# Regulation (EU) No 1073/2013 of the European Central BankShow full title

Regulation (EU) No 1073/2013 of the European Central Bank of 18 October 2013 concerning statistics on the assets and liabilities            of investment funds (recast) (ECB/2013/38)         

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# Regulation (EU) No 1073/2013 of the European Central Bank

# of 18 October 2013

# concerning statistics on the assets and liabilities of investment funds (recast)

# (ECB/2013/38)

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),                        

Having regard to the opinion of the European Commission,

Whereas:

(1)Since Regulation (EC) No 958/2007 of the European Central Bank of 27 July 2007 concerning statistics on the assets and liabilities                              of investment funds (ECB/2007/8)(2) needs to be substantially amended, in particular in the light of 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(3), it should be recast in the interests of clarity.

(2)Regulation (EC) No 2533/98 provides in Article 2(1) that, for the fulfilment of 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 of what is necessary to carry out the tasks of the European System                              of Central Banks (ESCB). It follows from Article 2(2)(a) of Regulation (EC) No 2533/98 that investment funds (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. Furthermore, Article 3 of Regulation (EC) No 2533/98 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.

(3)In order to fulfil its tasks and monitor financial activities other than those undertaken by monetary financial institutions                              (MFIs), the ESCB requires high quality statistical information on the business of IFs. The principal purpose of such information                              is to provide the ECB with a comprehensive statistical picture of the IF sector in the Member States whose currency is the                              euro (hereinafter the ‘euro area Member States’), which are viewed as one economic territory.

(4)To limit the reporting burden, NCBs are allowed to collect the necessary information on IFs from the actual reporting population                              as part of a broader statistical reporting framework which serves other statistical purposes, provided that the fulfilment                              of the ECB’s statistical requirements is not jeopardised. In order to foster transparency, in such cases it is appropriate                              to inform the reporting agents that data are collected to fulfil other statistical purposes.

(5)Having data available on financial transactions facilitates a more in-depth analysis for monetary policy and other purposes.                              Data on financial transactions, as well as data on stocks, are also used to compile other statistics, in particular the euro                              area financial accounts.

(6)Although regulations adopted under Article 34.1 of the Statute of the European System of Central Banks and 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 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.

(7)Although this Regulation is primarily addressed to IFs, complete information on holders of bearer shares issued by IFs may                              not be directly available from IFs, and it is therefore necessary to include other entities in the actual reporting population.

(8)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.

(9)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,

HAS ADOPTED THIS REGULATION:

## Article 1U.K.Definitions

For the purposes of this Regulation:

‘investment fund (IF)’ means a collective investment undertaking that:

invests in financial and/or non-financial assets, within the meaning of Annex II, to the extent that its objective is investing                                       capital raised from the public; and                                    

is constituted pursuant to Union or national law under:

contract law, as a common fund managed by management companies;

trust law, as a unit trust;

company law, as an investment company;

any other similar mechanism or legal form.

The following are included within the definition:

undertakings whose units or shares are, at the request of the holders, repurchased or redeemed directly or indirectly out                                       of the undertaking’s assets; and                                    

undertakings which have a fixed number of issued shares and whose shareholders have to buy or sell existing shares when entering                                       or leaving the fund.                                    

The following are not included within the definition:

pension funds as defined in the revised European System of Accounts (hereinafter the ‘ESA 2010’) laid down by Regulation (EU)                                       No 549/2013 (sub-sector S.129);                                    

money market funds (MMFs) as defined in Annex I to Regulation (EU) No 1071/2013 of the European Central Bank of 24 September                                       2013 concerning the balance sheet of the monetary financial institutions sector (ECB/2013/33)(4).                                    

For the purposes of the definition of IF, ‘public’ shall encompass retail, professional and institutional investors;

‘reporting agent’ 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, legal domicile shall be used as a criterion, namely the country                              whose legal system governs the creation and continued existence of the entity;                           

‘monetary financial institution (MFI)’ has the same meaning as defined in Article 1 of Regulation (EU) No 1071/2013 (ECB/2013/33);

‘OFI’ means other financial intermediaries except insurance corporations and pension funds, as defined in ESA 2010 (sub-sector                              S.125);                           

‘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 sector of the holder;                           

‘IF bearer shares/units’ means IF shares/units in respect of which, in accordance with national legislation, a record is not                              kept identifying the holders of its shares/units, or in respect of which a record is kept which does not contain information                              on the residency and sector of the holder;                           

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

‘security-by-security’ data means data broken down into individual securities.

## Article 2U.K.Actual reporting population

1.The actual reporting population shall consist of the IFs resident in the territory of the euro area Member States. The IF                        itself or, in the case of IFs that do not have legal personality under their national law, the persons legally entitled to                        represent them, shall be responsible for reporting the statistical information required under this Regulation.                  

2.Without prejudice to paragraph 1, for the purpose of collecting information on the holders of bearer shares issued by IFs                        in accordance with paragraph 3 in Part 2 of Annex I, the actual reporting population shall include MFIs and OFIs. The NCBs                        may grant derogations to these entities provided that the required statistical information is collected from other available                        sources in accordance with paragraph 3 in Part 2 of Annex I. The NCBs shall check the fulfilment of this condition in good                        time in order to grant or withdraw, if necessary, any derogation with effect from the start of each year, in agreement with                        the ECB. For the purposes of this Regulation, the NCBs may establish and maintain a list of reporting OFIs, in accordance                        with the principles laid down in paragraph 3 in Part 2 of Annex I.                  

## Article 3U.K.List of IFs for statistical purposes

1.The Executive Board shall establish and maintain, for statistical purposes, a list of IFs that form the reference reporting                        population, including, where applicable, their sub-funds, within the meaning of Article 4(2). The list may be based on existing                        lists of IFs supervised by national authorities, where such lists are available, supplemented by other IFs falling within                        the definition of IFs in Article 1.                  

2.The NCBs and the ECB shall make this list and its updates available in an appropriate form, including by electronic means,                        via the internet or, at the request of the reporting agents concerned, in paper form.                  

3.If the latest accessible electronic version of the list referred to in paragraph 2 is incorrect, the ECB shall not impose                        sanctions on any reporting agent which did not properly fulfil its statistical reporting requirements to the extent that it                        relied on the incorrect list in good faith.                  

## Article 4U.K.Fund-by-fund reporting

1.The actual reporting population shall report data on its assets and liabilities on a fund-by-fund basis.                  

2.Without prejudice to paragraph 1, if an IF segregates its assets into different sub-funds in such a way that shares/units                        relating to each sub-fund are independently backed by different assets, each sub-fund shall be considered as an individual                        IF.                  

3.By derogation from paragraphs 1 and 2, subject to the prior approval and in accordance with the instructions of the relevant                        NCB, IFs may report their assets and liabilities as a group, provided that this leads to results that are similar to fund-by-fund                        reporting.                  

## Article 5U.K.Quarterly and monthly statistical reporting requirements

1.The reporting agents shall provide, in accordance with Annexes I and II:                  

(a)on a quarterly basis, end-of-quarter stock data on the assets and liabilities of IFs, and quarterly revaluation adjustments                        or transactions, where applicable; and                  

(b)on a monthly basis, end-of-month stock data on IF shares/units issued, the corresponding monthly revaluation adjustments or                        transactions, if applicable and separate reporting of new issuance and redemptions of IF shares/units during the reporting                        month.                  

2.The NCBs may choose to collect the data in paragraph 1(a) on a monthly instead of on a quarterly basis.                  

## Article 6U.K.Revaluation adjustments or transactions

1.The reporting agents shall report revaluation adjustments or transactions, in accordance with the relevant NCB’s instructions,                        for the information reported on an aggregated basis as specified in Annex I.                  

2.As specified in Annex I, NCBs may either derive approximations of security transactions from the security-by-security information                        or directly collect data on transactions on an security-by-security basis.                  

3.Further requirements and guidelines regarding the compilation of revaluation adjustments or transactions are laid down in                        Annex III.                  

## Article 7U.K.Accounting rules

1.The accounting rules followed by IFs for the purposes of reporting under this Regulation shall be those laid down in the relevant                        national law implementing Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and consolidated accounts                        of banks and other financial institutions(5) or, if the former provision is inapplicable, in any other national or international standards that apply to IFs.                  

2.Without prejudice to accounting practices and netting arrangements prevailing in the euro area Member States, all financial                        assets and liabilities shall be reported on a gross basis for statistical purposes.                  

## Article 8U.K.Derogations

1.Derogations from the statistical reporting requirements set out in Article 5 may be granted to IFs as follows:                  

(a)The NCBs may grant derogations to the smallest IFs in terms of total assets, provided that the IFs that contribute to the                        quarterly aggregated balance sheet account for at least 95 % of the total of IFs’ assets in terms of stocks, in each euro                        area Member State.                  

(b)In euro area Member States where the combined total assets of national IFs do not exceed 1 % of the euro area IF total assets,                        NCBs may grant derogations to the smallest IFs in terms of total assets, provided that the IFs that contribute to the quarterly                        aggregated balance sheet account for at least 80 % of the total of national IFs’ assets in terms of stocks.                  

(c)The IFs to which derogations as laid down in points (a) and (b) apply shall only report, on a quarterly basis, end-of-quarter                        stock data on IF shares/units issued and the corresponding quarterly revaluation adjustments or transactions, if applicable.                  

(d)The NCBs shall check the fulfilment of the conditions set out in points (a) and (b) annually in good time in order to grant                        or withdraw, if necessary, any derogation with effect from the start of each calendar year.                  

2.Derogations may be granted to IFs that are subject to national accounting rules which allow the valuation of their assets                        less frequently than quarterly. The IF categories to which NCBs shall have the discretion to grant derogations shall be decided                        by the Governing Council. The IFs to which such derogations apply shall be subject to the requirements set out in Article                        5 at a frequency consistent with their accounting obligations regarding the timing of valuation of their assets.                  

3.The IFs may choose not to make use of the derogations and to fulfil the full statistical reporting requirements specified                        in Article 5 instead. If an IF makes such a choice, it shall obtain the relevant NCB’s consent prior to any change in its                        use of these derogations.                  

## Article 9U.K.Timeliness

1.The NCBs shall decide when they need to receive data from reporting agents pursuant to Article 5 in order to meet the deadlines                        laid down in paragraph 2.                  

2.The NCBs shall transmit to the ECB:                  

(a)aggregated quarterly stocks and revaluation adjustments by close of business on the 28th working day following the end of                        the quarter to which the data relate, based on the quarterly data collected from reporting agents;                  

(b)aggregated monthly stocks and revaluation adjustments by close of business on the 28th working day following the end of the                        month to which the data relate, based on the monthly data on IF shares/units issued collected from reporting agents or based                        on actual data in accordance with Article 5(2);                  

(c)aggregated monthly new issuances and redemptions of IF shares/units by close of business on the 28th working day following                        the end of the month to which the data relate, based on the monthly data collected from reporting agents.                  

## Article 10U.K.Minimum standards and national reporting arrangements

1.Reporting agents shall comply with the statistical reporting requirements to which they are subject in accordance with the                        minimum standards for transmission, accuracy, compliance with concepts and revisions specified in Annex IV.                  

2.The NCBs shall define and implement the reporting arrangements to be followed by the actual reporting population in accordance                        with national requirements. The NCBs shall ensure that these reporting arrangements provide the required statistical information                        and allow accurate checking of the fulfilment of the minimum standards for transmission, accuracy, compliance with concepts                        and revisions specified in Annex IV.                  

## Article 11U.K.Mergers, divisions and reorganisations

In the event of a merger, division or reorganisation that might affect the fulfilment of its statistical obligations, the                     reporting agents concerned shall inform the relevant NCB, once the intention to implement such operation has become public                     and in due time before it takes effect, of the procedures that are planned to fulfil the statistical reporting requirements                     set out in this Regulation.                  

## Article 12U.K.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 IV.                  

## Article 13U.K.First reporting

First reporting shall begin with monthly and quarterly data for December 2014.

## Article 14U.K.Repeal

1.Regulation (EC) No 958/2007 (ECB/2007/8) is repealed with effect from 1 January 2015.                  

2.References to the repealed Regulation shall be construed as references to this Regulation and shall be read in accordance                        with the correlation table set out in Annex V.                  

## Article 15U.K.Final provision

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 January 2015.                  

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, 18 October 2013.

*For the Governing Council of the ECB*                            

*The President of the ECB*                            

Mario Draghi                            

## ANNEX IU.K.**STATISTICAL REPORTING REQUIREMENTS**

## PART 1U.K.**General statistical reporting requirements**

### 1.The actual reporting population must provide the following statistical information:U.K.

on a quarterly basis: (i) security-by-security information for securities with publicly available identification codes held                              by IFs; (ii) aggregated information broken down by instrument/maturity categories, currencies and counterparties, for assets                              and liabilities other than securities and for securities without publicly available identification codes; (iii) either security-by-security                              or aggregated information on holders of IF shares/units issued, as further specified in Part 2. The relevant NCB may require                              reporting agents to report security-by-security information for securities without publicly available identification codes                              or item-by-item information for assets and liabilities other than securities; and                           

on a monthly basis, security-by-security information separately identifying all shares/units issued by IFs.

In addition to the data in respect of the fields that are required to be reported in the context of security-by-security reporting                     in order to derive aggregated information on securities, as laid down in Table 2, the relevant NCB may also decide to collect                     data on transactions on a security-by-security basis.                  

The aggregated data must be provided in terms of stocks and, in accordance with the relevant NCB’s instructions, in terms                     of either: (a) revaluations due to price and exchange rate changes; or (b) transactions.                  

Subject to obtaining the relevant NCB’s prior approval, reporting agents which provide the required quarterly data on an security-by-security                     basis may choose to report the required monthly data on an aggregated basis, instead of providing security-by-security information.                  

### 2.The information to be provided to the relevant NCB on a security-by-security basis is specified in Table 2. The aggregated                        quarterly statistical reporting requirements for stocks are specified in Table 1 and those for revaluations due to price and                        exchange rate changes or transactions are specified in Table 3. The aggregated monthly statistical reporting requirements                        for stocks, revaluations due to price and exchange rate changes or transactions, and new issuances and redemptions of IF shares/units                        are specified in Table 4.U.K.

### 3.As far as it fulfils the conditions of the protection and use of confidential statistical information collected by the ESCB                        under Article 8 of Regulation (EC) No 2533/98, in particular paragraph 5 thereof, an NCB may also derive the necessary information                        from the data collected via Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative                        Investment Fund Managers(6), to the extent that the data collected by the competent national supervisory authority under this Directive is transmitted                        to the NCB in accordance with terms agreed on between the two bodies.U.K.

## PART 2U.K.**Residency and economic sector of the holders of IF shares/units**

### 1.Reporting agents report, on a quarterly basis, data on the residency of the holders of IF shares/units issued by IFs of the                        Member States whose currency is the euro (hereinafter the ‘euro area Member States’) in accordance with the domestic/euro                        area other than domestic/rest of the world breakdown. The domestic and euro area other than domestic counterparties are further                        broken down by sector.U.K.

### 2.As regards registered shares/units, reporting agents report data on the residency and sector breakdown of the holders of the                        shares/units issued by IFs. If the residency and sector of the holder cannot be directly identified, the relevant data is                        reported on the basis of available information.U.K.

### 3.As regards bearer shares/units, reporting agents report data on the residency and sector breakdown of the holders of IF shares/units                        in accordance with the approach decided by the relevant NCB. This requirement is limited to one or a combination of the following                        options, to be selected having regard to the organisation of the relevant markets and the national legal arrangements in the                        Member State in question. This requirement will be periodically monitored by the NCB.U.K.

Issuing IFs:

Issuing IFs, or the persons legally representing them, or the entities referred to in Article 2(2) of this Regulation, report                              data on the residency and sector breakdown of the holders of their shares/units issued. Such information may come from the                              agent distributing the shares/units or from any other entity involved in the issue, buy-back or transfer of the shares/units.                           

MFIs and OFIs as custodians of IF shares/units:

As reporting agents, MFIs and OFIs acting as custodians of IF shares/units report data on the residency and sector breakdown                              of the holders of shares/units issued by resident IFs and held in custody on behalf of the holder or of another intermediary                              also acting as a custodian. This option is applicable if: (i) the custodian distinguishes IF shares/units kept in custody                              on behalf of holders from those kept on behalf of other custodians; and (ii) most of the IF shares/units are in the custody                              of domestic resident institutions that are classified as financial intermediaries (MFIs or OFIs).                           

MFIs and OFIs as reporters of transactions of residents with non-residents involving shares/units of a resident IF:

As reporting agents, MFIs and OFIs acting as reporters of transactions of residents with non-residents involving shares/units                              of a resident IF report data on the residency and sector breakdown of the holders of shares/units issued by resident IFs,                              which they trade on behalf of the holder or another intermediary also involved in the transaction. This option is applicable                              if: (i) the reporting coverage is comprehensive, i.e. it covers substantially all of the transactions carried out by the reporting                              agents; (ii) accurate data on purchases and sales with non-residents of the euro area Member States are provided; (iii) differences                              between issuing value and redemption value, excluding fees, of the same shares/units are minimal; and (iv) the amount of shares/units                              held by non-residents of the euro area Member States issued by resident IFs is low.                           

If points (a) to (c) do not apply, the reporting agents, including MFIs and OFIs, report the relevant data on the basis of                              available information.                           

### 4.NCBs may also derive the necessary information from the data collected via Regulation (EU) No 1011/2012 of the European Central                        Bank of 17 October 2012 concerning statistics on holdings of securities (ECB/2012/24)(7), to the extent that the data comply with the timeliness requirements of Article 9 of this Regulation and, more generally,                        with the minimum standards set out in Annex IV.U.K.

### 5.If registered shares/units or bearer shares/units are issued for the first time or if market developments require a change                        of option or combination of options, NCBs may grant derogations for one year in respect of the requirements set out in paragraphs                        2 and 3.U.K.

## PART 3U.K.**Reporting tables**

### *Table 2***Required security-by-security information**U.K.

Data for the fields in the table below must be reported for each security classified under the categories ‘debt securities’,                     ‘equity’ and ‘investment fund shares/units’ in accordance with the following rules.                  

#### 1.Data for field 1 must be reported.U.K.

#### 2.If the relevant NCB does not directly collect security-by-security information on transactions, data for two out of the three                        fields 2, 3 and 4 must be reported (i.e. fields 2 and 3; fields 2 and 4; or fields 3 and 4).U.K.

#### 3.If the relevant NCB directly collects security-by-security information on transactions, data for the following fields must                        also be reported:U.K.

field 5; or fields 6 and 7; and

field 4; or fields 2 and 3.

#### 4.The relevant NCB may also require reporting agents to report data for field 8.U.K.

#### 5.The relevant NCB may choose only to collect data for field 2 in cases (2) and (3)(b). If so, the NCB must check, and inform                        the ECB, at least once a year that the quality of the aggregated data reported by the NCB, including the frequency and size                        of revisions, is unaffected.U.K.

                    

                    

## ANNEX IIU.K.**DEFINITIONS**

## PART 1U.K.**Definitions of instrument categories**

### 1.This table provides a detailed standard description of the instrument categories, which national central banks (NCBs) transpose                        into national categories in accordance with this Regulation. The table does not constitute a list of individual financial                        instruments and the descriptions are not exhaustive. The definitions refer to the European system of national and regional                        accounts in the European Union (hereinafter the ‘ESA 2010’) laid down by Regulation (EU) No 549/2013.U.K.

### 2.For some of the instrument categories, maturity breakdowns are required. These refer to original maturity, i.e. maturity at                        issue, which is the fixed period of life of a financial instrument before which it cannot be redeemed, e.g. debt securities,                        or before which it can be redeemed only with some kind of penalty, e.g. some types of deposits.U.K.

### 3.Financial claims can be distinguished by whether they are negotiable or not. A claim is negotiable if its ownership is readily                        capable of being transferred from one unit to another by delivery or endorsement or of being offset in the case of financial                        derivatives. While any financial instrument can be potentially traded, negotiable instruments are designed to be traded on                        an organised exchange or ‘over-the-counter’, although actual trading is not a necessary condition for negotiability.U.K.

#### *Table A*

**Definitions of instrument categories of the assets and liabilities of IFs**

## PART 2U.K.**Definitions of security-by-security attributes**

### *Table B*

**Definitions of security-by-security attributes**

## PART 3U.K.**Definitions of sectors**

The ESA 2010 provides the standard for sector classification. This table provides a detailed standard description of sectors                     which NCBs transpose into national categories in accordance with this Regulation. Counterparties located in the territory                     of the Member States whose currency is the euro are identified according to their sector in accordance with the lists maintained                     by the European Central Bank (ECB) for statistical purposes and the guidance for the statistical classification of counterparties                     provided in the ECB’s ‘Monetary financial institutions and markets statistics sector manual: Guidance for the statistical                     classification of customers’.                  

### *Table C*

**Definitions of sectors**

## ANNEX IIIU.K.**REVALUATION ADJUSTMENTS OR TRANSACTIONS**

### 1.The actual reporting population must report revaluation adjustments or transactions as set out in Article 6 of this Regulation.                        If the actual reporting population reports revaluation adjustments, these will cover either revaluations due to price and                        exchange rate changes, or only price changes in the reference period, subject to the relevant NCB’s prior approval. If the                        revaluation adjustment covers only revaluations due to price changes, the relevant NCB collects the necessary data, which                        should cover as a minimum a currency breakdown into pound sterling, Swiss franc, yen and US dollar in order to derive the                        revaluations due to exchange rate changes.U.K.

### 2.‘Financial transactions’ refers to those transactions that arise out of the creation, liquidation or change in ownership of                        financial assets or liabilities. These transactions are measured in terms of the difference between stock positions at end-period                        reporting dates, from which the effect of changes due to influences from ‘revaluation adjustments’ (caused by price and exchange                        rate changes) and ‘reclassifications and other adjustments’ is removed. The European Central Bank requires statistical information                        for the purpose of compiling transactions in the form of adjustments covering ‘reclassifications and other adjustments’ and                        ‘price and exchange rate revaluations’. Financial transactions should in principle comply with the ESA 2010, but may deviate                        due to national practices.U.K.

### 3.‘Price and exchange rate revaluations’ refers to fluctuations in the valuation of assets and liabilities that arise either                        from changes in the prices of assets and liabilities and/or the exchange rates that affect the values expressed in euro of                        assets and liabilities denominated in a foreign currency. The adjustment in respect of price revaluations of assets/liabilities                        refers to fluctuations in the valuation of assets/liabilities that arise because of a change in the price at which assets/liabilities                        are recorded or traded. The price revaluations include the changes that occur over time in the value of end-period stocks                        because of changes in the reference value at which they are recorded, i.e. holding gains/losses. Movements in exchange rates                        against the euro that occur between end-period reporting dates give rise to changes in the value of foreign currency assets/liabilities                        when expressed in euro. As these changes represent holding gains/losses and are not due to financial transactions, these effects                        need to be removed from the transactions data. In principle, ‘price and exchange rate revaluations’ also contain valuation                        changes that result from transactions in assets/liabilities, i.e. realised gains/losses; however, there are different national                        practices in this respect.U.K.

## ANNEX IVU.K.**MINIMUM STANDARDS TO BE APPLIED BY THE ACTUAL REPORTING POPULATION**

Reporting agents must fulfil the following minimum standards to meet the European Central Bank’s (ECB’s) statistical reporting                     requirements.                  

### 1.Minimum standards for transmission:U.K.

reporting must be timely and within the deadlines set by the relevant NCB;

statistical reports must take their form and format from the technical reporting requirements set by the relevant NCB;

the reporting agent must provide the details of one or more contact persons to the relevant NCB;

the technical specifications for data transmission to the relevant NCB must be followed;

for security-by-security reporting, if the relevant NCB so requests, the reporting agents must provide further information                              (e.g. name of issuer, issue date) needed to identify securities whose security identification codes are either erroneous or                              not publicly available.                           

### 2.Minimum standards for accuracy:U.K.

statistical information must be correct: all linear constraints must be fulfilled (e.g. assets and liabilities must balance,                              subtotals must add up to totals) and data must be consistent across all frequencies;                           

reporting agents must be able to provide information on the developments implied by the transmitted data;

statistical information must be complete and must not contain continuous and structural gaps; existing gaps should be acknowledged,                              explained to the relevant NCB and, where applicable, bridged as soon as possible;                           

reporting agents must follow the dimensions, rounding policy and decimals set by the relevant NCB for the technical transmission                              of the data.                           

### 3.Minimum standards for compliance with concepts:U.K.

statistical information must comply with the definitions and classifications contained in this Regulation;

in the event of deviations from these definitions and classifications, reporting agents must monitor and quantify the difference                              between the measure used and the measure contained in this Regulation on a regular basis;                           

reporting agents must be able to explain breaks in the transmitted data compared with the previous periods’ figures.

### 4.Minimum standards for revisions:U.K.

The revisions policy and procedures set by the ECB and the relevant NCB must be followed. Revisions deviating from regular                     revisions must be accompanied by explanatory notes.                  

## ANNEX VU.K.

### **CORRELATION TABLE**

1

OJ L 318, 27.11.1998, p. 8.                           

2

OJ L 211, 11.8.2007, p. 8.                           

3

OJ L 174, 26.6.2013, p. 1.                           

4

See page 1 of this Official Journal.

5

OJ L 372, 31.12.1986, p. 1.                           

6

OJ L 174, 1.7.2011, p. 1.                           

7

OJ L 305, 1.11.2012, p. 6.