This document is an excerpt from the EUR-Lex website
Document 32022R1917
Infringement procedures in cases of non-compliance with statistical reporting requirements
Regulation (EU) 2022/1917 (the regulation)
The regulation introduces a harmonised approach to the elements to be considered when monitoring compliance with statistical reporting requirements and assessing alleged infringements, to the infringement procedure itself, and to the calculation and imposition of sanctions for infringements of the reporting requirements. The regulation sets out five procedures to that end:
Under the monitoring and recording procedures:
Under the reporting procedure, NCBs must report the following to the ECB:
Any failure to cooperate effectively or apply reasonable diligence should always be reported to the ECB.
Under the notification procedure, the competent Eurosystem central bank* must provide the reporting agent with a written warning as soon as the alleged infringement first became known to that central bank, containing at least the following elements:
In cases of serious misconduct, a similar notification must be issued to the reporting agent concerned. The main difference is that when an infringement procedure is initiated, the serious misconduct has to be corrected by the reporting agent and the reporting agent has to ensure effective cooperation with the competent Eurosystem central bank without delay.
After the warning of the alleged infringement has been issued, and once the thresholds for a cumulative alleged infringement, as mentioned below, are reached, the reporting agent is given the opportunity to submit a remedial plan containing:
After the remedial plan is submitted within the deadline, the competent Eurosystem central bank must assess it and seek the ECB’s view on the plan, following which it can endorse the plan and set a final deadline for the implementation of that plan, or reject the plan and ask for a revised remedial plan.
If the competent Eurosystem central bank also rejects a revised remedial plan, or when a reporting agent fails to comply with the final deadline or to remedy the alleged infringement, it must initiate an infringement procedure.
To ensure that no more than one infringement procedure is initiated against the same reporting agent based on the same facts, no decision on whether to initiate an infringement procedure should be taken by the ECB or by the competent NCB until they have informed and consulted with one another.
The infringement procedure states that competent NCBs and the ECB:
Except in cases of serious misconduct, a competent NCB or the ECB must not initiate an infringement procedure where it considers that the alleged infringement was committed outside the reporting agent’s control, or if the potential fine amount is not likely to exceed:
General rules state that:
Decision (EU) 2022/1921 (the decision)
The decision sets out the methodology to determine the appropriate proposed amount of a sanction to be imposed by the ECB on a reporting agent that is subject to statistical reporting requirements and that fails to comply with the requirements.
It introduces different calculation procedures for cases of cumulative alleged infringements and cases of serious misconduct. In both cases:
The sanctions must not exceed the maximum fine amounts established for the lack of reporting of statistical information and the incorrect, incomplete, or non-standardised reporting of statistical information.
General rules state that the decision does not apply to infringements that occur before 31 January 2023, to which Decision ECB/2010/10 continues to apply.
The regulation and the decision both apply from 30 April 2024. They apply from 31 January 2023 as regards infringements of money markets statistical reporting.
Regulation (EU) 2022/1917 of the European Central Bank of 29 September 2022 on infringement procedures in cases of non-compliance with statistical reporting requirements and repealing Decision ECB/2010/10 (ECB/2022/31) (OJ L 263, 10.10.2022, pp. 6–16).
Decision (EU) 2022/1921 of the European Central Bank of 29 September 2022 on the methodology for the calculation of sanctions for alleged infringements of statistical reporting requirements (ECB/2022/32) (OJ L 263, 10.10.2022, pp. 59–64).
Consolidated version of the Treaty on the Functioning of the European Union – Part Three – Union policies and internal actions – Title VIII – Economic and monetary policy – Chapter 2 – Monetary policy – Article 132 (ex Article 110 TEC) (OJ C 202, 7.6.2016, p. 104).
Consolidated version of the Treaty on European Union – Protocol (No 4) on the Statute of the European Systems of Central Banks and of the European Central Bank (OJ C 202, 7.6.2016, pp. 230–250).
Regulation (EU) No 1333/2014 of the European Central Bank of 26 November 2014 concerning statistics on the money markets (ECB/2014/48) (OJ L 359, 16.12.2014, pp. 97–116).
Successive amendments to Regulation (EU) No 1333/2014 have been incorporated in the original text. This consolidated version is of documentary value only.
Decision 2010/469/EU of the European Central Bank of 19 August 2010 on non-compliance with statistical reporting requirements (ECB/2010/10) (OJ L 226, 28.8.2010, pp. 48–49).
See consolidated version.
European Central Bank Regulation (EC) No 2157/1999 of 23 September 1999 on the powers of the European Central Bank to impose sanctions (ECB/1999/4) (OJ L 264, 12.10.1999, pp. 21–26).
See consolidated version.
Council Regulation (EC) No 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions (OJ L 318, 27.11.1998, pp. 4–7).
See consolidated version.
Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank (OJ L 318, 27.11.1998, pp. 8–19).
See consolidated version.
last update 22.12.2023