LegalizeRegulation (EC) No 184/2005 of the European Parliament and of the Council of 12 January 2005 on Community statistics concerning balance of payments, international trade in services and foreign direct investment
Article 1
Subject matter
This Regulation establishes a common framework for the systematic production of Community statistics on balance of payments, international trade in services and foreign direct investment.
Article 2
Submission of data
The Commission is empowered to adopt delegated acts in accordance with Article 10 whenever certain requirements of data flows in Annex I need to be eliminated or reduced, provided that such elimination or reduction does not reduce the quality of the statistics produced in accordance with this Regulation.
When exercising these powers, the Commission shall ensure that the delegated acts do not impose a significant additional burden on the Member States or on the respondents.
Furthermore, the Commission shall duly justify the actions provided for in those delegated acts, considering, where appropriate, cost-effectiveness, including the burden on respondents and the production costs in accordance with Article 14(3) of Regulation (EC) No 223/2009 of the European Parliament and of the Council (1).
Article 3
Data sources
Article 4
Quality criteria and reports
Article 5
Data Flows
The statistics to be produced shall be grouped for transmission to the Commission (Eurostat) in accordance with the following data flows:
(a) balance of payments monthly statistics;
(b) balance of payments quarterly statistics;
(c) international trade in services;
(d) FDI flows;
(e) FDI positions.
When exercising those powers, the Commission shall ensure that the delegated acts do not impose a significant additional burden on the Member States or on the respondents.
Furthermore, the Commission shall duly justify the actions provided for in those delegated acts, considering, where appropriate, cost-effectiveness, including the burden on respondents and the production costs in accordance with Article 14(3) of Regulation (EC) No 223/2009.
Article 6
Reference period and periodicity
Member States shall compile the data flows according to the relevant first reference period and the periodicity as specified in Annex I.
Article 7
Transmission of data
Member States shall transmit to the Commission (Eurostat) the data required by this Regulation following a format and a procedure defined by the Commission, in accordance with the procedure referred to in Article 11(2).
Article 8
Transmission and exchange of confidential data
Member States receiving confidential data from other Member States shall treat that information confidentially.
Article 9
Dissemination
Article 10
Exercise of the delegation
Article 11
Committee procedure
Article 12
Reports on implementation
By 28 February 2018 and every five years thereafter, the Commission shall submit a report to the European Parliament and to the Council on the implementation of this Regulation.
In particular, that report shall:
(a) evaluate the quality of data on balance of payments, international trade in services and FDI;
(b) assess the benefits accruing to the Union, the Member States and the providers and users of statistical information of the statistics produced in relation to the costs;
(c) identify areas for potential improvement and amendments considered necessary in the light of the results obtained.
Article 12a
Cooperation with other committees
On all matters falling within the competence of the Committee on Monetary, Financial and Balance of Payments Statistics established by Council Decision 2006/856/EC (5), the Commission shall request the opinion of that Committee in accordance with that Decision.
Article 13
Entry into force
This Regulation shall enter into force on the 20th day following its publication in the Official Journal of the European Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
ANNEX I
Deadline:
Periodicity:
First reference period:
| Credit | Debit | Balance | |
|---|---|---|---|
| 1. Current account | |||
| Goods | Geo 3 | Geo 3 | |
| Services | Geo 3 | Geo 3 | |
| Primary income | |||
| Compensation of employees | Geo 3 | Geo 3 | |
| Investment income | |||
| Direct investment | |||
| Equity | Geo 3 | Geo 3 | |
| Of which: Reinvested earnings by resident sector (Sec 1) | Geo 2 (1) | Geo 2 (1) | |
| Debt instruments | Geo 3 | Geo 3 | |
| Portfolio investment | |||
| Equity and investment fund shares | Geo 3 | Geo 1 | |
| Debt securities | Geo 3 | Geo 1 | |
| Other investment | Geo 3 | Geo 3 | |
| Of which: Interest | Geo 2 (1) | Geo 2 (1) | |
| Reserve assets | Geo 3 | Geo 3 | |
| Of which: Interest | Geo 2 (1) | Geo 2 (1) | |
| Other primary income | Geo 3 | Geo 3 | |
| Secondary income | Geo 3 | Geo 3 | |
| 2. Capital account | |||
| Capital account | Geo 3 | Geo 3 | |
| Net acquisition of financial assets | Net incurrence of liabilities | Net | |
| 3. Financial account | |||
| Direct investment | |||
| Equity by resident sector (Sec 1) | Geo 2 (1) | Geo 2 (1) | |
| Debt instruments by resident sector (Sec 1) | Geo 2 (1) | Geo 2 (1) | |
| Portfolio investment | |||
| Equity and investment fund shares | |||
| By resident sector (Sec 1) | Geo 2 (1) | Geo 1 (1) | |
| By counterpart issuer sector (Sec 1) | Geo 2 (1) | ||
| Debt securities | |||
| Short-term | |||
| By resident sector (Sec 1) | Geo 2 (1) | Geo 1 (1) | |
| By counterpart issuer sector (Sec 1) | Geo 2 (1) | ||
| Long-term | |||
| By resident sector (Sec 1) | Geo 2 (1) | Geo 1 (1) | |
| By counterpart issuer sector (Sec 1) | Geo 2 (1) | ||
| Financial derivatives (other than reserves) and employee stock options | Geo 2 (1) | ||
| Other investment | |||
| By resident sector (Sec 1) | Geo 2 (1) | Geo 2 (1) | |
| Of which: Currency and deposits | Geo 2 (1) | Geo 2 (1) | |
| Reserve assets | |||
| Monetary gold | |||
| Gold bullion | Geo 1 (1) | ||
| Unallocated gold accounts | Geo 1 (1) | ||
| Special drawing rights (SDRs) | Geo 1 (1) | ||
| Reserve position in the International Monetary Fund (IMF) | Geo 1 (1) | ||
| Other reserve assets | |||
| Currency and deposits | |||
| Claims on monetary authorities, the IMF and the Bank for International Settlements (BIS) | Geo 1 (1) | ||
| Claims on other entities (banks) | Geo 1 (1) | ||
| Securities | |||
| Debt securities | |||
| Short-term | Geo 1 (1) | ||
| Long-term | Geo 1 (1) | ||
| Equity and investment fund shares | Geo 1 (1) | ||
| Financial derivatives (net) | Geo 1 (1) | ||
| Other claims | Geo 1 (1) | ||
| (1) Not mandatory for Member States not participating in the Monetary Union. |
Table 2
Quarterly Balance of payments and International Investment Position
Periodicity : Quarterly
First reference period : First Quarter 2014
Deadline : T+85 from 2014 to 2016; T+82 from 2017 (7)
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