Regulation (EU) 2024/1988 of the European Central Bank of 27 June 2024 concerning statistics on investment funds and repealing Decision (EU) 2015/32 (ECB/2014/62) (ECB/2024/17) (recast)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 5 thereof,

Having regard to Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank (1), and in particular Articles 5(1) and 6(4) thereof,

Whereas:

(1) Regulation (EU) No 1073/2013 of the European Central Bank of 18 October 2013 concerning statistics on the assets and liabilities of investment funds (ECB/2013/38) (2) needs to be substantially amended, in particular in light of the need to collect additional and more frequent statistical information on investment funds (IFs). It should therefore be recast in the interest of clarity.

(2) Regulation (EC) No 2533/98 provides that, in order to fulfil its statistical reporting requirements, the European Central Bank (ECB), assisted by the national central banks (NCBs), has the right to collect statistical information within the limits of the reference reporting population and as far as necessary to carry out the tasks of the European System of Central Banks (ESCB). It follows from Article 2(2), point (a), of that Regulation that IFs form part of the reference reporting population for the purposes of fulfilling the ECB’s statistical reporting requirements, inter alia, in the field of monetary and financial statistics.

(3) Article 3 of the same Regulation requires the ECB to specify the actual reporting population within the limits of the reference reporting population, and entitles it to fully or partly exempt specific classes of reporting agents from its statistical reporting requirements. The population of IFs covered by this Regulation should include alternative investment funds (AIFs) and undertakings for collective investment in transferable securities (UCITS) established within the territories of the Member States as defined in Directive 2011/61/EU of the European Parliament and of the Council (3) (AIFMD) and Directive 2009/65/EC of the European Parliament and of the Council (4) (UCITSD). To ensure consistency and comparability of statistics, it is important that all entities classified in the ‘Non-MMF investment funds (S.124)’ subsector of the European system of national and regional accounts in the European Union (ESA 2010) laid down in Regulation (EU) No 549/2013 of the European Parliament and of the Council (5) are included in the actual reporting population. In some cases the definition of IFs may therefore include entities which do not fall within the scope of the AIFMD or UCITSD.

(4) Although regulations adopted under Article 34.1 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘Statute of the ESCB’) do not confer any rights or impose any obligations on Member States whose currency is not the euro (hereinafter the ‘non-euro area Member States’), Article 5 of the Statute of the ESCB applies to both euro and non-euro area Member States. Recital 17 of Council Regulation (EC) No 2533/98 refers to the fact that Article 5 of the Statute of the ESCB, together with Article 4(3) of the Treaty on European Union, implies an obligation to design and implement at national level all the measures that the non-euro area Member States consider appropriate to collect the statistical information needed to fulfil the ECB’s statistical reporting requirements and make timely preparations in the field of statistics in order to become euro area Member States.

(5) In order to undertake its tasks, in particular to define and implement monetary policy and to contribute to the stability of the financial system, the ESCB requires high quality statistical information on the financial activities of IFs. The principal purpose of such information is to provide the ECB with a comprehensive statistical picture of the IF subsector in the Member States whose currency is the euro (hereinafter the ‘euro area Member States’), which are viewed as one economic territory. Information from other regulatory or commercial sources that is currently available does not provide a sufficiently comprehensive statistical picture of the IF subsector that is needed to undertake ESCB tasks, due to limitations in terms of the scope, coverage and the type of data available, the quality of the data and the level of harmonisation of the data available from those sources.

(6) The collection of statistical information on the financial activities of IFs is necessary to satisfy regular and ad hoc analytical needs and to support the ECB in carrying out monetary and financial analysis. That statistical information is also used by the ESCB to compile other statistics, in particular with regard to the euro area financial accounts, balance of payments and international investment position. For this purpose, statistical information related to investment income attributable to IF shareholders is required, which can be derived from the income and fee information required under this Regulation. To minimise the reporting burden for these requirements, some of the income information may be estimated by the relevant NCB and the fee information is required on an annual basis only.

(7) Statistical information collected pursuant to this Regulation is used to compile IF statistics on both an aggregated and a fund-by-fund basis, as well as to complement other sources of statistical information collected by the ECB, and to ensure that statistical information may be effectively integrated with those other sources, including securities holdings statistics collected in accordance with Regulation (EU) No 1011/2012 of the European Central Bank (ECB/2012/24) (6), the Register of Institutions and Affiliates Data (RIAD) compiled in accordance with Guideline (EU) 2018/876 of the European Central Bank (ECB/2018/16) (7) and the centralised securities database (CSDB) compiled in accordance with Guideline (EU) 2022/971 of the European Central Bank (ECB/2022/25) (8). This allows for efficient and cost-effective use of statistical information collected from reporting agents, increasing their consistency and comparability and therefore their relevance and value for analytical purposes.

(8) Before adopting this Regulation for the definition and imposition of statistical reporting requirements, the ECB has assessed the merits and costs of the collection of new statistical information in accordance with Article 3 of Regulation (EC) No 2533/98 and considers that new and more frequent statistics, including statistical information on monthly income and annual fees paid by the shareholders to the IF and dividends paid by the IF and information on the classification of the IF, are required to enhance the quality and availability of data to the users of statistics on IFs when undertaking the tasks of the ESCB. The ECB has also consulted the European Commission on the draft Regulation, from which it has received comments.

(9) This Regulation lays down requirements primarily with regard to IFs. However, complete statistical information on holders of bearer shares issued by IFs may not be directly available from IFs. Therefore, it is necessary to make arrangements to allow NCBs to collect that statistical information, including from other sources and entities, in line with the most effective and accurate methods available at national level.

(10) To limit the reporting burden, NCBs should be allowed to collect the necessary information on IFs from the actual reporting population as part of a broader statistical reporting framework, provided that the fulfilment of the ECB’s statistical requirements is not hindered and the collection of the information in this manner is consistent with the statistical principles underlying European statistics produced by the ESCB, as set out in Article 3a of Regulation (EC) No 2533/98. In order to foster transparency, in such cases it is appropriate to inform the reporting agents that statistical information is collected to fulfil other purposes.

(11) In view of the significant growth in importance of the IF subsector for the transmission of monetary policy and financial stability surveillance and assessment, more detailed statistical information is needed on a monthly basis. This will allow for more timely policy advice and improved quality of analysis, for instance by better identification of events and causality in the economy and the financial markets, and significantly facilitating the incorporation of the data and the related analysis into the regular policy notes to the Governing Council.

(12) In order to ensure the reporting burden is not excessive, NCBs should be able to grant derogations to IFs with certain requirements and limits. It should be possible to grant certain derogations to IFs with frequency and timing constraints regarding their asset valuation so that they may fulfil the reporting requirements with a frequency and timing that are better aligned with those constraints. In addition, it should be possible to grant derogations to IFs on security-by-security reporting of securities without valid identification codes, where these have a low market value in relation to total securities holdings at national or individual IF level.

(13) The collection of security-by-security information under this Regulation is done in accordance with the definitions as set out in Regulation (EU) No 1011/2012 (ECB/2012/24).

(14) The quality of the statistical information collected, and analyses performed by the ECB, would be improved if it received data from European Securities and Market Authority (ESMA) reported under AIFMD and UCITSD that are necessary to undertake the ESCB’s tasks. The ECB should therefore cooperate with ESMA in the pursuit of its objectives under this Regulation and seek to enhance the efficiency of the production of statistical information used for these purposes, including by reducing any unnecessary duplications and inconsistencies between the reporting frameworks for ESCB tasks and supervisory purposes as well as improving data standardisation, efficient sharing and use of data.

(15) The standards for the protection and use of confidential statistical information as laid down in Article 8 of Regulation (EC) No 2533/98 should apply, permitting the sharing of such information with the European Supervisory Authorities where necessary to carry out their duties.

(16) Article 7(1) of Regulation (EC) No 2533/98 provides that the ECB has the power to impose sanctions on reporting agents which fail to comply with statistical reporting requirements set out in ECB regulations or decisions.

(17) In order to ensure the appropriate continuity in the reporting of statistical information related to IFs, the requirements in force prior to the date of application of this Regulation should be grandfathered for the entire transition period.

(18) It is necessary to set up a procedure to carry out technical amendments to the Annexes to this Regulation in an effective manner, provided that such amendments neither change the underlying conceptual framework nor affect the reporting burden. Accordingly, the Executive Board of the ECB should be able to make such technical amendments and account should be taken of the views of the Statistics Committee of the ESCB, when following this procedure.

(19) To ensure continuity in the reporting of statistical information concerning IFs and to allow implementation to start from 1 December 2025, this Regulation should enter into force without delay. However, it should not apply until 1 December 2025 in order to allow sufficient time for NCBs and IFs to prepare for the relevant reporting requirements. In order to ensure that derogations pursuant to this Regulation are granted by NCBs on a sound legal basis and to ensure that these derogations may be notified to reporting agents in good time, those provisions on derogations should apply from the date of entry into force of this Regulation.

(20) In view of national accounting rules that may allow certain IFs to value their assets at less than monthly frequency, it is no longer considered necessary for the Governing Council to determine these categories. As provided for in this Regulation, it is instead considered appropriate for NCBs to have the discretion to grant such derogations in view of the limited categories of IFs to which these may apply. Decision (EU) 2015/32 of the European Central Bank (ECB/2014/62) (9) should therefore be repealed,

HAS ADOPTED THIS REGULATION:

Article 1

Subject matter and scope

This Regulation establishes the reporting requirements for investment funds (IFs), and in certain cases other financial intermediaries (OFIs) and monetary financial institutions (MFIs), with regard to statistical information on their assets, liabilities, income received, dividends paid, and fees paid by the shareholders to the IF.

Article 2

Definitions

For the purposes of this Regulation, the following definitions apply:

(2) ‘resident’ means established within the territory of a Member State. A legal entity is established within the territory of a Member State in which it is authorised or registered or has its registered office. If the entity is not incorporated, it is established where it is domiciled, having regard to the Member State whose legal system governs the creation and continued existence of the entity;

(3) ‘relevant NCB’ means the NCB of the euro area Member State in which the IF is resident;

(4) ‘security-by-security information’ means information broken down into individual securities;

(5) ‘IF shares/units’ means shares or units, including in the form of equity capital, issued by IFs that are included in the list of IFs for statistical purposes and includes IF registered shares/units and IF bearer shares/units;

(6) ‘IF registered shares/units’ means IF shares/units in respect of which, in accordance with national legislation, a record is kept identifying the holders of its shares/units including information on the residency and institutional sector of the holder;

(8) ‘monetary financial institution’ (MFI) means ‘monetary financial institution (MFI)’ as defined in Article 2(1) of Regulation (EU) 2021/379 (ECB/2021/2);

(9) ‘other financial intermediaries except insurance corporations and pension funds’ (OFIs) means ‘other financial intermediaries except insurance corporations and pension funds’ as defined in paragraphs 2.86 to 2.94 of Annex A to Regulation (EU) No 549/2013 of the European Parliament and of the Council (12) and excluding financial vehicle corporations engaged in securitisation transactions (FVCs) as defined in paragraph 2.90 of that Annex;

(10) ‘custodian’ means an entity belonging to the ‘financial corporations sector’ as defined in paragraph 2.55 of Annex A to Regulation (EU) No 549/2013 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 2014/65/EU of the European Parliament and of the Council (13);

(11) ‘undertakings for collective investment in transferable securities’ (UCITS) means ‘undertakings for collective investment in transferable securities’ as referred to in Article 1(2) of Directive (EC) No 2009/65 of the European Parliament and of the Council (14);

(12) ‘non-UCITS IF’ means IFs that are not UCITS as defined in point (11).

Article 3

Actual reporting population

Article 4

List of IFs for statistical purposes

Article 5

Statistical reporting requirements

(a) end-of-month stock data on the assets and liabilities of IFs specified in Table 1 of Annex I;

(b) monthly flow data on either the revaluation adjustments or transactions of IFs, or both, specified in Table 2 of Annex I, in accordance with the methodology set out in Annex III;

(c) monthly income received and dividends paid for each share class issued by the IF and annual fees paid by the shareholders to the IF specified in Table 4 of Annex I;

(d) information on the classification of the IF specified in Table 5 of Annex I.

Article 6

Special reporting requirements on residency and institutional sector of holders of IF shares/units

(a) issuing IFs shall report statistical information on the residency and institutional sector breakdown of the holders of IF bearer shares/units, including where it is based on information provided by the agent distributing the IF bearer shares/units, or from any other entity involved in the issue, buy-back or transfer of the IF bearer shares/units;

Article 7

Alternative data sources and estimations

Article 8

Timeliness

(a) monthly statistical information by close of business on the 28th working day following the end of the month to which the statistical information relates;

(b) the statistical information referred to in Article 5(1), point (d), by close of business on the 28th working day following the end of the month in which either the IF is first established or in which there is a change to the classification information of the IF;

(c) annual statistical information by close of business on 30 June of each calendar year.

Article 9

Accounting rules for the purposes of statistical reporting

For the purposes of reporting pursuant to this Regulation, except where a derogation is granted in accordance with Article 10, IFs, OFIs and MFIs shall:

(a) follow the accounting rules set out in Council Directive 86/635/EEC (16) and in any other applicable international standards;

(b) apply market valuation methods, where available;

(c) report all financial assets and liabilities on a gross basis;

(d) report based on the latest available asset valuations, in accordance with the frequency set out in Article 5 and the deadlines established by NCBs pursuant to Article 8(1).

Article 10

Derogations

(a) on a quarterly basis, the statistical information on end-of-quarter stock data on IF shares/units specified in Table 1, section 9, of Annex I on an aggregated or a security-by-security basis;

(b) on a quarterly basis, the statistical information on quarterly revaluation adjustments or transactions on IF shares/units specified in Table 2, section 9, of Annex I on an aggregated or a security-by-security basis.

(a) derogations shall not be granted for a period longer than one calendar year;

(b) NCBs shall verify that the thresholds referred to in paragraphs 1 and 2 are not exceeded on at least a yearly basis and in good time in order to grant or withdraw, if necessary, any derogation with effect from the start of the following calendar year.

(a) the market value of the total holdings of such securities amounts to less than 1 % of the total holdings of securities of IFs in the country; or

(b) the market value of the total holdings of such securities amounts to less than 5 % of the total holdings of securities of the IF.

Where NCBs grant such derogations, IFs may report such information on an aggregated basis, broken down by instrument/maturity categories and counterparties.

Article 11

Minimum standards and national reporting arrangements

Article 12

Mergers, divisions and reorganisations

(a) that merger, division or other reorganisation is likely to affect an IFs fulfillment of the statistical reporting requirements under this Regulation; and

(b) the intention to implement the operation referred to in point (a) is public knowledge.

(a) be given within a reasonable time before the merger, division or other reorganisation takes effect; and

(b) specify the procedures to be used to fulfil the statistical reporting requirements established in this Regulation.

Article 13

Verification and compulsory collection

The NCBs shall exercise the right to verify or to collect compulsorily the information which IFs, OFIs or MFIs 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 IV.

Article 14

Grandfathering

IFs, OFIs or MFIs shall continue to report all statistical information relating to the period to which the statistical information relates up to and including November 2025 as required under Regulation (EU) No 1073/2013 of the European Central Bank (ECB/2013/38) (17) to the relevant NCB in accordance with Articles 5 and 9 of that Regulation.

Article 15

Simplified amendment procedure

Taking account of the views of the Statistics Committee, the ECB’s Executive Board shall make any necessary technical amendments to the Annexes provided that such amendments neither change the underlying conceptual framework nor affect the reporting burden on reporting agents in Member States. The Executive Board shall inform the Governing Council of any such amendment without undue delay.

Article 16

Repeal of Decision (EU) 2015/32 (ECB/2014/62)

Decision (EU) 2015/32 of the European Central Bank (ECB/2014/62) (18) is repealed with effect from 1 December 2025.

Article 17

Repeal

Article 18

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.

It shall apply from 1 December 2025, with the exception of Article 10, which shall apply from the entry into force of this Regulation.

This Regulation shall be binding in its entirety and directly applicable in the Member States in accordance with the Treaties.

Done at Frankfurt am Main, 27 June 2024.

For the Governing Council of the ECB The President of the ECB Christine LAGARDE

(1) OJ L 318, 27.11.1998, p. 8.

(2) OJ L 297, 7.11.2013, p. 73.

(3) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).

(4) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).

(5) Regulation (EU) No 549/2013 of the European Parliament and of the Council of 21 May 2013 on the European system of national and regional accounts in the European Union (OJ L 174, 26.6.2013, p. 1).

(6) Regulation (EU) No 1011/2012 of the European Central Bank of 17 October 2012 concerning statistics on holdings of securities (ECB/2012/24) (OJ L 305, 1.11.2012, p. 6).

(7) Guideline (EU) 2018/876 of the European Central Bank of 1 June 2018 on the Register of Institutions and Affiliates Data (ECB/2018/16) (OJ L 154, 18.6.2018, p. 3).

(8) Guideline (EU) 2022/971 of the European Central Bank of 19 May 2022 on the Centralised Securities Database and the production of securities issues statistics and repealing Guideline ECB/2012/21 and Guideline (EU) 2021/834 (ECB/2022/25) (OJ L 166, 22.6.2022, p. 147).

(9) Decision (EU) 2015/32 of the European Central Bank of 29 December 2014 concerning derogations that may be granted under Regulation (EU) No 1073/2013 concerning statistics on the assets and liabilities of investment funds (ECB/2013/38) (ECB/2014/62) (OJ L 5, 9.1.2015, p. 17).

(10) Regulation (EU) 2018/231 of the European Central Bank of 26 January 2018 on statistical reporting requirements for pension funds (ECB/2018/2) (OJ L 45, 17.2.2018, p. 3).

(11) Regulation (EU) 2021/379 of the European Central Bank of 22 January 2021 on the balance sheet items of credit institutions and of the monetary financial institutions sector (ECB/2021/2) (OJ L 73, 3.3.2021, p. 16).

(12) Regulation (EU) No 549/2013 of the European Parliament and of the Council of 21 May 2013 on the European system of national and regional accounts in the European Union (OJ L 174, 26.6.2013, p. 1.)

(13) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).

(14) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).

(15) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).

(16) Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions (OJ L 372, 31.12.1986, p. 1).

(17) OJ L 297, 7.11.2013, p. 73.

(18) Decision (EU) 2015/32 of the European Central Bank of 29 December 2014 concerning derogations that may be granted under Regulation (EU) No 1073/2013 concerning statistics on the assets and liabilities of investment funds (ECB/2013/38) (ECB/2014/62) (OJ L 5, 9.1.2015, p. 17).