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

Article 1

Definitions

For the purposes of this Regulation:

3a. ‘parent 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;

8a. ‘insurance 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);

(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;

(a) ‘debt securities’ (F.3); (b) ‘listed shares’ (F.511); (c) ‘investment fund shares or units’ (F.52);

Article 2

Actual reporting population

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.

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.

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

(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.

Article 3

Statistical reporting requirements for sectoral data reporting agents

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 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.

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.

Article 3a

Statistical reporting requirements for group data reporting agents

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

Article 3b

General statistical reporting requirements

Article 4

Derogations for sectoral data reporting agents

At 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) NCBs 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) NCBs 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.

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.

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, for all non-resident clients, a total amount of securities that is below EUR 10 billion.

(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.

Article 4a

Derogations for group data reporting agents

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).

Article 4b

General derogations and framework applicable to all derogations

Article 5

Accounting rules for the reporting of sectoral data

Article 5a

Accounting rules for the reporting of group data

Article 5b

General accounting rules

Article 6

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.

Article 6a

Timeliness of group data

Article 6b

General timeliness

Article 7

Minimum standards and national reporting arrangements

Article 7a

Mergers, divisions and reorganisations