaries in accordance with the tables in Chapter 2 of Annex I.

[F63. The relevant NCB or, where group data is reported to the ECB pursuant to paragraph 5, the ECB shall request that group data reporting agents report on a quarterly basis, the flag ‘ issuer is part of the reporting group (prudential scope) ’ , on a security-by-security basis, and ‘ issuer is part of the reporting group (accounting scope) ’ , on a security-by-security basis, for the securities with or without an ISIN code which are held by their group in accordance with Chapter 2 of Annex I.]

4. Group data reporting agents pursuant to Article 2(1)(b)(ii), shall comply with this Regulation on the basis of the holdings of that individual institution or financial institution.

[F75. Without prejudice to the provisions of paragraph 1, group data reporting agents shall report group data to the ECB if the relevant NCB decides that group data reporting agents should report statistical information directly to the ECB pursuant to Articles 3a and 4b of Guideline ECB/2013/7.]

Textual Amendments

Article 3b U.K. General statistical reporting requirements

1. The reporting requirements under this Regulation, including any derogations therefrom, shall be without prejudice to the reporting requirements set out in: (a) Regulation (EU) No 1073/2013 of the European Central Bank (ECB/2013/38) (5) ; (b) Regulation (EU) No 1075/2013 of the European Central Bank (ECB/2013/40) (6) ; and (c) Regulation (EU) No 1374/2014 of the European Central Bank (ECB/2014/50).

2. Security-by-security data on end-of-quarter or end-of-month positions and, in accordance with Article 3(5), statistical information over the reference quarter or month, shall be reported in accordance with Parts 1, 2, 4, 5, 6, 7 and 8 of Annex II, and with the accounting rules referred to in Articles 5, 5a and 5b.]

Textual Amendments

Article 4U.K. [F1Derogations for sectoral data reporting agents]

1.[F1At the discretion of each relevant NCB, the following derogations may be granted to the sectoral data 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)

[F5NCBs may grant derogations to MFIs, IFs, FVCs, ICs and custodians from the reporting requirements set out in Article 3(1), provided that in terms of positions the combined contribution per sector or sub-sector of exempted MFIs, IFs, FVCs, ICs and custodians to the national holdings of MFIs, IFs, FVCs, ICs 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)

[F5NCBs may grant derogations to MFIs, IFs, FVCs, ICs and custodians from the reporting requirements set out in Article 3(1), provided that in terms of positions the combined contribution per sector or sub-sector of exempted MFIs, IFs, FVCs, ICs and custodians to the national holdings of MFIs, IFs, FVCs, ICs 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.

[F52. NCBs may fully or partly exempt CIs from reporting requirements, provided that the combined contribution to the total amount of securities held by exempted CIs in the relevant euro area Member State in terms of positions does not exceed 5 %; This threshold may however be raised to 15 % for the first two years after the start of reporting under this Regulation.]

[F32a. NCBs may grant derogations to ICs from the reporting requirements set out in Article 3(1) as follows:

(a) NCBs may grant derogations to ICs on the basis of total holdings of securities with an ISIN code held by ICs, provided that the combined contribution held by exempted ICs to the total amount of securities in the relevant euro area Member State in terms of positions does not exceed 5 %; or

(b) NCBs may grant derogations to ICs on the basis of total holdings of securities with an ISIN code held by ICs, provided that:

(i)

the combined contribution held by exempted ICs to the total amount of securities in the relevant euro area Member State in terms of positions does not exceed 20 %; and

(ii)

the data directly reported by ICs in accordance with Article 3(1) and the data reported by custodians in reference to the holdings by ICs not subject to direct reporting, together cover, on a security-by-security basis, 95 % or more of the total of ICs holdings of securities with an ISIN code, in each euro area Member State.]

[F53. NCBs may 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.

4. NCBs may 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.]

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).

[F1(b) NCBs may partially or fully exempt from the reporting requirements set out in Article 3(2)(b) and (c) custodians holding, for all non-resident clients, a total amount of securities that is below EUR 10 billion.]

[F3(c) NCBs may fully or partly exempt custodians from the reporting requirements set out in Article 3(2a), provided that the data directly reported by ICs in accordance with Article 3(1) and the data reported by custodians in reference to the holdings by ICs not subject to direct reporting together cover, on a security-by-security basis, 95 % or more of the total of ICs holdings of securities with an ISIN code, in each euro area Member State.]

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[F18. With regard to sectoral data reporting agents for which a derogation referred to in paragraphs 1, 2, 2a, 3 or 4 applies, NCBs shall continue to collect data on an annual basis on the amount of securities that such reporting agents 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.]

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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.

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[F213. NCBs may choose to grant derogations to MFIs from the reporting requirements set out in Article 3(12) provided that the NCBs are able to derive these data from data collected from other sources.]

Textual Amendments

[F6Article 4a U.K. Derogations for group data reporting agents

1. The relevant NCB or, where group data is reported to the ECB pursuant to Article 3a(5), the ECB, after consulting the relevant NCB, may grant derogations to group data reporting agents from the reporting requirements set out in Article 3a as follows:

(a) the relevant NCB or the ECB, as applicable, may allow group data reporting agents to report on a security-by-security basis statistical information covering 95 % of the amount of securities held by them or their group, in accordance with this Regulation, provided that the remaining 5 % of securities held by the group was not issued by a single issuer;

(b) the relevant NCB or the ECB, as applicable, may request group data reporting agents to provide further information on the types of securities for which a derogation is granted under point (a).

2. The relevant NCB or, where group data is reported to the ECB pursuant to Article 3a(5), the ECB, after consulting the relevant NCB, may grant derogations from the reporting requirements to group data reporting agents with respect to the flag ‘ issuer is part of the reporting group (prudential scope) ’ , on a security-by-security basis, as set out in Article 3a(3), provided that the relevant NCB or the ECB, as applicable, is able to derive these data from data collected from other sources.

3. For a period of two years from the first reporting in accordance with Article 10b(2), the relevant NCB, or, where group data is reported to the ECB pursuant to Article 3a(5), the ECB, after consulting the relevant NCB, may grant derogations from the reporting requirements to group data reporting agents with respect to the reporting on entity-by-entity basis set out in Chapter 2 of Annex I for entities resident outside the Union provided that the relevant NCB or the ECB, as applicable, are able to derive the information in Chapter 2 of Annex I for the entities resident outside the Union as a whole.]

Textual Amendments

[F6Article 4b U.K. General derogations and framework applicable to all derogations

1. The relevant NCB or, where group data is reported to the ECB pursuant to Article 3a(5), the ECB, after consulting the relevant NCB, may grant derogations from the reporting requirements under this Regulation if the actual reporting agents report the same data under: (a) Regulation (EU) No 1071/2013 of the European Central Bank (ECB/2013/33) (7) ; (b) Regulation (EU) No 1073/2013 (ECB/2013/38); (c) Regulation (EU) No 1075/2013 (ECB/2013/40); or (d) Regulation (EU) No 1374/2014 (ECB/2014/50); or if the relevant NCB or the ECB, as applicable, are able to derive the same data by other means, in accordance with the minimum statistical standards specified in Annex III.

2. The relevant NCB, or, where group data is reported to the ECB pursuant to Article 3a(5), the ECB, after consulting the relevant NCB, shall ensure that the conditions set out under this Article and Articles 4 and 4a are complied with for the purposes of granting, renewing or withdrawing, as applicable and when necessary, any derogation with effect from the start of each calendar year.

3. The relevant NCB, or where group data is reported to the ECB pursuant to Article 3a(5), the ECB, after consulting the relevant NCB, may make actual reporting agents, which have been granted derogations under this Article, Article 4 or 4a subject to additional reporting requirements, where further detail is deemed necessary by the relevant NCB or the ECB, as applicable. Actual reporting agents shall report the data requested within 15 working days of a request made by the relevant NCB or the ECB, as applicable.

4. Where derogations have been granted by the relevant NCB or, where group data is reported to the ECB pursuant to Article 3a(5), by the ECB, actual reporting agents may nonetheless fulfil the full reporting requirements. An actual reporting agent that opts not to avail itself of derogations granted by the relevant NCB or the ECB, as applicable, shall obtain the consent of the relevant NCB or the ECB, as applicable, prior to availing itself of the derogations granted at a later date.]

Textual Amendments

Article 5U.K. [F1Accounting rules for the reporting of sectoral data]

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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.

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Textual Amendments

[F2Article 5a U.K. Accounting rules for the reporting of group data

1. Without prejudice to national accounting practices, group data reporting agents shall report holdings of securities at the valuations indicated in Parts 4 and 8 of Annex II.

2. Without prejudice to national accounting practices and netting arrangements, group data reporting agents shall report holdings of securities on a gross basis for statistical purposes. In particular, holdings of securities by the group data reporting agents issued by the reporting agent itself and holdings of securities by the individual legal entities in the reporting group identified under Article 2(4) and issued by the entities themselves shall also be reported.

Textual Amendments

Article 5b U.K. General 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 (8) or, if this is inapplicable, in any other national or international standards that apply to the actual reporting agents.

2. Holdings of securities lent out under securities lending operations, or sold under repurchase agreements, shall be recorded as holdings by the original owner, and not as holdings of the party temporarily acquiring them, where there is a firm commitment to reverse the operation, as opposed to an option to do so. Where the party temporarily acquiring the securities sells them, such a sale shall be recorded as an outright transaction in securities and reported by the party temporarily acquiring them as a negative position in the relevant securities portfolio.]

Textual Amendments

[F1Article 6 U.K. Timeliness of sectoral data

NCBs shall transmit to the ECB:

(a)

quarterly security-by-security sectoral data in accordance with paragraphs (1), (2), (2a) and (5) of Article 3 by 18.00 CET on the 70th calendar day following the end of the quarter to which the data relate; or

(b)

monthly security-by-security sectoral data in accordance with Article 3(5) and Part 1 of Chapter 1 of Annex I, in accordance with (i) or (ii) below:

(i)

on a quarterly basis for the 3 months of the reference quarter, by 18.00 CET 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 18.00 CET on the 63rd calendar day following the end of the month to which the data relate.]

Textual Amendments

[F6Article 6a U.K. Timeliness of group data

1. NCBs shall transmit to the ECB quarterly security-by-security group data in accordance with Article 3a(1) and Chapter 2 of Annex I by 18.00 CET on the 55 th calendar day following the end of the quarter to which the data relate.

2. If an NCB decides pursuant to Article 3a(5) that reporting agents shall report the statistical information directly to the ECB, the reporting agents shall transmit such information to the ECB by 18.00 CET on the 45 th  calendar day following the end of the quarter to which the data relate.]

Textual Amendments

[F2Article 6b U.K. General timeliness

1. NCBs shall decide by 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 Articles 6 and 6a.

2. Where a deadline referred to in Articles 6 or 6a falls on a TARGET2 closing day, the deadline shall be extended to the following TARGET2 operating day, as published on the ECB's website.]

Textual Amendments

Article 7U.K.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.

[F6Article 7a U.K. Mergers, divisions and reorganisations

In the event of a merger, division or reorganisation that might affect the fulfilment of statistical obligations, the reporting agents concerned shall inform the relevant NCB, or, where group data is reported to the ECB pursuant to Article 3a(5), the ECB, directly or via the relevant NCA in accordance with the cooperation arrangements, once the intention to implement such operation has become public and in due time before it takes effect, of the procedures that are planned in order to fulfil the statistical reporting requirements set out in this Regulation.]

Textual Amendments

Article 8U.K.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 9U.K.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 10U.K.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.

[F3Article 10a U.K. First reporting following the entry into force of Regulation (EU) 2015/730 (ECB/2015/18) (9)

1. The first reporting following the entry into force of Regulation (EU) 2015/730 (ECB/2015/18) shall start with data relating to the reference period March 2015, unless otherwise specified in this Article.

2. The first reporting by ICs pursuant to Article 3(1) shall start with data relating to the reference period March 2016.

3. The first reporting by custodians pursuant to Article 3(2a) shall start with data relating to the reference period March 2016.

4. The first reporting by ICs pursuant to Article 3(2b) shall start with annual data relating to the reference year 2016.]

Textual Amendments

[F2Article 10b U.K. First reporting following the entry into force of Regulation (EU) 2016/1384 of the European Central Bank (ECB/2016/22) (10)

1. The first reporting of sectoral data pursuant to Article 3 shall start with data for the reference period September 2018.

2. The first reporting of group data pursuant to Article 3a shall start with data for the reference period September 2018.]

Textual Amendments

[F7Article 10c U.K. First reporting following the entry into force of Regulation (EU) 2018/318 of the European Central Bank (ECB/2018/7)

The first reporting of group data pursuant to Article 3a following the entry into force of Regulation (EU) 2018/318 of the European Central Bank (ECB/2018/7) (11) shall start with data for the reference period September 2018.]

Textual Amendments

Article 11U.K.Final provision

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

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