HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"L 305/6
EN
Official Journal of the European Union
1.11.2012
REGULATION (EU) No 1011/2012 OF THE EUROPEAN CENTRAL BANK
of 17 October 2012
concerning statistics on holdings of securities
(ECB/2012/24)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Central Bank (ECB), assisted by the national central banks
(NCBs), needs to collect high quality statistical
Having regard to the Statute of the European System of Central
information on a security-by-security basis regarding
Banks and of the European Central Bank, and in particular
securities held by euro area institutional sectors, and
Article 5 thereof,
securities issued by euro area residents and held by
non-euro area institutional sectors.
Having regard to Council Regulation (EC) No 2223/96 of
25 June 1996 on the European system of national and
(2) To
contribute
to
the
smooth
conduct
of
policies
pursued
regional accounts in the Community (hereinafter the ‘ESA
by the competent authorities relating to the prudential
95’) ( 1 ), and in particular Annex A thereto,
supervision of credit institutions, the stability of the
financial system and the analysis of the monetary
policy transmission mechanism, the ECB needs to
Having regard to Council Regulation (EC) No 2533/98 of
collect security-by-security information from banking
23 November 1998 concerning the collection of statistical
groups on those groups’ holdings of securities.
information by the European Central Bank ( 2 ), and in particular
Articles 5(1) and 6(4) thereof,
(3)
The purpose of the data to be collected is to provide the
Having regard to Regulation (EC) No 958/2007 of the European
ECB with comprehensive statistical information on the
Central Bank of 27 July 2007 concerning statistics on the assets
exposure of economic sectors and individual banking
and liabilities of investment funds (ECB/2007/8) (
groups in the euro area Member States to specific

3 ),
classes of securities and on the links between the
economic sectors of holders and issuers of securities,
Having regard to Regulation (EC) No 24/2009 of the European
and on the market for securities issued by euro area
Central Bank of 19 December 2008 concerning statistics on the
residents. The importance of having accurate information
assets and liabilities of financial vehicle corporations engaged in
on the exposure of economic sectors and of banking
securitisation transactions (ECB/2008/30) ( 4 ),
groups to specific classes of securities at a very
disaggregated level became evident during the financial
Having regard to Regulation (EC) No 25/2009 of the European
crisis, as risks to financial stability due to contagion
Central Bank of 19 December 2008 concerning the balance
mechanisms at the level of individual financial institu
sheet of the monetary financial institutions sector
tions, generated by specific classes of securities, could
(ECB/2008/32) (
not be properly identified from aggregated data. Timely

5 ),
information on holdings of securities at the level of indi
vidual securities will also allow the ECB to monitor the
Having regard to Directive 2004/39/EC of the European
transmission of risks from the financial markets to the
Parliament and of the Council of 21 April 2004 on markets
real economy.
in financial instruments amending Council Directives
85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the
European Parliament and of the Council and repealing
(4) In
addition,
this
statistical
information
will
support
the
Council Directive 93/22/EEC ( 6 ),
ECB in analysing financial market developments, and in
monitoring the changes in the securities portfolios of
Having regard to Directive 2006/48/EC of the European
economic sectors and the links between financial inter
Parliament and of the Council of 14 June 2006 relating to
mediaries and non-financial investors.
the taking up and pursuit of the business of credit institu
tions ( 7 ),
(5)
Given the interconnection between monetary policy and
the stability of the financial system, the collection of
Whereas:
statistical information on a security-by-security basis
concerning securities holdings positions and financial
transactions, and for the derivation of transactions
(1) To
perform
European
System
of
Central
Banks
(ESCB)
from positions, is also necessary to satisfy regular and
tasks and to monitor the financial markets and
ad hoc analytical needs to support the ECB in carrying
financial activities within the euro area, the European
out monetary and financial analysis, and for the
contribution by the ESCB to the stability of the
( 1 ) OJ L 310, 30.11.1996, p. 1.
financial system. This statistical information will allow
( 2 ) OJ L 318, 27.11.1998, p. 8.
information on securities held by institutional sectors
( 3 ) OJ L 211, 11.8.2007, p. 8.
to be combined with information on the individual
( 4 ) OJ L 15, 20.1.2009, p. 1.
issuers across the world, thus providing an important
( 5 ) OJ L 15, 20.1.2009, p. 14.
( 6 ) OJ L 145, 30.4.2004, p. 1.
tool to monitor the buildup and evolution of financial
( 7 ) OJ L 177, 30.6.2006, p. 1.
imbalances.

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(6) It is also necessary to enable the ECB to provide
4. ‘banking group’ means (a) a parent credit institution and all
analytical and statistical support to the European
its financial subsidiaries and branches, other than insurance
Systemic Risk Board in accordance with Council Regu
undertakings which have received official authorisation in
lation (EU) No 1096/2010 of 17 November 2010
accordance with Article 6 of Directive 73/239/EEC ( 2 ) or
conferring specific tasks upon the European Central
Article 4 of Directive 2002/83/EC ( 3 ); or (b) a parent
Bank concerning the functioning of the European
financial holding company and all its financial subsidiaries
Systemic Risk Board ( 1 ).
and branches, other than insurance undertakings which
have received official authorisation in accordance with
Article 6 of Directive 73/239/EEC or Article 4 of
(7)
For this reason, the Governing Council of the ECB should
Directive 2002/83/EC, provided that in both cases the
identify reporting banking groups for the purpose of the
parent is head of the banking group. An entity without
data collection under this Regulation taking into account
any subsidiary constitutes a group on its own, provided
the size of each group’s consolidated balance sheet in
that the entity is not a subsidiary itself;
comparison to the consolidated balance sheet assets of
all European Union banking groups, the significance of
the group’s activities in a particular segment of the
5. ‘resident’ has the same meaning as defined in Article 1(4) of
banking business and the relevance of the group for
Regulation (EC) No 2533/98;
the stability and functioning of the financial system in
the euro area and/or individual Member States.
6. ‘monetary financial institution’ (MFI), ‘credit institution’ (CI)
and ‘money market fund’ (MMF) have the same meaning as
(8) The
standards
for
the
protection
and
use
of
confidential
defined in Article 1 of Regulation (EC) No 25/2009
statistical information as laid down in Article 8 of
(ECB/2008/32). The MFI sector comprises CIs and MMFs;
Council Regulation (EC) No 2533/98 should apply.
7. ‘investment fund’ (IF) has the same meaning as defined in
Article 1 of Regulation (EC) No 958/2007 (ECB/2007/8);
(9) The
reporting
requirements
under
this
Regulation,
including derogations therefrom, are without prejudice
to the reporting requirements set out in other ECB
8. ‘financial vehicle corporation’ (FVC) has the same meaning
legal acts and instruments, which may, at least partly,
as defined in Article 1(1) of Regulation (EC) No 24/2009
also cover security-by-security reporting of statistical
(ECB/2008/30);
information on holdings of securities.
9. ‘custodian’ means an entity belonging to the ‘financial
(10) It
is necessary
to set up
a procedure
to carry
out
corporations sector’ (S.12 ( 4 )) and undertaking the safek
technical amendments to the annexes to this Regulation
eeping and administration of financial instruments for the
in an effective manner, provided they neither change the
account of clients, including custodianship and related
underlying conceptual framework nor affect the reporting
services such as cash/collateral management as specified
burden on reporting agents in Member States. This
in Section B, point (1) of Annex I to Directive 2004/39/EC;
procedure needs to allow the views of the ESCB Statistics
Committee to be taken into account,
10. ‘head of a banking group’ means the parent company of a
banking group, provided it is either an EU parent credit
HAS ADOPTED THIS REGULATION:
institution or an EU parent financial holding company as
defined in Article 4 of Directive 2006/48/EC and as imple
mented in the Union Member States, except that ‘EU’ shall
Article 1
be replaced by ‘euro area’ and ‘Member State’ shall be
replaced by ‘euro area Member State’;
Definitions
For the purposes of this Regulation:
11. ‘head of a reporting group’ means the head of a banking
group identified by the Governing Council as a reporting
1. ‘security-by-security’ data collection means the collection of
group pursuant to Article 2(4);
data broken down into individual securities;
12. ‘investor’ means any entity or person owning financial
instruments;
2. ‘position’ means the stock amount of securities, the types of
which are listed in paragraph 15, owned or held in custody
by an actual reporting agent at the end of a reference
( 2 ) First Council Directive 73/239/EEC of 24 July 1973 on the coor
dination of laws, regulations and administrative provisions relating
period, as further defined in Part 4 of Annex II;
to the taking-up and pursuit of the business of direct insurance other
than life assurance (OJ L 228, 16.8.1973, p. 3).
( 3 ) Directive 2002/83/EC of the European Parliament and of the
3. ‘parent credit institution’, ‘parent financial holding
Council of 5 November 2002 concerning life assurance (OJ
company’, ‘subsidiary’ and ‘branch’ have the same
L 345, 19.12.2002, p. 1).
meaning as defined in Article 4 of Directive 2006/48/EC;
( 4 ) The numbering of categories throughout this Regulation reflects the
numbering introduced in Commission proposal COM(2010) 774
final (the proposal for the ESA 2010 Regulation). For further
( 1 ) OJ L 331, 15.12.2010, p. 162.
information see Annex II.

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13. ‘securities held in custody’ means securities which are held
(b) equal or below the 0,5 % threshold, provided that the
and administered by custodians on behalf of investors;
banking group meets certain quantitative or qualitative
criteria that make it important for the stability and func
14. ‘relevant NCB’ means the NCB of the euro area Member
tioning of the financial system in the euro area (concerning,
State in which the reporting agent is resident;
e.g., interconnectedness with other financial institutions of
the euro area; cross-jurisdictional activity; lack of substitu
tability; complexity of the corporate structure) and/or indi
15. ‘securities’ means the following types of securities:
vidual euro area Member State (concerning, e.g. relative
importance of the banking group within a particular
(a) ‘debt securities’ (F.3);
segment of the banking services market in one or more
euro area Member State).
(b) ‘listed shares’ (F.511);
5. The
relevant
NCB
shall
notify
the
heads
of
reporting
(c) ‘investment fund shares or units’ (F.52);
groups of the Governing Council’s decision pursuant to
paragraph 4 and of their obligations under this Regulation.
16. ‘holdings of securities’ means economic ownership of secur
ities, the types of which are listed in paragraph 15;
6. Without
prejudice
to
Article
10,
heads
of
reporting
groups
which are notified in accordance with paragraph 5 after the first
17. ‘ISIN code’ means the International Securities Identification
reporting under this Regulation has started shall start reporting
Number assigned to securities, composed of 12 alpha
data no later than six months after the date of the notification.
numeric characters, which uniquely identifies a securities
issue (as defined by ISO 6166).
7. A
head
of
a
reporting
group
notified
in
accordance
with
Article 2
paragraph 5 shall inform the relevant NCB of changes to its
name or legal form, of mergers or restructurings, and of any
Actual reporting population
other event or circumstances affecting its reporting obligations
within 14 days of the occurrence of such event or circum
1. The
actual
reporting
population
shall
consist
of
the stances.
resident MFIs, IFs, FVCs, custodians and the heads of banking
groups identified by the Governing Council as reporting groups
pursuant to paragraph 4 and notified of their reporting
8. A
head
of
a
reporting
group
notified
in
accordance
with
obligations pursuant to paragraph 5 (hereinafter collectively
paragraph 5 shall remain subject to the obligations set out in
‘actual reporting agents’ and individually ‘actual reporting
this Regulation until it is notified by the relevant NCB to the
agent’).
contrary.
2. If an MMF, an IF or an FVC does not have legal
personality under their national law, the persons legally
Article 3
entitled to represent them or, in the absence of formalised
representation, persons that under the applicable national laws
Statistical reporting requirements
are liable for their acts, shall be responsible for reporting the
1. MFIs,
IFs,
FVCs
and
custodians
shall
provide
to
their
information required under this Regulation.
relevant NCB security-by-security data on end-of-quarter or
end-of-month positions and, in accordance with paragraph 5,
3. The
actual
reporting
agents
shall
be
subject
to
full financial transactions over the reference month or quarter, or
reporting requirements unless any derogation granted
the statistical information needed to derive such transactions, on
pursuant to Article 4 applies.
own holdings of securities with an ISIN code, in accordance
with Part 2 of Annex I. Such data shall be reported on a
quarterly or monthly basis in accordance with the reporting
4. The Governing Council may decide that a banking group
instructions defined by the relevant NCBs.
is a reporting group if the banking group has consolidated
balance sheet assets in accordance with Title V, Chapter 4,
Section 1 of Directive 2006/48/EC:
2. A
custodian
shall
inform
the
relevant
NCB
of
the
conduct
of custodian activities within one week from the date on which
(a) larger than 0,5 % of the total consolidated balance sheet
it starts custodian activities, irrespective of whether it expects to
assets of the Union banking groups (hereinafter the ‘0,5 %
be subject to regular reporting obligations under this Regu
threshold’), according to the most recent data available to
lation, unless a custodian has informed other competent auth
the ECB, i.e.;
orities thereof.
(i) data with reference to the end of December of the
Custodians shall provide to the relevant NCB on a quarterly or
calendar year preceding notification pursuant to
monthly basis, in accordance with the reporting instructions
paragraph 5; or
defined by the relevant NCBs, security-by-security data on
end-of-quarter or end-of-month positions and, in accordance
(ii) if the data under (i) is not available, data with reference
with paragraph 5, financial transactions over the reference
to the end of December of the previous year; or
quarter or month, on the following securities with an ISIN code:

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(a) securities they hold in custody on behalf of resident
reported in accordance with Parts 1, 2 and 4 of Annex II,
investors that do not report their own holdings pursuant
and with the accounting rules referred to in Article 5.
to paragraph 1, in accordance with Part 3 of Annex I;
Article 4
(b) securities they hold in custody on behalf of non-financial
investors resident in other euro area Member States, in
Derogations
accordance with Part 4 of Annex I;
1. At the discretion of each relevant NCB, the following
derogations may be granted to the actual reporting agents:
(c) securities issued by euro area entities they hold in custody
on behalf of investors resident in non-euro area Member
(a) in euro area Member States with total holdings of securities
States and of investors resident outside the Union, in
with an ISIN code by resident investors which at market
accordance with Part 5 of Annex I.
value are lower than or equal to EUR 40 billion:
3. Heads
of
reporting
groups
shall
provide
to
the
relevant
(i) NCBs may grant derogations to MFIs, IFs, FVCs and
NCB on a quarterly basis security-by-security data on end-of-
custodians from the reporting requirements set out in
quarter positions of securities with an ISIN code which are held
Article 3(1), provided that in terms of positions the
by their group, including non-resident entities. Such data shall
combined contribution of exempted MFIs, IFs, FVCs
be reported on the basis of the group’s gross portfolio, without
and custodians to the national holdings of MFIs, IFs,
netting out from the group holdings the securities issued by
FVCs and custodians, respectively, does not exceed
entities of the same group.
40 %. FVCs that do not report security-by-security data
in accordance with Regulation (EC) No 24/2009
(ECB/2008/30) shall have the right, in accordance with
In accordance with the instructions of the relevant NCB, the
the instructions of their relevant NCBs, to exceed this
heads of reporting groups shall report data on holdings of
threshold for the first two years after the start of
securities on the basis of one of the three approaches
reporting under this Regulation;
specified in Part 6 of Annex I.
(ii) NCBs may grant derogations to custodians from the
4. The reporting requirements under this Regulation,
reporting requirements set out in Article 3(2)(a),
including derogations therefrom, shall be without prejudice to
provided that in terms of positions the combined
the reporting requirements set out in (a) Regulation (EC) No
contribution of exempted custodians to the national
25/2009 (ECB/2008/32); (b) Regulation (EC) No 958/2007
amount of securities held in custody does not
(ECB/2007/8); and (c) Regulation (EC) No 24/2009
exceed 40 %;
(ECB/2008/30).
(b) in euro area Member States with total holdings of securities
5. The
actual
reporting
agents
shall,
in
accordance
with
with an ISIN code by resident investors which at market
instructions by the relevant NCB, report either (a) security-by-
value are higher than EUR 40 billion:
security data on monthly or quarterly financial transactions and,
where requested by the relevant NCB, other changes in volume;
or (b) the statistical information needed to derive financial trans
(i) NCBs may grant derogations to MFIs, IFs, FVCs and
actions on the basis of one of the approaches specified in Part 1
custodians from the reporting requirements set out in
of Annex I. Further requirements and guidelines regarding the
Article 3(1), provided that in terms of positions the
compilation of transactions are laid down in Part 3 of Annex II.
combined contribution of exempted MFIs, IFs, FVCs
and custodians to the national holdings of MFIs, IFs,
FVCs and custodians, respectively does not exceed 5 %;
6. The
actual
reporting
agents
shall,
if
instructed
by
the
relevant NCB, report on a quarterly or monthly basis data on
end-of-quarter or end-of-month positions and, in accordance
(ii) NCBs may grant derogations to custodians from the
with paragraph 5, statistical information over the reference
reporting requirements set out in Article 3(2)(a),
quarter or month, on holdings of securities without an ISIN
provided that in terms of positions the combined
code, in accordance with Part 7 of Annex I. This paragraph
contribution of exempted custodians to the national
shall not apply to actual reporting agents that are granted
amount of securities held in custody does not exceed
derogations under Article 4.
5 %;
7. Security-by-security
data
on
end-of-quarter
or
end-of-
(c) NCBs shall consult the ECB on the use of information to
month positions and, in accordance with paragraph 5, statistical
identify total holdings of securities at market value necessary
information over the reference quarter or month, shall be
to grant derogations under this paragraph.

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2. NCBs may choose to grant derogations to CIs from the
(b) NCBs may partially or fully exempt from the reporting
reporting requirements set out in Article 3(1) as follows:
requirements set out in Article 3(2)(b) and (c) custodians
holding a total amount of securities on behalf of all non-
resident investors below EUR 10 billion.
(a) NCBs may fully or partly exempt CIs from reporting
requirements, provided that the combined contribution to
the total amount of securities held by CIs in the relevant
6. NCBs may choose to grant derogations to heads of
euro area Member State in terms of positions does not
reporting groups from the reporting requirements set out in
exceed 5 %;
Article 3(3) as follows:
(b) this threshold may however be raised to 15 % for the first
two years after the start of reporting under this Regulation;
(a) NCBs may allow heads of reporting groups to report on a
security-by-security basis statistical information covering
95 % of the amount of securities with an ISIN code held
(c) the thresholds referred to in points (a) and (b) shall be
by their group, in accordance with the requirements of this
calculated on the basis of total holdings of securities for
Regulation, provided that the remaining 5 % of securities
the relevant Member State after applying any derogations
held by the group are not issued by one single issuer;
under paragraph 1.
(b) NCBs may request heads of reporting groups to provide
3. NCBs may choose to grant derogations to all MMFs from
further information on the type of securities excluded
the reporting requirements set out in Article 3(1), provided that
from reporting under point (a).
their total holdings of securities with an ISIN code account for
less than 2 % of securities held by euro area MMFs. This 2 %
threshold shall be calculated on the basis of total holdings of
securities by MMFs in the relevant Member State, after applying
7. NCBs
may
choose
to
grant
derogations
from
the
reporting
any derogations under paragraph 1.
requirements under this Regulation if the actual reporting agents
report the same data under Regulation (EC) No 25/2009
(ECB/2008/32), Regulation (EC) No 958/2007 (ECB/2007/8),
or Regulation (EC) No 24/2009 (ECB/2008/30), or if NCBs
4. NCBs
may
choose
to
grant
derogations
to
all
FVCs
from can otherwise derive the same data, in accordance with the
the reporting requirements set out in Article 3(1), provided that
minimum statistical standards specified in Annex III.
their total holdings of securities with an ISIN code account for
less than 2 % of securities held by euro area FVCs. This 2 %
threshold shall be calculated on the basis of total holdings of
securities by FVCs in the relevant Member State, after applying
8. With
regard
to
actual
reporting
agents
for
which
a
dero
any derogations under paragraph 1.
gation referred to in paragraphs 1, 2, 3 or 4 applies, NCBs shall
continue to collect data on an annual basis on the amount of
securities they hold or keep in custody in accordance with the
5. NCBs
may
choose
to
grant
the
following
derogations
to requirements set out in Article 3(1), either on an aggregated or
custodians:
on a security-by-security basis.
(a) NCBs may fully or partly exempt custodians from the
9. NCBs shall check the fulfilment of the conditions set out
reporting requirements set out in Article 3(2)(a), provided
in paragraphs 1 to 7, as applicable, for the purposes of granting,
that the data referred to in Article 3(2)(a) can be derived
renewing or withdrawing, if necessary, any derogation with
from other statistical or supervisory data sources, in
effect from the start of each calendar year.
accordance with the minimum statistical standards
specified in Annex III. In addition the following applies:
10. The
relevant
NCB
shall
withdraw
any
derogations
(i) in Member States for which the derogations under
granted to custodians under paragraph 5(a) if data from other
paragraph 1(a) apply, and in which the data referred
statistical or supervisory data sources that fulfil the minimum
to in Article 3(2)(a) are directly reported by investors,
statistical standards specified in Annex III have not been made
such data shall cover as a minimum on a security-by-
available in time to it for three consecutive reporting periods,
security basis 60 % of the amount of securities referred
irrespective of whether there is fault on the part of custodians.
to in Article 3(2)(a);
Custodians shall start reporting data, as set out in Article 3(2),
not later than three months from the date on which the
relevant NCB notifies them that the derogation has been with
drawn.
(ii) in Member States for which the derogations under
paragraph 1(b) apply, and in which the data referred
to in Article 3(2)(a) are directly reported by investors,
such data shall cover as a minimum on a security-by-
11. NCBs may choose to address ad hoc reporting
security basis 75 % of the amount of securities referred
requirements to actual reporting agents that have been
to in Article 3(2)(a).
granted derogations under this Article, according to the level

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of detail deemed necessary by them. Actual reporting agents
(i) on a quarterly basis for the three months of the
shall report the information requested on an ad hoc basis
reference quarter, by close of business on the 63rd
within 15 working days of a request made by the relevant NCB.
calendar day following the end of the quarter to
which the data relate; or
12. The actual reporting agents may choose not to make use
of derogations granted by the NCBs and to fulfil full reporting
(ii) on a monthly basis for each month of the reference
requirements instead. An actual reporting agent not using the
quarter, by close of business on the 63rd calendar day
derogations granted by a relevant NCB shall obtain that NCB’s
following the end of the month to which the data relate;
consent prior to subsequently using them.
and
Article 5
(c) quarterly security-by-security positions in accordance with
Accounting rules
Article 3(3) by close of business:
1. Unless
otherwise
provided
for
in
this
Regulation,
the
accounting rules followed by the actual reporting agents for
(i) from 2013 to 2015: on the 70th calendar day following
the purposes of reporting under this Regulation shall be those
the end of the quarter to which the data relate; and
laid down in the national transposition of Council Directive
86/635/EEC of 8 December 1986 on the annual accounts
and consolidated accounts of banks and other financial institu
(ii) from 2016: on the 55th calendar day following the end
tions ( 1 ) or, if this is inapplicable, in any other national or
of the quarter to which the data relate.
international standards that apply to the actual reporting agents.
3. Where
a
deadline
referred
to
in
paragraph
2
falls
on
a
2. Without prejudice to national accounting practices TARGET2 closing day, the deadline shall be extended to the
holdings of securities shall be reported at nominal value or as
following TARGET2 operating day, as announced on the
number of shares. Market values may also be reported, as
ECB’s website.
indicated in Part 4 of Annex II.
3. Without
prejudice
to
national
accounting
practices
and
Article 7
netting arrangements, holdings of securities shall be reported
Minimum standards and national reporting arrangements
on a gross basis for statistical purposes.
1. The
actual
reporting
agents
shall
comply
with
the
reporting requirements to which they are subject in accordance
4. Holdings of securities lent out under securities lending
with the minimum standards specified in Annex III.
operations, or sold under a repurchase agreement, shall
remain recorded as holdings by the original owner (and not
as holdings of the temporary acquirer) where there is a firm
2. The
NCBs
shall
define
and
implement
the
reporting
commitment to reverse the operation (and not simply an option
arrangements to be followed by the actual reporting agents in
to do so). Where the temporary acquirer sells the securities
accordance with national characteristics. The NCBs shall decide
received, this sale shall be recorded as an outright transaction
whether to require custodians to report security-by-security data
in securities and reported by the temporary acquirer as a
on an investor-by-investor basis. The NCBs shall ensure that
negative position in the securities portfolio.
these reporting arrangements provide the required statistical
information and allow checking of whether the minimum
Article 6
standards for transmission, accuracy and revisions specified in
Annex III are met.
Timeliness
1. NCBs
shall
decide
when
they
need
to
receive
data
from
Article 8
actual reporting agents to be able to perform the necessary
quality control procedures and to meet the deadlines in
Verification and compulsory collection
paragraph 2.
The NCBs shall exercise the rights to verify, according to the
level of detail deemed necessary by the relevant NCB, or to
2. NCBs shall transmit to the ECB for the actual reporting
collect, the information which the actual reporting agents are
agents:
required to provide pursuant to this Regulation, without
prejudice to the ECB’s right to exercise these rights itself.
(a) quarterly security-by-security data in accordance with
These rights shall in particular be exercised by the NCBs
Article 3(1), (2) and (5) by close of business on the 70th
when actual reporting agents do not fulfil the minimum
calendar day following the end of the quarter to which the
standards specified in Annex III.
data relate; or
Article 9
(b) monthly security-by-security data in accordance with
Article 3(5) and Part 1 of Annex I, according to one of
Simplified amendment procedure
the options below:
Taking account of the views of the ESCB Statistics Committee,
the Executive Board of the ECB may make technical
( 1 ) OJ L 372, 31.12.1986, p. 1.
amendments to the annexes to this Regulation, provided they

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neither change the underlying conceptual framework nor affect
Article 11
the reporting burden on the actual reporting agents. The
Executive Board shall inform the Governing Council of any
Final provision
such amendment without undue delay.
This Regulation shall enter into force on the 20th day following
its publication in the Official Journal of the European Union.
Article 10
First reporting
Done at Frankfurt am Main, 17 October 2012.
The first reporting pursuant to this Regulation shall start with
data relating to the reference period December 2013. The first
time NCBs report to the ECB, they shall only be required to
The President of the ECB
submit data on positions.
Mario DRAGHI

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EN
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the
European
Union L
305/13
ANNEX I
STATISTICAL REPORTING REQUIREMENTS
PART 1
Financial transactions
1. MFIs, IFs and custodians reporting data on own holdings of securities or on securities they hold in custody on behalf
of resident investors provide the statistical information in accordance with one of the following approaches:
(a) on a monthly or quarterly basis, monthly or quarterly security-by-security financial transactions and, where
requested by the relevant NCB, other changes in volume for the reference month or quarter; or
(b) on a monthly or quarterly basis, monthly security-by-security positions and, where requested by the relevant NCB,
other changes in volume for the reference month or for the three months of the reference quarter.
2. FVCs provide the statistical information in accordance with one of the following approaches:
(a) on a quarterly basis, quarterly security-by-security financial transactions and, where requested by the relevant NCB,
other changes in volume for the reference quarter; or
(b) on a monthly or quarterly basis, monthly security-by-security positions and, where requested by the relevant NCB,
other changes in volume for the reference month or for the three months of the reference quarter; or
(c) on a quarterly basis, quarterly security-by-security positions and, where requested by the relevant NCB, other
changes in volume for the reference quarter.
3. Custodians reporting (i) securities they hold in custody on behalf of non-financial investors resident in other euro area
Member States, and (ii) securities issued by euro area entities they hold in custody on behalf of investors resident in
non-euro area Member States and of investors resident outside the Union, provide the statistical information in
accordance with one of the approaches set out in paragraph 2.
PART 2
Data on own holdings of securities with an ISIN code by MFIs, IFs, FVCs and custodians
For each security that has been assigned an ISIN code classified under the security category ‘debt securities’ (F.3), ‘listed
shares’ (F.511) or ‘investment fund shares or units’ (F.52), data for the fields in the table below are reported by financial
investors belonging to the MFIs, IFs, FVCs, and by custodians with reference to own holdings of securities. They are
reported in accordance with the following rules and in conformity with the definitions in Annex II:
(a) data for fields 1 and 2 are reported;
(b) data is reported in accordance with either point (i) or (ii) as follows:
(i) if MFIs, IFs, FVCs and custodians report security-by-security financial transactions, data for fields 5 and, where
requested by the relevant NCB, 6 are reported; or
(ii) if MFIs, IFs, FVCs and custodians do not report security-by-security financial transactions, data for field 6, where
requested by the relevant NCB, are reported.
The relevant NCB may choose to require financial investors belonging to the MFIs, IFs, FVCs and custodians to report data
for fields 1 and 3 instead of data in accordance with point (a). In this case, instead of data in accordance with point (b),
data for fields 5 and, where requested by the relevant NCB, 7 are also reported.
The relevant NCB may also choose to require financial investors belonging to the MFIs, IFs, FVCs and custodians to report
data for fields 2b, 3 and 4.

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Field Description
1 ISIN
code
2 Number
of
units
or
aggregated
nominal
value
2b Quotation
basis
3 Market
value
4 Portfolio
investment
or
direct
investment
5 Financial
transactions
6 Other
changes
in
volume
at
nominal
value
7 Other
changes
in
volume
at
market
value
PART 3
Data on securities with an ISIN code held in custody on behalf of resident non-financial investors and other
financial investors not required to report their own holdings of securities
Custodians report, for each security that has been assigned an ISIN code classified under the security category ‘debt
securities’ (F.3), ‘listed shares’ (F.511) or ‘investment fund shares or units’ (F.52), which they hold in custody on behalf of
resident non-financial investors and other financial investors that do not report their own holdings of securities, data for
the fields in the table below. They report in accordance with the following rules and in conformity with the definitions in
Annex II:
(a) data for fields 1, 2, and 3 are reported;
(b) data are reported in accordance with either point (i) or (ii) as follows:
(i) if custodians report security-by-security financial transactions, data for fields 6 and, where requested by the
relevant NCB, 7 are reported; or
(ii) if custodians do not report security-by-security financial transactions, data for field 7, where requested by the
relevant NCB, are reported.
The relevant NCB may choose to require custodians to report data for fields 1, 3 and 4 instead of data in accordance with
point (a). In this case, instead of data in accordance with point (b), data for fields 6 and, where requested by the relevant
NCB, 8 are also reported.
The relevant NCB may also choose to require custodians to report data for fields 2b, 4 and 5.
Field Description
1 ISIN
code
2 Number
of
units
or
aggregated
nominal
value
2b Quotation
basis
3 Sector
of
the
holder:
— Insurance corporations (S.128)
— Pension funds (S.129)
— Other financial intermediaries (S.125) excluding financial vehicle corporations, financial auxiliaries (S.126),
captive financial institutions and money lenders (S.127)
— Financial vehicle corporations
— Non-financial corporations (S.11)
— General government (S.13) ( 1 )
— Households and non-profit institutions serving households (S.14 + S.15) ( 2 )
4 Market
value
5 Portfolio
investment
or
direct
investment

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Field Description
6 Financial
transactions
7 Other
changes
in
volume
at
nominal
value
8 Other
changes
in
volume
at
market
value
( 1 ) Where available, ‘central government’ (S.1311), ‘state government’ (S.1312), ‘local government’ (S.1313) and ‘social security funds’
(S.1314) sub-sectors are reported separately identified.
( 2 ) The relevant NCB may require actual reporting agents to separately identify the sub-sectors ‘households’ (S.14) and ‘non-profit
institutions serving households’ (S.15).
PART 4
Data on securities with an ISIN code held in custody on behalf of investors resident in other euro area Member
States
Custodians report for each security that has been assigned an ISIN code classified under the security category ‘debt
securities’ (F.3), ‘listed shares’ (F.511) or ‘investment fund shares or units’ (F.52), which they hold in custody on behalf of
non-financial investors resident in other euro area Member States, data for the fields in the table below. They report in
accordance with the following rules and in conformity with the definitions in Annex II:
(a) data for fields 1, 2, 3 and 4 are reported;
(b) data for field 7, where requested by the relevant NCB, are reported.
The relevant NCB may choose to require custodians to report data for fields 1, 3, 4 and 5 instead of data in accordance
with point (a). In this case, where requested by the relevant NCB, instead of data in accordance with point (b), data for
field 8 are also reported.
The relevant NCB may also choose to require custodians to report data for fields 2b, 5, 6 and 9.
Field Description
1 ISIN
code
2 Number
of
units
or
aggregated
nominal
value
2b Quotation
basis
3 Sector
of
the
holder:
— Households (S.14)
— Other non-financial investors excluding households
4 Country
of
the
holder
5 Market
value
6 Portfolio
investment
or
direct
investment
7 Other
changes
in
volume
at
nominal
value
8 Other
changes
in
volume
at
market
value
9 Financial
transactions
PART 5
Data on securities with an ISIN code issued by euro area residents held in custody on behalf of investors
resident in non-euro area Member States or outside the Union
Custodians report for each security issued by euro area residents that has been assigned an ISIN code classified under the
security category ‘debt securities’ (F.3), ‘listed shares’ (F.511) or ‘investment fund shares or units’ (F.52), which they hold in
custody on behalf of investors resident in non-euro area Member States or outside the Union, data for the fields in the
table below. They report in accordance with the following rules and in conformity with the definitions in Annex II:
(a) data for fields 1, 2, 3, and 4 are reported;
(b) data for field 7, where requested by the relevant NCB, are reported.

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The relevant NCB may choose to require custodians to report data for fields 1, 3, 4 and 5 instead of data in accordance
with point (a). In this case, where requested by the relevant NCB, instead of data in accordance with point (b), data for
field 8 are also reported.
The relevant NCB may also choose to require custodians to report data for fields 2b, 5, 6 and 9.
Field Description
1 ISIN
code
2 Number
of
units
or
aggregated
nominal
value
2b Quotation
basis
3 Sector
of
the
holder
( 1 ):
— General government and central bank
— Other investors excluding general government and central bank
4 Country
of
the
holder
5 Market
value
6 Portfolio
investment
or
direct
investment
7 Other
changes
in
volume
at
nominal
value
8 Other
changes
in
volume
at
market
value
9 Financial
transactions
( 1 ) The sector classification contained in the System of National Accounts 1993 applies in this case as the ESA does not apply.
PART 6
Data on holdings of securities with an ISIN code by reporting groups
Heads of reporting groups provide the statistical information in accordance with one of the following reporting
approaches:
(a) holdings of securities for the group as a whole; or
(b) holdings of securities by entities of the group resident in the country where the head is located separately from the
holdings of securities by entities of the group non-resident in the country where the head is located; or
(c) holdings of securities separately by each entity of the group.
Heads of reporting groups report for each security that has been assigned an ISIN code classified under the security
category ‘debt securities’ (F.3), ‘listed shares’ (F.511) or ‘investment fund shares or units’ (F.52), which is held by the group,
data for the fields in the table below. They report in accordance with the following rules and in conformity with the
definitions in Annex II:
(a) data for fields 1 and 2 are reported;
(b) data under (a) are reported in accordance with one of the following options:
(i) aggregated for the whole group; or
(ii) separately for resident and for non-resident entities of the group. In this case data for field 4 are also reported; or
(iii) separately by each entity of the group. In this case, data for field 5 are also reported.
The relevant NCB may also choose to require heads of reporting groups to report data for fields 2b and 3.

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Union L
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Field Description Alternative
reporting
options
1 ISIN
code
(ii)
2 Number
of
units
or
aggregated
nominal
value
(i)
Resident entities
Group level
and non-
2b Quotation
basis
resident entities
(iii)
separately
By entity
3 Market
value
identified
4 Resident
entities/non-resident
entities
5 Entity
of
the
group
PART 7
Data on holdings of securities without an ISIN code
For each security that has not been assigned an ISIN code classified under the security category ‘short term debt securities’
(F.31), ‘long term debt securities’ (F.32), ‘listed shares’ (F.511) or ‘investment fund shares or units’ (F.52), data for the fields
in the table below may be reported by financial investors belonging to the MFIs, IFs and FVCs, and by custodians. They
report in accordance with the following rules and in conformity with the definitions in Annex II:
(a) For investors reporting data on their holdings of securities, quarterly or monthly data may be reported as follows:
(i) data for fields 1 to 4 (data for field 5 instead of fields 2 and 4 may be reported), for fields 6, 7 and 9 to 13, and
either for field 14 or for fields 15 and 16, over the reference quarter or month, on a security-by-security basis
using an identification number such as CUSIP, SEDOL, an NCB identification number, etc; or
(ii) aggregated data for fields 2 to 4 (data for field 5 instead of fields 2 and 4 may be reported), for fields 6, 7, and 9
to 13, and either data for field 14 or for fields 15 and 16, over the reference quarter or month.
(b) For custodians reporting data on securities they hold on behalf of resident financial investors not required to report
their holdings of securities and on behalf of non-financial investors, quarterly or monthly data may be reported as
follows:
(i) data for fields 1 to 4 (data for field 5 instead of fields 2 and 4 may be reported), for fields 6 and 8 to 13, and
either for field 14 or for fields 15 and 16, over the reference quarter or month, on a security-by-security basis
using an identification number such as CUSIP, SEDOL, an NCB identification number, etc; or
(ii) aggregated data for fields 2 to 4 (data for field 5 instead of fields 2 and 4 may be reported), for fields 6 and 8 to
13, and either data for field 14 or for fields 15 and 16, over the reference quarter or month.
Field Description
1
Security identifier code (NCB identification number, CUSIP, SEDOL, other)
2 Number
of
units
or
aggregated
nominal
value
( 1 )
3 Quotation
basis
4 Price
value
5 Market
value
6 Instrument:
— Short-term debt securities (F.31)
— Long-term debt securities (F.32)
— Listed shares (F.511)
— Investment funds shares or units (F.52)

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Field Description
7
Sector or sub-sector of investors reporting data on own holdings of securities:
— Central bank (S.121)
— Deposit-taking corporations except central bank (S.122)
— Money market funds (S.123)
— Investment funds except money market funds (S.124)
— Financial vehicle corporations
8 Sector
or
sub-sector
of
the
investors
reported
by
custodians:
— Other financial corporations excluding monetary financial institutions, investment funds, financial vehicle
corporations, insurance corporations and pension funds (S.125 + S.126 + S.127)
— Insurance corporations (S.128)
— Pension funds (S.129)
— Non-financial corporations (S.11)
— General government (S.13) ( 2 )
— Households and non-profit institutions serving households (S.14 + S.15) ( 3 )
9 Sector
or
sub-sector
of
the
issuer:
— Central bank (S.121)
— Deposit-taking corporations except central bank (S.122)
— Money market funds (S.123)
— Investment funds except money market funds (S.124)
— Other financial corporations excluding monetary financial institutions, investment funds, financial vehicle
corporations, insurance corporations and pension funds (S.125 + S.126 + S.127)
— Financial vehicle corporations
— Insurance corporations and pension funds (S.128 + S.129) ( 4 )
— Non-financial corporations (S.11)
— General government (S.13)
— Households and non-profit institutions serving households (S.14 + S.15) ( 5 )
10 Portfolio
investment
or
direct
investment
11 Country
breakdown
of
investor
12 Country
breakdown
of
issuer
13 Security
currency
of
denomination
14 Financial
transactions
15 Revaluation
adjustments
16 Other
changes
in
volume
( 1 ) For aggregated data: number of units or aggregated nominal value having the same price value (see field 4).
( 2 ) Where available, ‘central government’ (S.1311), ‘state government’ (S.1312), ‘local government’ (S.1313) and ‘social security funds’
(S.1314) sub-sectors are reported separately identified.
( 3 ) Where available, ‘households’ (S.14) and ‘non-profit institutions serving households’ (S.15) sub-sectors are reported separately identified.
( 4 ) Where available, ‘insurance corporations’ (S.128) and ‘pension funds’ (S.129) sectors are reported separately identified.
( 5 ) The relevant NCB may require actual reporting agents to separately identify the sub-sectors ‘households’ (S.14) and ‘non-profit
institutions serving households’ (S.15).

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ANNEX II
DEFINITIONS
PART 1
Definitions of instrument categories
This table provides a detailed description of instrument categories, which national central banks (NCBs) transpose into
categories applicable at national level in accordance with this Regulation.
Category Description
of
main
features
1. Debt securities
(F.3) Debt
securities
are
negotiable
financial
instruments
serving
as
evidence of debt. Debt securities display the following
characteristics:
(a) an issue date on which the debt security is issued;
(b) an issue price at which investors buy the debt securities
when first issued;
(c) a redemption date or maturity date, on which the final
contractually scheduled repayment of the principal is due;
(d) a redemption price or face value, which is the amount to
be paid by the issuer to the holder at maturity;
(e) an original maturity, which is the period from the issue
date until the final contractually scheduled payment;
(f) a remaining or residual maturity, which is the period from
the reference date until the final contractually scheduled
payment;
(g) a coupon rate that the issuer pays to holders of the debt
securities; the coupon may be fixed throughout the life of
the debt security or vary with inflation, interest rates, or
asset prices. Bills and zero-coupon debt securities offer no
coupon interest;
(h) coupon dates, on which the issuer pays the coupon to the
securities’ holders;
(i) the issue price, redemption price, and coupon rate may be
denominated (or settled) in either national currency or
foreign currencies.
The credit rating of debt securities, which indicates the credit
worthiness of individual debt securities issues, is assigned by
recognised agencies on the basis of rating categories.
With regard to point (c), the maturity date may coincide with
the conversion of a debt security into a share. In this context,
convertibility means that the holder may exchange a debt
security for the issuer’s common equity. Exchangeability
means that the holder may exchange the debt security for
shares of a corporation other than the issuer. Perpetual secur
ities, which have no stated maturity date, are classified as debt
securities.
1a. Short-term debt securities (F.31) Debt
securities
whose
original
maturity
is
one
year
or
less,
and
debt securities repayable on demand of the creditor.
1b. Long-term debt securities (F.32) Debt
securities
whose
original
maturity
is
more
than
one
year,
or of no stated maturity.

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Category Description
of
main
features
2. Equity
(F.51)
Equity is a financial asset that is a claim on the residual value
of a corporation, after all other claims have been met.
Ownership of equity in legal entities is usually evidenced by
shares, stocks, depository receipts, participations, or similar
documents. Shares and stocks have the same meaning.
Equity is sub-categorised into the following: listed shares
(F.511); unlisted shares (F.152); and other equity (F.519).
2a. Listed shares (F.511) Listed
shares
are
equity
securities
listed
on
an
exchange.
Such
an exchange may be a recognised stock exchange or any other
form of secondary market. Listed shares are also referred to as
quoted shares. The existence of quoted prices of shares listed
on an exchange means that current market prices are usually
readily available.
3. Investment
fund shares
or
units
(F.52)
Investment fund shares are shares of an investment fund if the
fund has a corporate structure. They are known as units if the
fund is a trust. Investment funds are collective investment
undertakings through which investors pool funds for
investment in financial and/or non-financial assets.
Investment fund shares are subdivided into: money market
fund (MMF) shares or units (F.521); and other investment
fund shares or units other than MMF shares or units (F.529).
PART 2
Definitions of sectors
This table provides a description of sector categories, which NCBs transpose into categories applicable at national level in
accordance with this Regulation.
Sector Definition
1. Non-financial corporations (S.11) The
sector
non-financial
corporations
(S.11)
consists
of
insti
tutional units which are independent legal entities and market
producers, and whose principal activity is the production of
goods and non-financial services. This sector also includes
non-financial quasi-corporations.
2. The central bank (S.121) The
sub-sector
the
central
bank
(S.121)
consists
of
all
financial
corporations and quasi-corporations whose principal function
is to issue currency, to maintain the internal and external
value of the currency and to hold all or part of the inter
national reserves of the country.
3. Deposit-taking corporations except the central bank The sub-sector deposit-taking corporations except the central
(S.122)
bank (S.122) includes all financial corporations and quasi-
corporations, except those classified in the central bank and
in the MMF sub-sectors, which are principally engaged in
financial intermediation and whose business is to receive
deposits from institutional units and, for their own account,
to grant loans and/or to make investments in securities.

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Sector Definition
4. Money market funds (MMFs) (S.123) The
sub-sector
MMFs
(S.123)
as
collective
investment
schemes
consists of all financial corporations and quasi-corporations,
except those classified in the central bank and in the credit
institutions sub-sectors, which are principally engaged in
financial intermediation. Their business is to receive
investment fund shares or units as close substitutes for
deposits from institutional units and, for their own account,
to make investments primarily in MMF shares/units, short-
term debt securities, and/or deposits.
5. Non-MMF investment funds (S.124) The
sub-sector
non-MMF
investment
funds
(S.124)
consists
of
all collective investment schemes, except those classified in the
MMF sub-sector, which are principally engaged in financial
intermediation. Their business is to receive, from institutional
units, investment fund shares or units which are not close
substitutes for deposits and, on their own account, to make
investments primarily in financial assets other than short-term
financial assets and in non-financial assets (usually real estate).
Non-MMF investment funds cover investment trusts, unit
trusts and other collective investment schemes whose
investment fund shares or units are not seen as close
substitutes for deposits.
6. Other financial intermediaries, except insurance The sub-sector other financial intermediaries, except insurance
corporations and pension funds (S.125)
corporations and pension funds (S.125) consists of all
financial corporations and quasi-corporations which are prin
cipally engaged in financial intermediation by incurring
liabilities in forms other than currency, deposits, or investment
fund shares, or in relation to insurance, pension and stan
dardised guarantee schemes from institutional units.
7. Financial vehicle corporations engaged in securiti FVCs are undertakings carrying out securitisation transactions.
sation transactions (‘FVCs’)
FVCs that satisfy the criteria of an institutional unit are clas
sified in S.125, otherwise they are treated as an integral part of
the parent.
8. Financial auxiliaries (S.126) The
sub-sector
financial
auxiliaries
(S.126)
consists
of
all
financial corporations and quasi-corporations which are prin
cipally engaged in activities closely related to financial inter
mediation but which are not financial intermediaries them
selves.
9. Captive financial institutions and money lenders The sub-sector captive financial institutions and money
(S.127)
lenders (S.127) consists of all financial corporations and
quasi-corporations which are neither engaged in financial
intermediation nor in providing financial auxiliary services,
and where most of either their assets or their liabilities are
not transacted on open markets.
10. Insurance corporations (S.128) The
sub-sector
insurance
corporations
(S.128)
consists
of
all
financial corporations and quasi-corporations which are prin
cipally engaged in financial intermediation as the consequence
of the pooling of risks mainly in the form of direct insurance
or reinsurance.

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Sector Definition
11. Pension funds (S.129)
The sub-sector pension funds (S.129) consists of all financial
corporations and quasi-corporations which are principally
engaged in financial intermediation as the consequence of
the pooling of social risks and needs of the insured persons
(social insurance). Pension funds as social insurance schemes
provide income in retirement, and often benefits for death and
disability.
12. General government (S.13) The
sector
general
government
(S.13)
consists
of
institutional
units which are non-market producers whose output is
intended for individual and collective consumption, and are
financed by compulsory payments made by units belonging to
other sectors, and institutional units principally engaged in the
redistribution of national income and wealth.
The general government sector is divided into four sub-
sectors: central government (S.1311); state government
(S.1312); local government (S.1313); and social security
funds (S.1314).
13. Households (S.14) The
sector
households
(S.14)
consists
of
individuals
or
groups
of individuals as consumers and as entrepreneurs producing
market goods and non-financial and financial services (market
producers) provided that the production of goods and services
is not by separate entities treated as quasi-corporations. It also
includes individuals or groups of individuals as producers of
goods and non-financial services for exclusively own final use.
14. Non-profit institutions serving households (S.15) The
sector
non-profit
institutions
serving
households
(S.15)
consists of non-profit institutions which are separate legal
entities, which serve households and are private non-market
producers. Their principal resources are voluntary
contributions in cash or in kind from households in their
capacity as consumers, from payments made by general
governments and from property income.
PART 3
Definition of financial transactions
1. The actual reporting agents report transactions data as set out in Article 3(5).
2. Financial transactions are defined as transactions in financial assets and liabilities between resident institutional units,
and between them and non-resident institutional units. A financial transaction between institutional units is a
simultaneous creation or liquidation of a financial asset and the counterpart liability, or a change in ownership of
a financial asset, or an assumption of a liability. Accrued interest not yet paid is recorded as a financial transaction,
showing that interest is reinvested in the relevant financial instrument.
Financial transactions are recorded at transaction values, that is, the values in national currency at which the financial
assets and/or liabilities involved are created, liquidated, exchanged or assumed between institutional units.
The transaction value includes accrued interest and does not include service charges, fees, commissions, and similar
payments for services provided in carrying out the transactions, nor taxes on the transactions. Valuation changes are
not financial transactions.
3. Financial transactions are measured as the difference between securities positions (including accrued interest) at end-
period reporting dates, from which the effect of changes due to influences from ‘revaluation adjustments’ (caused by
price and exchange rates changes) and ‘other changes in volume’ is removed.
4. Price and exchange rate revaluations refer to fluctuations in the valuation of the securities that arise either from
changes in the price of securities and/or in exchange rates that affect the values expressed in euro of securities
denominated in a foreign currency. As these changes represent holdings gains or losses which are not due to
financial transactions, these effects need to be removed from the transactions data.

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EN
1.11.2012 Official
Journal
of
the
European
Union L
305/23
— Price revaluations include changes that occur in the reference period in the value of end-period positions because
of changes in the reference value at which they are recorded, i.e. holding gains or losses.
— Exchange rate revaluations refer to movements in exchange rates against the euro that occur between end-period
reporting dates, which give rise to changes in the value of foreign currency securities expressed in euro.
5. Other changes in volume refer to changes in the volume of assets which may arise on the investor side, due to (a) the
alteration in the statistical coverage of the population (e.g. the reclassification and restructuring of institutional
units ( 1 )); (b) the reclassification of assets; (c) reporting errors that have been corrected in data reported only over a
limited time range; (d) the writing-off or writing-down of bad debts, when these are in the form of securities, by
creditors, and the unilateral cancellation of liabilities by debtors (known as debt repudiation); or (e) changes of
residence of the investor.
PART 4
Definitions of security-by-security attributes
Field Description
Security identification number
A code that uniquely identifies a security. It is the ISIN code if
this has been assigned to the security, or another security
identification number.
Positions at nominal value (in nominal currency or euro Number of units of a security, or aggregated nominal amount
or positions in number of shares or units)
if the security is traded in amounts rather than in units,
excluding the accrued interest.
Positions at market value
Amount held of a security at the price quoted in the market in
euro. NCBs must in principle require accrued interest to be
reported either under this position or separately. However,
NCBs may at their discretion require data excluding accrued
interest.
Other changes in volume (nominal value) Other
changes
in
the
volume
of
the
security
held,
at
nominal
value in nominal currency/unit or euro.
Other changes in volume (market value) Other
changes
in
the
volume
of
the
security
held,
at
market
value in euro.
Financial transactions
The sum of purchases minus sales of a security, recorded at
transaction value in euro.
Portfolio investment or direct investment
The function of the investment according to the classification
of balance of payments statistics ( 1 ).
Price value
Price of the security at the end of the reference period.
Quotation basis Indicates
whether
the
security
is
quoted
in
percentage
or
in
units.
Revaluation adjustments Price
and
exchange
rate
revaluations,
as
referred
to
in
Part
3.
Security currency of denomination The
International
Standards
Organisation
code,
or
equivalent,
of the currency used to express the price and/or the amount
of the security.
( 1 ) Guideline ECB/2011/23 of 9 December 2011 on the statistical reporting requirements of the European Central Bank in the field of
external statistics (OJ L 65, 3.3.2012, p. 1).
( 1 ) i.e. mergers and acquisitions.

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L 305/24
EN
Official Journal of the European Union
1.11.2012
ANNEX III
MINIMUM STANDARDS TO BE APPLIED BY THE ACTUAL REPORTING POPULATION
Actual reporting agents must fulfil the following minimum standards to meet the statistical reporting requirements of the
European Central Bank (ECB).
1. Minimum standards for transmission:
(a) reporting to the national central banks (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 persons within the actual reporting agent must be identified;
(d) the technical specifications for data transmission to NCBs must be followed.
2. Minimum standards for accuracy:
(a) all linear constraints must be fulfilled where applicable (e.g. subtotals must add up to totals);
(b) actual reporting agents must be able to provide information on the developments implied by the data supplied;
(c) the statistical information must be complete;
(d) actual reporting agents must follow the dimensions and decimals set by the NCBs for the technical transmission of
the data;
(e) actual reporting agents must follow the rounding policy set by the NCBs for the technical transmission of the data.
3. Minimum standards for compliance with concepts:
(a) the statistical information must comply with the definitions and classifications contained in this Regulation;
(b) in the event of deviations from these definitions and classifications, where applicable actual reporting agents must
monitor on a regular basis and quantify the difference between the measure used and the measure contained in
this Regulation;
(c) actual 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.

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