GUIDELINE (EU) 2022/747 OF THE EUROPEAN CENTRAL BANK

of 5 May 2022

amending Guideline 2012/120/EU on the statistical reporting requirements of the European Central Bank in the field of external statistics (ECB/2011/23) (ECB/2022/23)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Articles 3.1, 3.3, 5.1, 12.1 and 14.3 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 Article 4 thereof,

Whereas:

(1) In a complex global financial system with increasing cross-border linkages, entities known as special purpose entities (SPEs) play an important role. Multinational enterprises (MNEs) establish SPEs to channel their financial investments, increase access to multiple financial markets, and organise their tangible and intangible assets globally. SPEs have become increasingly relevant in external statistics as they may take the form of financial specialised entities, or, more recently, also non-financial specialised entities that MNEs establish to manage intellectual property rights, research and development, trade and other activities as part of a group-wide financial and profit maximisation strategy.

(2) The statistical information relating to SPEs would allow the Eurosystem to obtain a better understanding of the role of these entities in the economic and financial system of the euro area. In particular, the statistical information on the activity of SPEs in Member States whose currency is the euro with a high concentration of SPEs would enable the Eurosystem to analyse and interpret cross-border interconnectedness from flows and positions of SPEs and to assess the associated financial and economic risks for the purpose of financial stability analysis. However, while the statistical information on SPEs, as institutional units, is already collected at national level, it is not separately reported to the European Central Bank (ECB). The statistical information on SPEs should therefore be reported by national central banks (NCBs) to the ECB on a quarterly basis.

(3) The statistical information relating to SPEs may be collected and/or compiled by competent statistical authorities other than NCBs. Therefore, the reporting of that information to the ECB may require cooperation between the NCBs and such competent authorities.

(4) The ECB was a member of the Task Force on SPEs, set up in 2016 by the Committee on Balance of Payments Statistics of the International Monetary Fund (IMF). One of the issues addressed by the Task Force was the absence of an internationally agreed definition of SPEs, and a proposal for such definition was set out in its final report (2). The requirements imposed on NCBs in relation to the reporting of statistical information on SPEs should therefore take account of this definition.

(5) Therefore, Guideline 2012/120/EU (ECB/2011/23) (3) should be amended accordingly,

HAS ADOPTED THIS GUIDELINE:

Article 1 Amendments Guideline 2012/120/EU (ECB/2011/23) is amended as follows: (1) in Article 1, the following point (18) is added: ‘(18) “special purpose entity” or “SPE” means a formally registered and/or incorporated legal entity which: (a) is recognised as an institutional unit; (b) employs no, or no more than five, employees; (c) has no or minimal physical presence; (d) has no or minimal physical production in the economy where it is resident (“host jurisdiction”); (e) is directly or indirectly controlled by non-residents of the host jurisdiction; (f) has been established to obtain specific advantages provided by the host jurisdiction with one or more of the following objectives: (i) to grant its owner(s) access to capital markets or sophisticated financial services; (ii) to isolate owner(s) from financial risks; (iii) to reduce regulatory and tax burden; (iv) to safeguard confidentiality of their transactions and owner(s); (g) transacts almost entirely with non-residents of the host jurisdiction; (h) has a financial balance sheet of which a large part consists of cross-border claims and liabilities, except in the case of entities issuing marketable debt securities where this information may not be available.’; (2) in Article 2, the following paragraph 1b is inserted: ‘1b. The NCBs shall report to the ECB quarterly data on the international transactions and positions of resident SPEs as defined in Table 10 of Annex II and in accordance with the deadlines defined in Article 3(2).’; (3) in Article 6(3), the introductory wording is replaced by the following: ‘Where the data for an item in Tables 1 to 5 and 10 of Annex II are of negligible or of insignificant size for euro area and national statistics, or the data for that item cannot be collected at reasonable cost, NCBs shall report data on a best estimate basis based on sound statistical methodologies; provided that the analytical value of the statistics is not compromised. In addition, NCBs shall report data on a best estimate basis for the following breakdowns in Tables 1, 2, 4, 6 and 10 of Annex II:’; (4) the following Article 8a is inserted: ‘Article 8a First transmission of data relating to cross-border transactions and stocks of resident SPEs following the taking effect of Guideline (EU) 2022/747 (ECB/2022/23) Following the taking effect of Guideline (EU) 2022/747 of the European Central Bank (ECB/2022/23) (*1), the first transmission of data relating to cross-border transactions and stocks of resident SPEs set out in Annex II, Table 10, shall take place in March 2023 in respect of data for the fourth quarter of 2022. Quarterly data in respect of the period from the first quarter of 2020 shall be transmitted no later than September 2023. (*1) Guideline (EU) 2022/747 of the European Central Bank of 5 May 2022 amending Guideline 2012/120/EU on the statistical reporting requirements of the European Central Bank in the field of external statistics (ECB/2011/23) (ECB/2022/23) (OJ L 137, 16.5.2022, p. 177).’;" (5) Annexes I and II are amended in accordance with the Annex to this Guideline.

Article 2 Taking effect This Guideline shall take effect on the day of its notification to the national central banks of the Member States whose currency is the euro.

Article 3 Addressees This Guideline is addressed to all Eurosystem central banks.

Done at Frankfurt am Main, 5 May 2022. For the Governing Council of the ECB The President of the ECB Christine LAGARDE

(1) OJ L 318, 27.11.1998, p. 8.

(2) IMF Committee on Balance of Payment Statistics (BOPCOM), ‘Final Report of the Task Force on Special Purpose Entities’, BOPCOM Paper 18/03, 2018. Available on the IMF’s website at: www.imf.org

(3) Guideline 2012/120/EU of the European Central Bank of 9 December 2011 on the statistical reporting requirements of the European Central Bank in the field of external statistics (ECB/2011/23) (OJ L 65, 3.3.2012, p. 1).