Central Bank of Luxembourg Regulation 2014/No. 17 of 21 July 2014 on Statistical Collection from Financial Companies Amending Regulation 2011/No. 8 of 29 April 2011

BANQUE CENTRALE DU LUXEMBOURG
Regulation of the Central Bank of Luxembourg 2014/No. 17 of 21 July 2014 on statistical collection from financial companies amending the Regulation of the Central Bank of Luxembourg 2011/No. 8 of 29 April 2011 on statistical collection from companies contracting loans or issuing debt securities or derivative financial products on behalf of related companies

Domain: Balance of Payments and Global External Position

The Directorate of the Central Bank of Luxembourg;

Having regard to the Treaty on the Functioning of the European Union, and in particular Article 127(2);

Having regard to Article 5.1 of the Statutes of the European System of Central Banks and of the European Central Bank (hereinafter the 'ECB');

Having regard to ECB/2011/23 of the ECB of 9 December 2011 on statistical reporting requirements established by the [ECB] in the field of external statistics (the '2011 Directive'), repealing, as from 1 June 2014, ECB/2004/15 of the ECB of 16 July 2004 on statistical reporting requirements established by the [ECB] concerning balance of payments and global external position statistics and the framework for the dissemination of foreign exchange reserve data (the '2004 Directive');

Having regard to Article 108bis of the Constitution;

Having regard to the Law of 23 December 1998 on the monetary status and the Central Bank of Luxembourg as amended, in particular Articles 2(1), 32 and 34(1);

Having regard to the Law of 28 June 2000 amending the Grand Ducal Regulation of 10 November 1944 on foreign exchange control, and in particular Article 1bis paragraph 2, under which the Central Bank of Luxembourg is authorized to use the collected data for statistical purposes;

Having regard to the Regulation of the Central Bank of Luxembourg 2011/No. 8 of 29 April 2011 on statistical collection from companies contracting loans or issuing debt securities or derivative financial products on behalf of related companies (the '2011/8 Regulation');

Considering the following:

(1) In the course of its duties, the Central Bank of Luxembourg must transmit comprehensive and reliable statistics on the balance of payments and the global external position to the ECB;

(2) The Central Bank of Luxembourg consulted Statec on the provisions of this regulation.

Art. 1. Subject matter of the regulation and amendment of the title of the 2011/8 Regulation

1.1. Given the substantial modifications and objectives contained in the 2011 Directive, it is appropriate to update the 2011/8 Regulation, in particular regarding the definition of the companies covered by the statistical collection of this regulation, which must encompass all so-called financial companies, as defined in Article 2 of this Regulation, as reporters.

1.2. Following paragraph 1.1 above, the recital regarding the 2004 Directive in the 2011/8 Regulation is replaced by the following text:

'Having regard to ECB/2011/23 of the ECB of 9 December 2011 on statistical reporting requirements established by the [ECB] in the field of external statistics, repealing, as from 1 June 2014, ECB/2004/15 of the ECB of 16 July 2004 on statistical reporting requirements established by the [ECB] concerning balance of payments and global external position statistics and the framework for the dissemination of foreign exchange reserve data;'

1.3. Following paragraph 1.1 above, the title of the 2011/8 Regulation is replaced by the following text: 'Regulation of the Central Bank of Luxembourg 2011/No. 8 of 29 April 2011 on statistical collection from financial companies'.

Art. 2. Amendment of Article 1 of the 2011/8 Regulation

2.1. Following Article 1.1 above, the definition of 'external statistics' is added after the third definition:

'“external statistics”: statistical statement encompassing the balance of payments and the global external position;'

2.2. Following Article 1.1 above, the definition of 'issuing company' in Article 1 of the 2011/8 Regulation is replaced by the following text:

'“financial company”: any company whose object includes at least one of the following elements:

• the holding of participations in any company or enterprise in any form whatsoever;
• the acquisition by subscription, purchase, exchange or any other manner of shares, stock and other equity securities, bonds, notes, deposit certificates and other debt instruments and in general all securities or financial instruments issued by a public or private entity;
• investing directly or indirectly in the acquisition and management of a real estate portfolio, patents or other intellectual property rights of any nature or origin whatsoever;
• borrowing in any form whatsoever;
• lending funds to its shareholders, subsidiaries, affiliated companies and/or any other entity.'

2.3. Following Article 1.1 above, the text of the definition of 'reporter' in Article 1.7 of the 2011/8 Regulation is replaced by the following text:

'in the sense of this regulation, the set of financial companies, the total of whose balance sheet exceeds the threshold as defined in Annex 1;'

2.4. Following the additions and modifications above, the definitions in Article 1 of the 2011/8 Regulation are renumbered accordingly.

Art. 3. Amendment of Article 2.1 of the 2011/8 Regulation

Following Article 1.1 above, Article 2.1 of the 2011/8 Regulation is replaced by the following text:

'Any financial company, the total of whose quarterly balance sheet exceeds the threshold indicated in Annex 1, must inform the Central Bank of Luxembourg within a period of one month from the date of exceeding the aforementioned threshold.'

Art. 4. Amendment of Articles 2.2, 3.2, 4 and 7 of the 2011/8 Regulation

Following Article 1.1 above, the terms 'issuing company' and 'issuing companies' in Articles 2.2, 3.2, 4 and 7 of the 2011/8 Regulation are replaced by the terms 'financial company' and 'financial companies' respectively.

Art. 5. Amendment of Article 3 of the 2011/8 Regulation

Following Article 1.1 above, paragraph 1 of Article 3 of the 2011/8 Regulation is supplemented by the following paragraph:

'In particular, financial companies that are already subject to a collection covering the needs inherent to external statistics are exempt, such as credit institutions, collective investment undertakings, Venture Capital Investment Companies (SICAR), securitization vehicles and insurance and reinsurance companies.'

Art. 6. Amendment of Article 6 of the 2011/8 Regulation

Following Article 1.1 above, Article 6 of the 2011/8 Regulation is replaced by the following text:

'Art. 6. Entry into force and transitional period Reporters subject to the obligations of this regulation applicable until 30 November 2014 inclusive must transmit the first transmission of the information defined in Article 2 paragraph 2 and relating to the period of December 2014 by 21 January 2015. Reporters who were not subject to the obligations of this regulation applicable on 30 November 2014 benefit from an additional period of 6 months to transmit the first reports; the reports for the period from December 2014 to May 2015 must therefore be transmitted by 26 June 2015 at the latest.'

Art. 7. Entry into force
This regulation enters into force on 1 December 2014.

Art. 8. Publication
This regulation is published in the Mémorial and on the website of the Central Bank of Luxembourg (www.bcl.lu).

BANQUE CENTRALE DU LUXEMBOURG
The Directorate