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)
Date: 2007-07-27
Institutions: European Central Bank
Subjects: European Central Bank, data collection, exchange of information, financial statistics, investment transaction, statistical method

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Official Journal of the European Union

11.8.2007

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)

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 infor-
mation by the European Central Bank (1), and in particular
Articles 5(1) and 6(4) thereof,

Whereas:

(4)

(5)

(1)

(2)

(3)

its

for

the

statistical

fulfilment of

information within the limits of

Regulation (EC) No 2533/98 provides in Article 2(1)
that,
reporting
requirements, the European Central Bank (ECB), assisted
by the national central banks (NCBs), has the right to
collect statistical
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 Regu-
funds (IFs)
lation (EC) No 2533/98 that
form part of the reference reporting population for the
purposes of
reporting
statistical
requirements,
in the field of money and
banking 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 fully or partly to
exempt specific classes of
reporting agents from its
statistical reporting requirements.

fulfilling the ECB’s
inter alia,

investment

In order to fulfil its tasks and monitor financial activities
other than those undertaken by monetary financial insti-
tutions (MFIs), the ESCB requires high-quality statistical
information on the business of IFs. The principal purpose
of these data is to provide the ECB with a comprehensive
statistical picture of the IF sector in the participating
Member States, which are viewed as one economic
territory.

To limit
collect

the reporting burden, NCBs are allowed to
from the

the necessary information on IFs

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

actual reporting population as part of a broader statistical
statistical
framework which serves other
reporting
the ECB’s
the fulfilment of
purposes, provided that
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.

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.

Although regulations adopted under Article 34.1 of the
Statute do not confer any rights or impose any obli-
gations on non-participating Member States, Article 5
of the Statute applies to all Member States, whether or
not they have adopted the euro. Recital 17 to Regulation
the
(EC) No 2533/98 makes clear that Article 5 of
Statute, together with Article 10 (ex Article 5) of the
implies an obligation to design and implement
Treaty,
at national
the non-
the measures
participating Member States consider appropriate to
the
collect
ECB’s
and make
timely preparations
for
becoming participating Member States.

information needed to fulfil
requirements
field of

the statistical
statistical

reporting

statistics

in the

level

that

all

(6)

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
reporting population.

(7)

The ECB’s sanctions regime laid down in Article 7 of
Regulation (EC) No 2533/98 will apply to IFs.

(8)

By 2012 at the latest, the Governing Council will assess
whether to only allow Member States whose investment
in terms of total assets, accounts for less
fund sector,
than a minimum share of overall
assets under
management
to use the aggregated
reporting approach established under this Regulation,

in the euro area,

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HAS ADOPTED THIS REGULATION:

Article 1

Definitions

For the purposes of this Regulation:

— ‘IF’ means a collective investment undertaking that:

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

(b) is constituted pursuant to Community or national law

under:

(i) contract

law (as a common fund managed by

management companies);

(ii) trust law (as a unit trust);

(iii) company law (as an investment company); or

(iv) any other similar mechanism.

The following are included within the definition of IF:

(a)

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

repurchased or

the holders,

— ‘non-participating Member State’ means a Member State that

has not adopted the euro;

— ‘reporting agent’ means a reporting agent within the
meaning of Article 1 of Regulation (EC) No 2533/98;

— ‘resident’ means resident within the meaning of Article 1 of
Regulation (EC) No 2533/98. For the purposes of this Regu-
lation, and in the absence of any significant physical
dimension to a legal entity, 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;

— ‘MFI’ means a monetary financial

institution within the
meaning of paragraph 1 of Part 1 of Annex I to Regulation
(EC) No 2423/2001 (ECB/2001/13);

— ‘OFI’ means other financial intermediaries except insurance
corporations and pension funds, within the meaning of
Article 2(2)(a) of and Annex B to Regulation (EC) No
2533/98;

— ‘relevant NCB’ means the NCB of the participating Member

State in which the IF in question is resident.

(b) those 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.

Article 2

Actual reporting population

The following are not included in the definition of IF:

(a) pension funds within the meaning of Article 2(2)(a) of
and Annex B to Regulation (EC) No 2533/98; and

(b) money market funds within the meaning of Annex I to
Regulation (EC) No 2423/2001 of the European Central
Bank of 22 November 2001 concerning the con-
solidated balance sheet of the monetary financial insti-
tutions sector (ECB/2001/13) (1).

the purposes of

For
encompass retail, professional and institutional investors;

the definition of

IF,

‘public’ shall

— ‘participating Member State’ means a Member State that has

adopted the euro;

(1) OJ L 333, 17.12.2001, p. 1.

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

in the case of
their national

law,

2. Without prejudice to paragraph 1,
for the purpose of
collecting information on the holders of bearer shares issued
by IFs (paragraph 3 in Part 2 of Annex I), the actual reporting
population shall include MFIs and those OFIs that are not IFs.
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 that are not
IFs, in accordance with the principles laid down in paragraph 3
in Part 2 of Annex I.

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Article 3

Derogations

Article 5

Fund-by-fund reporting

1.
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 participating
this
Member State. The NCBs shall check the fulfilment of
condition in good time in order to grant or withdraw,
if
necessary, any derogation with effect from the start of each
calendar year. The IFs to which such derogations 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.

less

frequently than quarterly. The IF categories

2.
Derogations may be granted to IFs that are subject to
national accounting rules which allow the valuation of their
assets
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 6 of this Regulation at a frequency consistent
with their accounting obligations
regarding the timing of
valuation of their assets.

The actual reporting population shall report data on its

1.
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.

By derogation from paragraphs 1 and 2, subject to the
3.
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.

Quarterly and monthly statistical reporting requirements

Article 6

The

1.
accordance with Annex I:

actual

reporting population shall provide,

in

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

Article 4

List of IFs for statistical purposes

The Executive Board shall establish and maintain a list of
1.
IFs subject to this Regulation, including, where applicable, their
sub-funds, within the meaning of Article 5(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 the list of IFs for
statistical purposes, and its updates, accessible to the IFs
including by electronic
concerned in an appropriate way,
means, via the Internet or, at
the reporting
agents concerned, in paper form.

the request of

The list of IFs for statistical purposes shall be for infor-
3.
in the event that the latest accessible
mation only. However,
electronic version of
the list referred to in paragraph 2 is
incorrect, the ECB shall not impose sanctions on any entity
which did not properly fulfil its reporting requirements to the
extent that it relied in good faith on the incorrect list.

(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 and the corresponding monthly reva-
luation adjustments or transactions, if applicable.

2.
Subject to the prior approval and in accordance with the
instructions of the relevant NCB, the actual reporting popu-
information on the basis of one
lation shall report statistical
of
in
conformity with the definitions in Annex II.

the two reporting approaches specified in Annex I,

The NCBs may choose to collect the data in paragraph

3.
1(a) on a monthly instead of on a quarterly basis.

Article 7

Revaluation adjustments or transactions

The actual reporting population shall report revaluation
in accordance with the relevant
for the aggregated information reported
the combined or aggregated approach specified in

1.
adjustments or transactions,
NCB’s instructions,
under
Annex I.

2.
Under the combined approach specified in Annex I, NCBs
may either derive approximations of security transactions from
the security-by-security (s-b-s)
information or directly collect
transactions on an s-b-s basis.

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

Article 8

Accounting rules

national

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

if the former provision is inapplicable,

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

Article 9

Timeliness

1.
The NCBs shall decide when they need to receive data
from reporting agents pursuant to Article 6 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 IFs; and

(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 IFs or
based on actual data according to Article 6(3).

in accordance with national characteristics. The NCBs shall
ensure that these reporting arrangements provide the required
checking
statistical
of
allow accurate
compliance with the minimum standards for
transmission,
accuracy, conceptual compliance and revisions specified in
Annex IV.

information

and

Article 11

Mergers, divisions and reorganisations

involved shall

In the event of a merger, division or reorganisation that might
affect the fulfilment of its statistical obligations, the reporting
agent
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 12

Verification and compulsory collection

to exercise these rights

The NCBs shall exercise the rights to verify or to collect
compulsorily the information which reporting agents provide
to this Regulation, without prejudice to the ECB’s
pursuant
right
in
particular be exercised by the NCBs when an institution
included in the actual reporting population does not fulfil the
transmission, accuracy, conceptual
for
minimum standards
compliance and revisions specified in Annex IV.

itself. These rights

shall

Article 13

First reporting

First reporting shall begin with monthly and quarterly data for
December 2008.

Article 14

Final provision

Article 10

This Regulation shall enter into force on the 20th day following
its publication in the Official Journal of the European Union.

Minimum standards and national reporting arrangements

The required statistical

1.
information shall be reported by
the IF to the relevant NCB in accordance with the minimum
standards for transmission, accuracy, conceptual compliance
and revisions specified in Annex IV.

The NCBs

2.
the reporting
arrangements to be followed by the actual reporting population

shall define and implement

Done at Frankfurt am Main, 27 July 2007.

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

Jean-Claude TRICHET

(1) OJ L 372, 31.12.1986, p. 1.

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ANNEX I

STATISTICAL REPORTING REQUIREMENTS

PART 1

Reporting approach

1. The ECB must produce, on a regular basis, the aggregated amount of assets and liabilities for the IFs from all the

participating Member States, viewed as one economic territory, in terms of stocks and transactions.

2. The actual reporting population must provide the statistical information in accordance with one of the following two

reporting approaches:

(a) combined approach — this consists in providing:

— on a quarterly basis: (i) security-by-security (s-b-s) information for securities with publicly available identifi-
cation 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; and (iii) either s-b-s or aggregated information on holders of IF shares/units issued, as
further specified in Part 2 of this Annex. The relevant NCB may require reporting agents to report s-b-s
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, s-b-s information separately identifying all shares/units issued by IFs.

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

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

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

(b) aggregated approach — this consists in providing:

— on a quarterly basis, a full set of aggregated information broken down by instrument/maturity categories,

currencies and counterparties relating to the assets and liabilities of IFs; and

— on a monthly basis, aggregated information relating to the shares/units issued by IFs.

The quarterly and monthly information must be reported in terms of stocks and, in accordance with the relevant
NCB’s instructions, in terms of either: (i) revaluations due to price and exchange rate changes; or (ii) transactions.

3. The information to be provided to the NCB on an s-b-s basis under the combined approach is specified in Table 2.
The aggregated quarterly 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 reporting
requirements for stocks and revaluations due to price and exchange rate changes or transactions are specified in
Table 4.

Residency and economic sector of the holders of IF shares/units

PART 2

1. Reporting agents report, on a quarterly basis, data on the residency of the holders of IF shares/units issued by IFs of
the participating Member States in accordance with the domestic/other participating Member States/rest of the world
breakdown. The domestic and other participating Member States counterparties are further broken down by sector.

2. As regards registered shares/units, issuing IFs, or the persons legally representing them, report data on the residency
and sector breakdown of the holders of their shares/units issued. If an issuing IF is not in a position directly to identify
the residency and sector of the holder, it reports the relevant data on the basis of available information.

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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.

(a)

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.

(b) 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).

(c) 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 participating 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 participating Member States issued by resident IFs is low.

(d) If options (a) to (c) do not apply, the reporting agents, including MFIs and OFIs that are not IFs, report the relevant

data on the basis of available information.

4. 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.

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PART 3

Reporting tables

Table 1

Stocks

Data required to be provided on a quarterly basis

A. Domestic (total)

MFIs

Non-MFIs — Total

General
govern-
ment

Other residents

Total

Other
financial
intermediaries
and financial
auxiliaires
(S. 123 and
S. 124)

Insurance
corporations
and pension
funds (S. 125)

Non-financial
corporations
(S. 11)

Households
and non-
profit insti-
tutions
serving
households
(S. 14 and
S. 15)

ASSETS

1. Deposit and loan claims

2. Securities other than shares

2e. Euro

up to one year

over one year and up to two years

over two years

2x. Foreign currencies

up to one year

over one year and up to two years

over two years

2t. Total currencies

over one year

over one year and up to two years

over two years

3. Shares and other equity

of which quoted shares, enxcluding IF and MMF shares/
units

of which IF and MMF shares/units

4. Financial derivatives

5. Non-financial assets (including fixed assets)

6. Remaining assets

LIABILITIES

7. Loans and deposits received

8. IF shares/unites (1)

9. Financial derivates

10. Remaining liabilities

IFs following the aggregated approach report all cells, including black and grey.
IFs following the combined approach report: (i) the black cells; (ii) the information requested in Table 2 for those securities that are collected on an s-b-s basis; and (iii) the
grey cells for those securities that are not collected on an s-b-s basis.
(1)

If the reporting agent is not in a position to identify directly the residency and sector of the holder, it reports the relevant data on the basis of available information. In the
of bearer share, the information may be collected from MFIs or OFIs, other than investment funds (as specified in Article 2(2) and paragraph 3 in Part 2 of Annex I to this
Regulation).

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B. Other participating Member States (total)

MFIs

Non-MFIs — Total

General
govern-
ment

Other residents

Total

Insurance
corpora-
tions and
pension
funds
(S. 125)

Non-
financial
corpora-
tions
(S. 11)

Other
financial
interme-
diaries and
financial
auxiliaries
(S. 123 and
S. 124)

Households
and non-
profit insti-
tutions
serving
households
(S. 14 and
S. 15)

C. RoW (total)

D. Not allocated

of which
US

of which
Japan

of which
non-partici-
pating
Member
States

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Table 2

Required security-by-security information

When the combined approach is used, data for the fields in the table below must be reported for each security classified
under the security categories ‘securities other than shares’,
‘shares and other equity’ and ‘investment fund shares/units
issued’ according to the following rules:

(a) data for field 1 must be reported;

(b) in the event that the relevant NCB does not directly collect s-b-s 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);

(c)

in the event that the relevant NCB directly collects s-b-s information on transactions, data for the following fields
must also be reported:

(i)

field 5; or fields 6 and 7; and

(ii) field 4; or fields 2 and 3.

(d) the relevant NCB may also require reporting agents to report data for field 8;

(e)

the relevant NCB may choose only to collect data for field 2 in cases (b) and (c)(ii) above. 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.

Field

1

2

3

4

5

6

7

8

Title

Security identifier code

Number of units or aggregated nominal amount

Price

Total amount

Transactions

Securities purchased (assets) or issued (liabilities)

Securities sold (assets) or redeemed (liabilities)

Currency of recording of the security

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Table 3

Revaluation adjustments or transactions

Data required to be provided on a quarterly basis

A. Domestic (total)

MFIs

Non-MFIs — Total

General
government

Other residents

Total

Other
financial
intermediaries
and financial
auxiliaires
(S. 123 and
S. 124)

Insurance
corporations
and pension
funds (S. 125)

Non-financial
corporations
(S. 11)

Households
and non-
profit insti-
tutions
serving
households
(S. 14 and
S. 15)

ASSETS

1. Deposit and loan claims

2. Securities other than shares

2e. Euro

up to one year

over one year and up to two years

over two years

2x. Foreign currencies

up to one year

over one year and up to two years

over two years

2t. Total currencies

over one year

over one year and up to two years

over two years

3. Shares and other equity

of which quoted shares, enxcluding IF and MMF
shares/units

MINIMUM

MINIMUM

MINIMUM

MINIMUM

MINIMUM

MINIMUM

MINIMUM

MINIMUM

MINIMUM MINIMUM MINIMUM

MINIMUM MINIMUM MINIMUM

MINIMUM MINIMUM MINIMUM

MINIMUM MINIMUM MINIMUM

MINIMUM MINIMUM MINIMUM

of which IF and MMF shares/units

MINIMUM MINIMUM

4. Financial derivatives

5. Non-financial assets (including fixed assets)

6. Remaining assets

LIABILITIES

7. Loans and deposits received

8. IF shares/unites (1)

9. Financial derivates

10. Remaining liabilities

IFs following the aggregated approach report all cells, marked ‘MINIMUM’. The NCBs may extend these requirements to the black and grey cells that do not contain the word
‘MINIMUM’
IFs following the combined approach report: (i) the black cells marked ‘MINIMUM’; (ii) the grey cells marked ‘MINIMUM’ for those securities that are not collected on an s-b-s
basis; and (iii) in the event that the relevant NCB collects s-b-s information on transactions directly, the information requested in Table 2 for those securities that are collected
on an s-b-s basis.
The NCBs may extend these requirements to: (i) the black cells that do not contain the word ‘MINIMUM’; and (ii) the grey cells that do not contain the word ‘MINIMUM’ for
those securities that are not collected on an s-b-s basis.
(1)

If the reporting agent is not in a position to identify directly the residency and sector of the holder, it reports the relevant data on the basis of available information. In the
case of bearer shares, the information may be collected from MFIs or OFIs, other than investement funds (as specified in Article 2(2) and paragraph 3 in Part 2 of Annex I
to this Regulation).

(2) The NCBs may exempt IFs from reporting this item, if the quarterly stocks listed in Table 1 represent less than 5 % of IF shares/unites issued.

11.8.2007

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B. Other participating Member States (total)

MFIs

Non-MFIs — Total

General
government

Other residents

Total

Other
financial
interme-
diaries and
financial
auxiliaries
(S. 123 and
S. 124)

Insurance
corporations
and pension
funds
(S. 125)

Non-
financial
corporations
(S. 11)

Households
and non-
profit insti-
tutions
serving
households
(S. 14 and
S. 15)

C. RoW (total)

D. Not

allocated

of which
US

of which
Japan

of which
non-partici-
pating
Member
States

MINIMUM

MINIMUM

MINIMUM

MINIMUM

MINIMUM

MINIMUM

MINIMUM

MINIMUM

MINIMUM MINIMUM MINIMUM

MINIMUM MINIMUM MINIMUM MINIMUM

MINIMUM MINIMUM MINIMUM

MINIMUM MINIMUM MINIMUM MINIMUM

MINIMUM MINIMUM MINIMUM

MINIMUM MINIMUM MINIMUM MINIMUM

MINIMUM MINIMUM MINIMUM

MINIMUM MINIMUM MINIMUM MINIMUM

MINIMUM MINIMUM MINIMUM

MINIMUM MINIMUM MINIMUM MINIMUM

MINIMUM MINIMUM

MINIMUM MINIMUM MINIMUM MINIMUM

MINIMUM (2)

MINIMUM (2)

MINIMUM

MINIMUM (2)

L 211/20

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Official Journal of the European Union

11.8.2007

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11.8.2007

EN

Official Journal of the European Union

L 211/21

ANNEX II

DEFINITIONS

Part 1

Definitions of instrument categories

This table provides a detailed standard description of the instrument categories, which NCBs transpose into categories
applicable at the national level in accordance with this Regulation (1). The definitions refer to the European system of
national and regional accounts in the Community (the ESA 95).

TABLE A
Definitions of instrument categories of the IF’s assets and liabilities

ASSET CATEGORIES

Category

Description of main features

1. Deposits and loan

claims

For the purposes of the reporting scheme, this consists of funds lent by IFs to borrowers,
which are not evidenced by documents or are represented by a single document (even if it
has become negotiable). It includes assets in the form of deposits:

— deposits placed with MFIs:

(a)

transferable deposits: deposits (in national or in foreign currency) which are imme-
diately convertible into currency or which are transferable by cheque, banker’s order,
debit entry or the like, both without any kind of significant restriction or penalty (the
ESA 95, paragraphs 5.42 to 5.44);

(b) other deposits: all holdings in deposits other than transferable deposits. Other deposits
cannot be used to make payments at any time and they are not convertible into
currency or transferable deposits without any kind of significant restriction or penalty.
This sub-category includes time deposits and savings deposits (the ESA 95, paragraphs
5.45 to 5.49),

— holdings of non-negotiable securities:

holdings of securities other than shares and other equity which are not negotiable and
cannot be traded on secondary markets (see also ‘traded loans’),

— traded loans:

loans that have de facto become negotiable are to be classified under the asset item
‘deposits and loan claims’ provided that they continue to be evidenced by a single
document and are, as a general rule, only traded occasionally,

— claims under reverse repos:

counterpart of cash paid out in exchange for securities purchased by IFs at a given price
under a firm commitment to resell the same (or similar) securities at a fixed price on a
specified future date (see category 7).

This item also includes holdings of euro and foreign currency banknotes and coins in
circulation that are commonly used to make payments

(1) I.e. these tables are not lists of individual financial instruments.

L 211/22

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Official Journal of the European Union

11.8.2007

Category

Description of main features

2.

Securities other
than shares

Holdings of securities other than shares or other equity, which are negotiable and usually
traded on secondary markets or can be offset on the market, and which do not grant the
holder any ownership rights over the issuing institution.

This item includes:

— holdings of securities (whether or not evidenced by documents) which give the holder the
unconditional right to a fixed or contractually determined income in the form of coupon
payments and/or a stated fixed sum at a specific date (or dates) or starting from a date
defined at the time of issue,

— negotiable loans that have been restructured into a large number of identical documents
in Category 1),

and that can be traded on secondary markets (see also ‘traded loans’

— subordinated debt in the form of debt securities,

— in order to maintain consistency with the treatment of repo-type operations, securities
lent out under securities lending operations remain on the original owner’s balance sheet
(and are not to be transferred to the balance sheet of the temporary acquirer) where there
is a firm commitment to reverse the operation and not simply an option to do so (see
also Category 7).

A maturity breakdown is required for holdings of securities other than shares. This means
maturity at issue (original maturity), and it refers to the fixed period of life of a financial
instrument before which it cannot be redeemed

3.

Shares and other
equity

Holdings of securities which represent property rights in corporations or quasi-corporations.
These securities generally entitle the holders to a share in the profits of corporations or quasi-
corporations and to a share in their own funds in the event of liquidation. This category
comprises four main sub-categories:

— IF and MMF shares/units,

— quoted shares, excluding IF and MMF shares/units,

— unquoted shares, excluding IF and MMF shares/units: shares that are not quoted

(the ESA 95, paragraphs 5.90 to 5.93),

— other equity: all

forms of equity other than those classified in the abovementioned

subcategories (the ESA 95, paragraphs 5.94 and 5.95)

Shares with prices quoted on a recognised stock exchange or other form of secondary market
(the ESA 95, paragraphs 5.90 to 5.93)

3a. Shares and other
equity of which
quoted shares,
excluding IF and
MMF shares/units

11.8.2007

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Official Journal of the European Union

L 211/23

Category

Description of main features

3b. Shares and other
equity of which
IF and MMF
shares/units

This asset item includes holdings of shares/units issued by IFs and MMFs included in the list
of IFs and MFIs for statistical purposes.

in terms of
MMFs are collective investment undertakings the shares/units of which are,
liquidity, close substitutes for deposits, and which primarily invest
in money market
instruments and/or in MMF shares/units and/or in other transferable debt instruments with
a residual maturity of up to and including one year, and/or in bank deposits, and/or which
pursue a rate of return that approaches the interest rates of money market instruments. MMFs
are defined in Regulation (EC) No 2423/2001 (ECB/2001/13) concerning the consolidated
balance sheet of the monetary financial institutions sector.

IFs are defined in Article 1 of this Regulation

4.

Financial derivatives

In accordance with existing international statistical standards, financial derivative instruments
that have a market value should in principle be subject to on-balance-sheet recording.
Derivatives have a market value when they are traded on organised markets,
i.e.
exchanges, or in circumstances in which they can be regularly offset on over-the-counter
(OTC) markets.

Under this item, the following financial derivatives should be reported:

— options, whether tradable or OTC,

— warrants,

— futures, but only if they have a market value because they are tradable or can be offset,

and

— swaps, but only if they have a market value because they are tradable or can be offset.

Financial derivatives that are subject to on-balance-sheet recording should be entered at their
market value, which is the prevailing market price or a close equivalent (fair value).

Derivatives should be recorded on the balance sheet on a gross basis. Individual derivative
contracts with gross positive market values should be recorded on the asset side of the
balance sheet and contracts with gross negative market values on the liability side. Gross
future commitments arising from derivative contracts should not be entered as on-balance-
sheet items. Financial derivatives may be recorded on a net basis according to different
valuation methods.
that only net positions are available, or positions are
recorded other than at market value, these positions should be reported instead

In the event

5. Non-financial assets
(including fixed
assets)

This item consists of:

— investments in tangible fixed assets (e.g. dwellings, other buildings and structures, and

non-residential buildings) and valuables (e.g. precious metals), and

— tangible or intangible non-financial assets, which are intended to be used repeatedly for
more than one year by IFs. They include land and buildings occupied by the IFs, as well as
equipment, software and other infrastructure.

L 211/24

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Official Journal of the European Union

11.8.2007

Category

Description of main features

6. Remaining assets

This is the residual item on the asset side of the balance sheet, defined as ‘assets not included
elsewhere’. NCBs may also require under this item individual breakdowns of the following:

— accrued interest receivable on deposits and loans,

— accrued interest on securities other than shares,

— accrued rent on buildings,

— amounts receivable which do not relate to the main IF business

LIABILITY CATEGORIES

Category

Description of main features

7.

Loans and deposits
received

Amounts owed to creditors by IFs, other than those arising from the issue of negotiable
securities. This item consists of:

— loans: loans granted to the reporting IFs which are not evidenced by documents or are

represented by a single document (even if it has become negotiable),

— repos: counterpart of cash received in exchange for securities/gold sold by IFs at a given
price under a firm commitment to repurchase the same (or similar) securities/gold at a
fixed price on a specified future date. Amounts received by IFs in exchange for securities/
gold transferred to a third party (temporary acquirer) are to be classified under ‘repurchase
agreements’ where there is a firm commitment to reverse the operation and not merely an
option to do so. This implies that IFs retain effective (economic) ownership of the
legal
underlying securities/gold during the operation.
ownership is not
repo-like
operations. Where the temporary acquirer sells the securities/gold received by way of a
repo operation, this sale must be recorded as an outright transaction in securities/gold and
entered in the balance sheet of the temporary acquirer as a negative position in the
securities/gold portfolio.

feature for determining the treatment of

In this respect, the transfer of

the relevant

The following three variants of repo-type operations are all structured in such a way as to
satisfy the conditions necessary for treatment as collateralised loans. Hence amounts
received by IFs (in exchange for securities/gold temporarily transferred to a third party)
are classified under ‘repurchase agreements’:

— amounts received in exchange for securities/gold temporarily transferred to a third

party in the form of a repurchase agreement,

— amounts received in exchange for securities/gold temporarily transferred to a third

party in the form of bond lending (against cash collateral),

— amounts received in exchange for securities/gold temporarily transferred to a third

party in the form of a sale/buy-back agreement

11.8.2007

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Official Journal of the European Union

L 211/25

Category

Description of main features

8.

IF shares/units

Shares or units, including in the form of equity capital, issued by IFs that are included in the
list of IFs for statistical purposes. This item represents the total liability to the IF’s share-
holders. Funds arising from non-distributed benefits or funds set aside by reporting IFs in
anticipation of likely future payments and obligations are also included.

For the purposes of this Regulation:

— ‘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

9.

Financial derivatives

See category 4

10. Remaining

liabilities

This is the residual item on the liabilities side of the balance sheet, defined as ‘liabilities not
included elsewhere’.

NCBs may also require under this item individual breakdowns of the following:

— debt securities issued:

securities other than equity issued by IFs, which are instruments usually negotiable and
traded on secondary markets or which can be offset on the market and which do not
grant the holder any ownership rights over the issuing institution,

— accrued interest payable on loans and deposits,

— amounts payable not related to the main IF business (amounts due to suppliers, tax,

wages, social contributions, etc.),

— provisions representing liabilities against third parties (pensions, dividends, etc.),

— net positions arising from securities lending without cash collateral,

— net amounts payable in respect of future settlements of transactions in securities

Part 2

Definitions of security-by-security attributes

TABLE B

Definitions of security-by-security attributes

Field

Description

Security identifier code

A code that uniquely identifies a security. It may be the ISIN code or other security identifier
code, subject to the NCB’s instructions

L 211/26

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Official Journal of the European Union

11.8.2007

Field

Description

Number of units or
aggregated nominal
amount

Price

Total amount

Number of units of a security, or aggregated nominal amount in the event that the security is
traded in amounts rather than in units

Price per unit of a security, or percentage of the aggregated nominal amount in the event that
the security is traded in amounts rather than in units. The price is usually the market price or
is close to the market price. NCBs may also require accrued interest under this position

Total amount for a security. In the case of securities that are traded in units, this amount
equals the number of securities multiplied with the price per unit. Where securities are traded
this amount equals the aggregated nominal amount
in amounts rather than in units,
multiplied with the price expressed as a percentage. The total amount is,
in principle,
equal to market value or is close to market value. NCBs may also require accrued interest
under this position

Transactions

The sum of purchases minus sales (securities on the asset side) or issues minus redemptions
(securities on the liability side) of a security recorded at transaction values

Securities purchased
(assets) or issued
(liabilities)

The sum of purchases (securities on the asset side) or issues (securities on the liability side) of
a security recorded at transaction values

Securities sold (assets) or
redeemed (liabilities)

The sum of sales (securities on the asset side) or redemptions (securities on the liability side)
of a security recorded at transaction values

Currency of recording of
the security

ISO code or equivalent of the currency used to express the price and/or the outstanding
amount of the security

Part 3

Definitions of sectors

The ESA 95 provides the standard for sector classification. Counterparties located in the territory of the participating
Member States are identified according to their sector in accordance with the list of IFs and MFIs 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

Sector

Definition

1. MFIs

financial

Resident national central banks, resident credit institutions as defined in Community law, and
institutions whose business is to receive deposits and/or close
other resident
substitutes for deposits from entities other than MFIs, and, for their own account (at least
in economic terms), to grant credits and/or make investments in securities (Regulation (EC)
No 2423/2001 (ECB/2001/13))

2. General government

Resident units which are principally engaged in the production of non-market goods and
services, intended for individual and collective consumption and/or in the redistribution of
national income and wealth (the ESA 95, paragraphs 2.68 to 2.70)

11.8.2007

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Official Journal of the European Union

L 211/27

Sector

Definition

3. Other financial inter-
mediaries + financial
auxiliaries

Financial corporations and quasi-corporations (except insurance corporations and pension
funds) principally engaged in financial intermediation by incurring liabilities in forms other
than currency, deposits and/or close substitutes for deposits from institutional units other
than MFIs, or insurance technical reserves (the ESA 95, paragraphs 2.53 to 2.56). Also
included are financial auxiliaries consisting of all
financial corporations and quasi-
corporations that are principally engaged in auxiliary financial activities (the ESA 95, para-
graphs 2.57 to 2.59). IFs as defined in this Regulation are included here

4. Insurance

corporations and
pension funds

Financial corporations and quasi-corporations principally engaged in financial intermediation
as the consequence of the pooling of risks (the ESA 95, paragraphs 2.60-2.67)

5. Non-financial
corporations

Corporations and quasi-corporations not engaged in financial intermediation but principally
in the production of market goods and non-financial services (the ESA 95, paragraphs 2.21
to 2.31)

6. Households and non-
profit institutions
serving households

Individuals or groups of individuals as consumers, and producers of goods and non-financial
services exclusively for their own final consumption, and as producers of market goods and
non-financial and financial services provided that their activities are not those of quasi-
corporations. Included are non-profit institutions which serve households and which are
principally engaged in the production of non-market goods and services intended for
particular groups of households (the ESA 95, paragraphs 2.75 to 2.88)

L 211/28

EN

Official Journal of the European Union

11.8.2007

ANNEX III

REVALUATION ADJUSTMENTS OR TRANSACTIONS

1. The actual reporting population must report revaluation adjustments or transactions as set out in Article 7 of this
Regulation. In the event that 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. In the event that 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
in order to derive the revaluations due to
pounds sterling, United States dollars, Japanese yen and Swiss francs,
exchange rate changes.

2.

3.

‘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 ECB 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 95, but may deviate due to national practices.

‘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 revaluation 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.

11.8.2007

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L 211/29

ANNEX IV

MINIMUM STANDARDS TO BE APPLIED BY THE ACTUAL REPORTING POPULATION

Reporting agents must fulfil the following minimum standards to meet the ECB’s statistical reporting requirements.

1. Minimum standards for transmission:

(a) reporting to the NCBs must be timely and within the deadlines set by the relevant NCB;

(b) statistical reports must take their form and format from the technical reporting requirements set by the NCBs;

(c) the contact person(s) within the reporting agent must be identified;

(d) the technical specifications for data transmission to NCBs must be followed; and

(e) in the case of security-by-security reporting the reporting agents must, if the relevant NCB so requests, 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:

(a) the 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;

(b) reporting agents must be able to provide information on the developments implied by the data supplied;

(c) the statistical information must be complete: existing gaps should be acknowledged, explained to NCBs and, where

applicable, bridged as soon as possible;

(d) the statistical information must not contain continuous and structural gaps;

(e) reporting agents must follow the dimensions and decimals set by the NCBs for the technical transmission of the

data; and

(f) reporting agents must follow the rounding policy set by the NCBs for the technical transmission of the data.

3. Minimum standards for conceptual compliance:

(a)

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

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

(c) reporting agents must be able to explain breaks in the data supplied compared with the previous periods’ figures.

4. Minimum standards for revisions:

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