Statistics on holdings of securities

SUMMARY OF:

Regulation (EU) No 1011/2012 concerning statistics on holdings of securities (ECB/2012/24)

Guideline 2013/215/EU concerning statistics on holdings of securities (ECB/2013/7)

WHAT IS THE AIM OF THE REGULATION AND THE GUIDELINE?

The regulation sets out the rules for the collection by the European Central Bank (ECB) of comprehensive statistical information on:
- the exposure of economic sectors and individual banking groups in euro area countries to specific classes of securities;
- the links between the economic sectors of holders and issuers of securities;
- the market for securities issued by euro area residents.
The guideline:
- sets out the obligations of the national central banks (NCBs) of the countries whose currency is the euro to report to the ECB statistics on holdings of securities to be collected; and
- establishes a system for data quality management of these statistics designed to ensure the completeness, accuracy and consistency of statistics collected.

KEY POINTS

The ECB collects securities holdings statistics (SHS) on a security-by-security basis. These data provide information on securities held by selected categories of euro area investors, broken down by instrument type, issuer country, investor country, currency of denomination and further classifications.

The regulation:

defines the actual reporting population as consisting of sectoral data reporting agents* and group data reporting agents*;
sets out the respective statistical reporting requirements for sectoral data reporting agents and group data reporting agents (further details are contained in the regulation’s Annex I), as well as more general statistical reporting requirements which are in line with Regulation (EU) No 1073/2013, Regulation (EU) No 1075/2013 and Regulation (EU) No 1374/2014;
it lists the rules applicable to derogations and the instances in which NCBs may grant derogations for:
- sectoral data reporting agents; and
- group data reporting agents (updated by amending Regulation (EU) 2018/318);
sets out accounting rules for the reporting of sectoral data and of group data, as well as general accounting rules;
fixes the deadlines for the transmission by NCBs of the data to the ECB;
sets out the rules regarding minimum standards for reporting (specified in Annex III);
requires NCBs to define and implement the reporting arrangements to be followed by the actual reporting agents in accordance with national characteristics;
lays down the procedures to be following in the event of a merger, division or reorganisation that might affect the fulfilment of statistical obligations;
grants the NCBs the rights to verify or to compulsorily collect the information when reporting agents do not fulfil the minimum standards in Annex III.

The regulation has 3 annexes:

I: Statistical reporting requirements;
II: Definitions (of instrument categories, sectors, financial transactions, security-by-security attributes, holder attributes, issuer attributes, and accounting and risk-related attributes);
III: Minimum standards to be applied by the actual reporting population.

Amendments to the regulation

The main changes introduced by amending Regulations (EU) 2016/1384 and (EU) 2018/318 extended the data collection in order to comprise more banking groups and more attributes starting with data relating to the reference period end-September 2018. The reporting population was also increased to cover all banking groups that are directly supervised by the ECB.

The guideline contains:

further rules governing NCBs’ reporting obligations (depending on whether they have an International Securities Identification Number (ISIN)* for sectoral data);
reporting approaches for holdings of securities (depending on whether they have an ISIN, their issuer, etc.);
approaches for compiling statistics on holdings of securities held in custody;
a requirement for NCBs to inform the ECB, at least once a year, of the derogations granted to, renewed or withdrawn from reporting agents for the following calendar year, as well as any ad hoc reporting requirements imposed on actual reporting agents that have been granted a derogation;
reference data on reporting groups’ consolidated balance sheet assets;
notification procedure to group reporting agents;
rules concerning:
- a review procedure by the ECB General Council;
- monitoring and verifying statistics; and
- transmission standards.

Amendments to the guideline

Guideline (EU) 2016/1386 introduced data quality management targets and revised the procedures to be followed by the NCBs when reporting to the ECB.
Guideline (EU) 2018/323 clarified the scope of group data reporting agents and the letter of notification of classification as group data reporting agent.

FROM WHEN DO THE REGULATION AND GUIDELINE APPLY?

The regulation has applied since 21 November 2012. The guideline has applied since 1 January 2014.

BACKGROUND

Collecting SHS helps monitor financial stability and financial integration in the euro area, and also in the EU as a whole, as comparable indicators are often available for all EU countries.

For more information, see:

Securities holdings statistics (European Central Bank).

KEY TERMS

Sectoral data reporting agents: resident monetary financial institutions, investment funds, financial vehicle corporations, insurance corporations and custodians (which are entities which undertake the safekeeping and administration of financial instruments for the account of clients).

Group data reporting agents: where they have been identified by the ECB’s Governing Council as part of the actual reporting population, and notified of their reporting obligations (by letter, see Guideline, Annex II).

heads of banking groups; and
institutions or financial institutions established in participating EU countries and which are not part of a banking group;

International Securities Identification Number (ISIN): a code assigned to securities, composed of 12 alphanumeric characters, which uniquely identifies a securities issue.

MAIN DOCUMENTS

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

Successive amendments to Regulation (EU) No 1011/2012 have been incorporated into the original document. This consolidated version is of documentary value only.

Guideline 2013/215/EU of the European Central Bank of 22 March 2013 concerning statistics on holdings of securities (ECB/2013/7) (OJ L 125, 7.5.2013, pp. 17-33)

See consolidated version.