Order ETD/554/2020 of 15 June approving the statistical, accounting and supervisory information models for pension funds and their management entities

I. GENERAL PROVISIONS MINISTRY OF ECONOMIC AFFAIRS AND DIGITAL TRANSFORMATION 6514 Order ETD/554/2020 of 15 June approving the statistical, accounting and supervisory information models for pension funds and their management entities. Article 19.7 of the consolidated text of the Law on the Regulation of Pension Plans and Funds, approved by Royal Legislative Decree 1/2002 of 29 November, provides that the Ministry of Economy and Enterprise (currently, the Ministry of Economic Affairs and Digital Transformation) may request from management entities and depositaries all accounting and statistical data, public or confidential, relating to them and to the pension funds administered by them, that are related to their inspection and oversight functions, and shall specify the frequency with which such information must be prepared and the maximum deadlines for its submission. In turn, Article 99.1 of the Regulation on pension plans and funds, approved by Royal Decree 304/2004 of 20 February, establishes that the General Directorate of Insurance and Pension Funds may request from management entities and depositaries all accounting and statistical data, public or confidential, relating to them and to the pension funds administered by them, that are related to their inspection and oversight functions, and shall specify the frequency with which such information must be prepared and the maximum deadlines for its submission. It further states that, among other matters, the information to be provided may refer to the issuance of internal provisional reports; where applicable, the evaluation of the actuarial hypotheses used; asset and liability studies, and tests of coherence with the principles of the investment policy. In accordance with point 1(c) of Article 24ter of the aforementioned consolidated text of the Law on the Regulation of Pension Plans and Funds, the General Directorate of Insurance and Pension Funds, in the exercise of its supervisory functions over pension plans and funds, shall have, among other powers, the power to require all information that proves necessary for supervisory, statistical and accounting purposes. This Order aims to approve the statistical, accounting and supervisory information models that management entities must submit to the General Directorate of Insurance and Pension Funds. Likewise, pursuant to Article 47.1 of the aforementioned consolidated text, the head of the Ministry of Economy and Enterprise (currently, the Ministry of Economic Affairs and Digital Transformation) may establish systems for periodic statistical and financial reporting, mandatory submission to the General Directorate of Insurance and Pension Funds by employment pension funds from other Member States operating in Spain, for the adequate control of their activities. This Order also approves the statistical and financial information models that representatives in Spain of pension funds authorized or registered in other States of the European Economic Area, operating in Spain, must submit to the General Directorate of Insurance and Pension Funds. The experience accumulated in the application of Order EHA/251/2009 of 6 February, approving the statistical and accounting documentation system for pension fund management entities, which modified the first statistical and accounting information models established by the Order of 12 March 1996 approving the statistical and accounting information system for pension fund management entities, the need to have greater information for the exercise of supervisory activities, regulatory developments, as well as the evolution of markets and the requirements for statistical and accounting information at the European level, make it necessary to introduce various modifications in order to improve the structure of the information models and thereby cover all relevant aspects of the activities of pension plans and funds. OFFICIAL STATE GAZETTE No. 173 Monday 22 June 2020 Sec. I. Page 43009 cve: BOE-A-2020-6514 Verifiable at https://www.boe.es

Pursuant to Article 35 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC, the competent authorities of the Member States shall provide the European Authority with all information it requests that is necessary for the performance of its functions, and the European Authority may also require that information be transmitted at regular intervals and in specified formats, with requests being made, wherever possible, using common models. It is worth highlighting the fact of the unification, at the European level, of information for supervisory purposes regarding employment pension funds. This information is now regulated in the Decision of the Board of Supervisors of the European Insurance and Occupational Pensions Authority of 10 April 2018 on the request for periodic information on employment pension funds (EIOPA-BoS/18-114, 10 April 2018). On the other hand, at the statistical level, a new reporting obligation was established through Regulation (EU) 2018/231 of the European Central Bank of 26 January 2018 on the statistical reporting obligations of pension funds, which Regulation is directly applicable. To reduce the reporting burden on pension funds as much as possible, the aforementioned Regulation (EU) 2018/231 of 26 January 2018 empowers national central banks to collect the necessary information on pension funds through the relevant national competent authority that already collects data from pension funds, in accordance with local cooperation arrangements. This Order represents an improvement in the structure of the national periodic information models that pension fund management entities must supply to the General Directorate of Insurance and Pension Funds, adapting them to the new reporting obligations established in European Union legislation to be supplied to the European Insurance and Occupational Pensions Authority and the European Central Bank. Given the new reporting requirements at the European level, and in order to avoid duplication and additional burdens on entities, this Order modifies the national formats by eliminating information that will be received through the new European models, with the latter being supplemented by additional national information tables. This allows entities to submit all requested information, both national and European, jointly. Likewise, and taking into account the Regulation on Pension Plans and Funds, approved by Royal Decree 304/2004 of 20 February, and its subsequent amendments, especially those introduced by Royal Decree 62/2018 of 9 February, and complementary rules, this Order adapts the statistical and accounting information models to capture, among other aspects, information relating to pension plans in the quarterly models, management commission information based on performance, and the risk indicator for each plan. All models will be published on the website of the General Directorate of Insurance and Pension Funds, as provided for in Article 8 of this Order, to facilitate access for their recipients from a single point and in the interest of supervisory transparency. Additionally, with the aim of simplifying and facilitating compliance by entities with the reporting obligations established by the aforementioned diverse legislation, all models will be made available to management entities through the corresponding data capture software, centralized via the electronic headquarters of the General Directorate of Insurance and Pension Funds. Submission must be made electronically and in electronic format, through the procedure enabled on said electronic headquarters, with no other means of submission being admissible. The maximum deadlines for submitting all models are determined considering those set by directly applicable European Union legislation, so that compliance can be achieved, both regarding the general deadlines established in Article 7 of this Order, and regarding the extended deadlines that will apply during the transitional period for information corresponding to the 2019, 2020 and 2021 financial years. This rule responds to the principles of good regulation established in Article 129 of Law 39/2015 of 1 October on the Common Administrative Procedure of Public Administrations. It is consistent with the principles of necessity and efficiency in that it adapts the periodic information that pension fund management entities must submit to the supervisory authority to the new reporting obligations established in European Union legislation, simplifies and facilitates compliance with these obligations, and allows for adequate information to be available for the exercise of supervisory functions in the sector. It is consistent with the principle of proportionality in that it contains the regulation essential to achieve the mentioned objectives, and equally complies with the principle of legal certainty. As for the principle of transparency, this rule has been subjected to the public consultation procedure established in Article 26.2 of Law 50/1997 of 27 November on the Government, and to the public hearing and information procedures of Article 26.6 thereof, which has allowed the affected sectors to participate in the processing procedure. The rule does not generate additional costs for public administrations nor new unnecessary burdens for entities. This rule has also been submitted to the hearing procedure for the Autonomous Communities. Likewise, this rule was submitted to the consideration of the Advisory Board for Insurance and Pension Funds, which gave a favourable opinion. This Order is issued under the authority of Articles 19.7, 24ter.1(c) and 47.1 of the consolidated text of the Law on the Regulation of Pension Plans and Funds approved by Royal Legislative Decree 1/2002 of 29 November, and of Article 99 of the Regulation on Pension Plans and Funds, approved by Royal Decree 304/2004 of 20 February. By virtue thereof, with the prior approval of the Minister for Territorial Policy and Civil Service, granted in accordance with Article 26.5 of Law 50/1997 of 27 November on the Government, I hereby order: Article 1. Purpose. The purpose of this Order is to approve the statistical, accounting and supervisory information models that pension fund management entities must submit to the General Directorate of Insurance and Pension Funds on an annual and quarterly basis, as well as the models to be submitted regarding employment pension funds from other Member States of the European Economic Area operating in Spain. Article 2. Subject Scope. This Order shall apply to: a) Pension fund management entities registered in the Special Register of Pension Fund Management Entities established by Article 96 of the Regulation on pension plans and funds, approved by Royal Decree 304/2004 of 20 February, as responsible for completing and sending the information referred to in Articles 3, 4 and 5. OFFICIAL STATE GAZETTE No. 173 Monday 22 June 2020 Sec. I. Page 43010 cve: BOE-A-2020-6514 Verifiable at https://www.boe.es

b) Pension fund depositary entities registered in the Special Register of Pension Fund Depositary Entities established by the aforementioned Article 96 of the said Regulation, which must confirm, where applicable, the information submitted regarding the financial instruments of the pension funds. c) The control commissions of the pension funds registered in the Special Register of Pension Funds established by Article 96.1.a) of the said Regulation, which must report on the approval of the annual accounts. d) The ordinary actuaries of the pension plans attached to the pension funds referred to in letter c), as responsible for the accuracy of the actuarial information submitted. e) The representatives in Spain of employment pension funds authorized or registered in other Member States of the European Economic Area operating in Spain, regarding the completion and submission of the information referred to in Article 6. Article 3. Annual statistical, accounting and supervisory information models for pension funds. The statistical, accounting and supervisory information models for pension funds, included in Annex I, are approved, which must be submitted on an annual basis to the General Directorate of Insurance and Pension Funds by the pension fund management entities indicated in Article 2.a), with the agreement of the depositary entity regarding the declared information on financial instruments. These models will also incorporate a certification from the pension fund's control commission regarding the approval or non-approval of the annual accounts. In the case of pension funds that did not have integrated pension plans during the financial year, only model PFE.01.02 and a certificate of such circumstance issued by the management entity will be submitted. Article 4. Annual statistical, accounting and supervisory information models for pension fund management entities. The statistical, accounting and supervisory information models for the pension fund management entities indicated in Article 2.a), included in Annex II, are approved, which these entities must submit to the General Directorate of Insurance and Pension Funds on an annual basis. Pension fund management entities that are insurance entities must submit only model G.01.02. Article 5. Quarterly statistical, accounting and supervisory information models for pension funds. The statistical, accounting and supervisory information models for pension funds, included in Annex III, are approved, which the pension fund management entities indicated in Article 2.a) must submit to the General Directorate of Insurance and Pension Funds on a quarterly basis, with the agreement of the depositary entity regarding the declared information on financial instruments. Article 6. Annual statistical and financial information models for employment pension funds from other Member States of the European Economic Area operating in Spain. The annual statistical and financial information models for employment pension funds authorized or registered in other Member States of the European Economic Area operating in Spain, included in Annex IV, are approved, which must be submitted on an annual basis to the General Directorate of Insurance and Pension Funds by the representatives in Spain of said funds. Article 7. Submission deadlines.

1. The information models referred to in Articles 3 and 4 must be completed annually with reference to each financial year. The information models referred to in Article 5 must be completed quarterly with reference to each financial quarter, with the exception of the information contained in tables F.05.01.03, F.05.01.04, F.05.01.05 and F.05.01.06 of model F.05.01, which will only be required for the fourth quarter of each year. Quarterly information will contain information accumulated from the beginning of the financial year.
2. The annual information models referred to in Articles 3 and 4 must be submitted to the General Directorate of Insurance and Pension Funds before 29 March of the year following the financial year to which the information corresponds. In the event that, on the submission date of the aforementioned annual information models, the audited annual accounts are pending approval by the competent body and the submitted models are not consistent with the finally approved annual accounts, the new corrected models must be submitted to the General Directorate of Insurance and Pension Funds within 10 business days following the date of approval of said accounts. The quarterly information referred to in Article 5 must be submitted to the General Directorate of Insurance and Pension Funds on the following dates: a) Information corresponding to the first quarter, before 11 May of the year to which it refers; b) information corresponding to the second quarter, before 11 August of the year to which it refers; c) information corresponding to the third quarter, before 11 November of the year to which it refers; d) information for the fourth quarter, before 11 February of the following year.
3. In the case of employment pension funds authorized or registered in other Member States of the European Economic Area operating in Spain, the information models referred to in Article 6 must be completed on an annual basis, corresponding to each employment pension plan subject to Spanish social and labour legislation attached to the fund, with reference to each financial year. The representative of the pension fund in Spain referred to in Article 46 of the consolidated text of the Law on the Regulation of Pension Plans and Funds must submit these models to the General Directorate of Insurance and Pension Funds before 29 March of the year following the financial year to which the information corresponds. Article 8. Publication on the website of the General Directorate of Insurance and Pension Funds. The information models approved by the preceding articles will be published on the website of the General Directorate of Insurance and Pension Funds. OFFICIAL STATE GAZETTE No. 173 Monday 22 June 2020 Sec. I. Page 43011 cve: BOE-A-2020-6514 Verifiable at https://www.boe.es

Additional Provision. Single. Submission by electronic means. All information included in the annexes will be submitted by electronic means through the corresponding data capture programs that will be made available to those obliged via the electronic headquarters of the General Directorate of Insurance and Pension Funds. Information submitted in any other form will be deemed not submitted. For these purposes, the provisions regarding submission by electronic means in Order EHA/1803/2010 of 5 July, establishing obligations regarding the electronic submission of statistical-accounting documentation by insurance entities and pension fund management entities, and modifying Order EHA/1928/2009 of 10 July, approving the models of annual, quarterly and consolidated statistical-accounting documentation to be submitted by insurance entities, and modifying Order EHA/339/2007 of 16 February, developing certain provisions of the regulatory framework for private insurance, shall apply. Transitional Provision. Single. Transitional period for submission deadlines. For the submission of annual information corresponding to the 2019, 2020 and 2021 financial years, the maximum deadline provided for in Article 7 will expire, respectively, on 9 July 2020, 19 April 2021 and 8 April 2022. Likewise, the maximum deadline for submitting quarterly information corresponding to the 2020 and 2021 financial years will be eight and seven weeks, respectively, from the end of the quarter to which the data refer. Repealing Provision. Single. Repeal of legislation. Order EHA/251/2009 of 6 February, approving the statistical and accounting documentation system for pension fund management entities, is hereby repealed. Final Provision. First. Competence title. This Order is issued under the authority of Articles 149.1.11th and 13th of the Spanish Constitution, which attribute to the State exclusive competence over the foundations of the regulation of credit, banking and insurance, as well as the foundations and coordination of the general planning of economic activity, respectively. Final Provision. Second. Entry into force. This Order shall enter into force on the day following its publication in the «Boletín Oficial del Estado». The annual information models collected in Annexes I, II and IV will be applicable for the first time to information corresponding to the closing of the 2019 financial year. The quarterly information models collected in Annex III will be applicable for the first time to information corresponding to the closing of the second quarter of the 2020 financial year. Madrid, 15 June 2020.–The Third Deputy Prime Minister and Minister of Economic Affairs and Digital Transformation, Nadia Calviño Santamaría. ANNEX I Statistical, accounting and supervisory information models for pension funds. Annual documentation This annex comprises the following models: PFE.01.01 Content of information submitted at the European level. PFE.01.02 Basic annual information of the pension fund. F.01.01 Pension Fund Declaration Sheet. PFE.02.01 Pension Fund Balance Sheet at the European level. EP.02.01 Detail of Balance Sheet assets at the European level: amounts recoverable from insurance operations and claims against pension guarantors. EP.03.01 Liability for statistical purposes. EP.04.01 Detail of Balance Sheet liabilities: Pension rights-breakdown by country. PF.04.03 Cross-border activity of Spanish Pension Funds. F.03.01 Pension Fund Balance Sheet at the national level-Assets. F.03.02 Pension Fund Balance Sheet at the national level-Equity and Liabilities. F.04.01 Pension Fund Statement of Profit or Loss. F.04.02 Statement of Changes in Equity of Plans integrated into the Fund. F.04.03 Detail Fund Manager Commissions/Investor Plan and Open Fund. F.04.04 Statement of cash flows of the Pension Fund