LegalizeRegulation (EU) 2018/231 of the European Central Bank of 26 January 2018 on statistical reporting requirements for pension funds (ECB/2018/2)
Article 1
Definitions
For the purposes of this Regulation:
‘pension fund (PF)’ (subsector S.129 of the ESA 2010) means a financial corporation or quasi-corporation that is principally engaged in financial intermediation as the consequence of the pooling of social risks and needs of the insured persons (social insurance). A pension fund as a social insurance scheme provides income in retirement and may provide benefits for death and disability.
The following are not included within the definition: (a) investment funds (IFs) as defined in Article 1 of Regulation (EU) No 1073/2013 of the European Central Bank (ECB/2013/38) (1); (b) financial vehicle corporations engaged in securitisation transactions as defined in Article 1 of Regulation (EU) No 1075/2013 of the European Central Bank (ECB/2013/40) (2); (c) monetary financial institutions (MFIs) as defined in Article 1 of Regulation (EU) No 1071/2013 of the European Central Bank (ECB/2013/33) (3); (d) insurance corporations (ICs) as defined in Article 1 of Regulation (EU) No 1374/2014 of the European Central Bank (ECB/2014/50) (4); (e) non-autonomous pension funds, which are not institutional units and remain part of the institutional unit that set them up; (f) social security funds as defined in paragraph 2.117 of the ESA 2010;
‘reporting agents’ has the same meaning as defined in Article 1 of Regulation (EC) No 2533/98;
‘resident’ has the same meaning as defined in Article 1 of Regulation (EC) No 2533/98. For the purposes of this Regulation, if a legal entity lacks a physical dimension its residence shall be determined by the economic territory under whose laws the entity is incorporated. If the entity is not incorporated, residence shall be determined by its legal domicile, namely the country whose legal system governs the creation and continued existence of the entity;
‘relevant NCB’ means the NCB of the euro area Member State in which the PF and/or the pension manager is resident;
‘relevant NCA’ means the NCA of the euro area Member State in which the PF and/or the pension manager is resident;
‘pension manager’ has the same meaning as defined in paragraph 5.185 of the ESA 2010;
‘security-by-security data’ means data broken down into individual securities;
‘item-by-item data’ means data broken down into individual assets or liabilities;
‘aggregated data’ means data that has not been broken down into individual assets or liabilities;
‘financial transaction’ means a transaction arising out of the creation, liquidation or change in ownership of financial assets or liabilities, as further described in Part 5 of Annex II;
‘revaluation adjustments’ means changes to the valuation of assets and liabilities that arise from changes in the price of assets and liabilities and/or the effect of exchange rates on the values, expressed in euro, of assets and liabilities denominated in a foreign currency, as further described in Part 5 of Annex II.
Article 2
Actual reporting population
Article 3
List of PFs for statistical purposes
Article 4
Statistical reporting requirements
The reporting agents shall provide to the relevant NCB, either directly or via the relevant NCA pursuant to local cooperation arrangements, and in accordance with Annexes I and II:
(a) on a quarterly basis, end-of-quarter stock data on the assets of PFs and, in line with Article 5, quarterly revaluation adjustments or financial transactions concerning assets, where applicable;
(b) on an annual basis, end-of-year stock data on liabilities of PFs at minimum and, in line with Article 5, annual revaluation adjustments or financial transactions concerning liabilities, where applicable;
(c) on an annual basis, end-of-year data on the number of members of pension schemes broken down into active members, deferred members and retired members.
Article 5
Revaluation adjustments and financial transactions
Information on revaluation adjustments and financial transactions shall be obtained as follows.
(a) Reporting agents shall report revaluation adjustments or financial transactions, in accordance with the relevant NCB's instructions, for information reported on an aggregated basis.
(b) NCBs shall either derive approximations of the value of securities transactions from security-by-security data or shall directly collect data on such transactions from reporting agents on a security-by-security basis. NCBs may also follow a similar approach for assets other than securities when collecting item-by-item data.
(c) In the case of pension entitlements issued by PFs, approximations of the value of financial transactions shall be derived: (i) by reporting agents, in accordance with the relevant NCB's guidance, based on common best practices as may be defined at euro area level; or (ii) by the relevant NCB, based on data provided by PFs.
Article 6
Accounting rules
Article 7
Derogations
Derogations may be granted to small PFs as follows:
(a) NCBs may grant derogations to the smallest PFs in terms of total assets, provided that the PFs that contribute to the quarterly aggregated balance sheet account for at least 85 % of the total assets of PFs resident in the relevant euro area Member State.
(b) Subject to Article 13, NCBs may grant derogations to the smallest PFs where the quarterly aggregated total assets of the PF are less than EUR 25 million or the number of its members is fewer than 100, based on the last annual data submission, or, for the first reporting, on data reported for 2018 available at the relevant NCB or NCA. The relevant NCB shall ensure that the PFs that contribute to the quarterly aggregated balance sheet account for at least 80 % of the total assets of PFs resident in the relevant euro area Member State.
(c) A PF granted a derogation under point (a) or (b) from the reporting requirements in Article 4, shall nevertheless comply with the reporting requirements in Article 4(1)(a) on an annual basis, provided that the PFs that contribute to the annual aggregated balance sheet account for at least 95 % of the total assets of PFs resident in the relevant euro area Member State.
(d) A PF granted a derogation under point (a) or (b) shall report, as a minimum, total assets broken down into debt securities, equity, investment fund shares/units and other accounts receivable/payable on an annual basis.
(e) NCBs shall check the fulfilment of the conditions set out in points (a) to (c) annually and in good time in order to grant or withdraw, if necessary, any derogation with effect from the start of the second successive calendar year.
Article 8
Timeliness
Article 9
Minimum standards and national reporting arrangements
Article 10
Mergers, divisions and reorganisations
In the event of a merger, division or reorganisation that might affect the fulfilment of its statistical obligations, each reporting agent concerned shall inform the relevant NCB, directly or via the relevant NCA in accordance with local cooperation arrangements, as soon as the intention to implement such operation has been published and within a reasonable time before it takes effect, of the procedures that are planned in order to fulfil the statistical reporting requirements set out in this Regulation.
Article 11
Verification and compulsory collection
The NCBs shall exercise the right to verify or to collect compulsorily the information which reporting agents 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 III.
Article 12
First reporting
Article 13
Transitional provisions
If an NCB grants a derogation pursuant to Article 7(1)(b), the relevant NCB shall ensure that the PFs that contribute to the quarterly aggregated balance sheet account for at least 75 % of the total assets of PFs resident in the relevant euro area Member State for the first reporting and until no later than the date by which reporting agents must transmit quarterly and annual data for 2022 under Article 8.
Article 14
Final provisions
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
This Regulation shall be binding in its entirety and directly applicable in the Member States in accordance with the Treaties.
ANNEX I
STATISTICAL REPORTING REQUIREMENTS
PART 1
General statistical reporting requirements
1.The actual reporting population must provide the following statistical information, on a quarterly basis.
(a) security-by-security data for securities with ISIN codes;
(b) data on securities without ISIN codes either on a security-by-security or aggregated basis, broken down by instrument/maturity categories and counterparties;
(c) data on assets other than securities either on an item-by-item or aggregated basis, broken down by instrument/maturity categories and counterparties.
2.The aggregated data must be provided in terms of stocks and, in accordance with the instructions of the relevant national central bank (NCB), in terms of either: (a) revaluations due to price and exchange rate changes; or (b) financial transactions.
3.In addition, pension funds (PFs) resident in a euro area Member State must provide, on an annual basis, data on liabilities as specified in Annex II.
4.The data to be provided to the relevant NCB on a security-by-security basis is specified in Table 2.1 for securities with an ISIN code and in Table 2.2 for securities without an ISIN code. The aggregated quarterly statistical reporting requirements for stocks and for revaluations due to price and exchange rate changes or financial transactions, are specified in Tables 1a and 1c. The aggregated annual statistical reporting requirements for stocks and for revaluations due to price and exchange rate changes or financial transactions, are specified in Table 1b. The annual data to be provided regarding the number of members of pension schemes is specified in Table 3.
PART 2
Pension fund reserves
1.In the context of pension fund reserves, for the annual reporting requirements listed below, reporting agents should derive estimates, if the data cannot be identified directly, in accordance with the relevant NCB's guidance, based on common best practices as may be defined at euro area level:
— pension entitlements broken down by defined contribution and defined benefit schemes,
— revaluation adjustments (including exchange rate adjustments) or financial transactions for all required breakdowns as shown in Table 1b.
2.NCBs will derive quarterly estimates based on data provided on an annual basis by the reporting agents.
PART 3
Reporting tables
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