Circular Letter ST.24-0013 — Monitoring Compliance with Statistical Reporting Obligations

2, boulevard Royal ◦ L-2983 Luxembourg ◦ Fax (+352) 4774-4943 ◦ E-mail: stat@bcl.lu 1 / 5

Ref.: ST.24-0013 Luxembourg, January 15, 2024

Circular Letter

To all reporting entities (excluding Financial Companies)

Subject: Monitoring Compliance with Statistical Reporting Obligations

Ladies and Gentlemen,

The European Central Bank Regulation (EU) 2022/1917 (ECB/2022/31) of September 29, 2022 concerning infringement procedures in case of non-compliance with statistical reporting obligations will apply from April 30, 2024 to statistical data collected by the Bank of Luxembourg (BCL) for the statistical collections included in Annex I of this circular letter. This Regulation repeals the European Central Bank Decision of August 19, 2010 on non-compliance with statistical reporting obligations (ECB/2010/10).

From May 2024 (reference period April 2024), the European Central Bank (ECB) and the BCL will monitor compliance by reporting agents with the statistical reporting obligations provided for by ECB regulations and decisions. A database will record the various presumed infringements identified during the production month in accordance with the minimum statistical reporting standards included in Annex I.

Sanctions not exceeding 200,000 euros may be imposed by the European Central Bank following an infringement procedure in case of non-compliance with minimum transmission standards (relating to deadlines and technical reporting obligations), accuracy (linked to table balancing constraints and data consistency over time), and conformity with concepts (concerning definitions and classifications).

Furthermore, so-called "serious" faults may also be recorded and subject to sanctions by the European Central Bank. Serious faults are defined as follows:

• Any systematic or intentional failure to report statistical information to the competent National Central Bank within the prescribed deadline;
• Any systematic or intentional failure to report accurate or complete statistical information;
• Any systematic or intentional failure to comply with the prescribed form of statistical reporting obligations;
• Any lack of effective cooperation with the Bank of Luxembourg or failure to apply a reasonable degree of diligence.

Except in the case of a serious fault or presumed infringement of the statistical reporting obligations set out in Regulation (EU) No 1333/2014 (ECB/2014/48), after the communication of a warning regarding a presumed infringement and once the threshold of a cumulative number of presumed infringements involving the initiation of an infringement procedure against a reporting agent is reached, the reporting agent concerned may submit a corrective action plan.

When a corrective action plan is approved and implemented, the BCL will not initiate an infringement procedure regarding the same presumed infringement committed by the same reporting agent before the expiration of the final deadline or its extension.

As part of the implementation of this procedure, the BCL will no longer accept the transmission of statistical reports via email. Please therefore take the necessary measures to set up the transmission of reports via one of the available secure channels (e-file or Sofie).

2, boulevard Royal ◦ L-2983 Luxembourg ◦ Fax (+352) 4774-4943 ◦ E-mail: stat@bcl.lu 2 / 5

Please accept, Ladies and Gentlemen, the assurance of our perfect consideration.

BANK OF LUXEMBOURG

Germain Stammet
Deputy Head of the
"Statistics" Department

Roland Nockels
Head of the "Statistics" Department

2, boulevard Royal ◦ L-2983 Luxembourg ◦ Fax (+352) 4774-4943 ◦ E-mail: stat@bcl.lu 3 / 5

2, boulevard Royal ◦ L-2983 Luxembourg ◦ Fax (+352) 4774-4943 ◦ E-mail: stat@bcl.lu 4 / 5

Annex I

Legal Basis for Statistical Collection

Legal Basis for Statistical Collection	Type of Reporting Entity	Minimum Standards under ECB Regulation (EU) No 1073/2013 on statistics on assets and liabilities of investment funds (ECB/2013/38)
Regulation (EU) No 1374/2014 of the European Central Bank on statistical reporting obligations applicable to insurance companies (ECB/2014/50)	Insurance Companies	Annex III
Regulation (EU) 2020/2011 of the European Central Bank of December 1, 2020 amending Regulation (EU) No 1409/2013 concerning statistics on payments (ECB/2013/43) (ECB/2020/59)	Payment Institutions / Electronic Money Institutions / Credit Institutions / Postal Check and Transfer Agencies	Annex IV
Regulation (EU) No 1075/2013 of the European Central Bank on statistics on assets and liabilities of securitisation vehicles (ECB/2013/40)	Securitisation Vehicles	Annex III
Regulation (EU) No 2021/379 of the European Central Bank on balance sheet items of credit institutions and the monetary financial institution sector (ECB/2021/2)	Monetary Financial Institutions	Annex IV
Regulation (EU) No 2013/34 of the European Central Bank on statistics on interest rates applied by monetary financial institutions (ECB/2013/34)	Monetary Financial Institutions	Annex II

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Legal Basis for Statistical Collection	Type of Reporting Entity	Minimum Standards under ECB Regulation (EU) No 1073/2013 on statistics on assets and liabilities of investment funds (ECB/2013/38)
Regulation (EU) No 2018/231 of the European Central Bank on statistical reporting obligations applicable to pension funds (ECB/2018/2)	Pension Funds	Annex III
Regulation (EU) No 1074/2013 of the European Central Bank on statistical reporting obligations for postal check and transfer agencies receiving deposits from euro area residents other than monetary financial institutions (ECB/2013/39)	Postal Check and Transfer Agencies	Annex III
Regulation (EU) No 1011/2012 of the European Central Bank on statistics on securities holdings (ECB/2012/24)	All Reporting Entities	Annex III
Regulation (EU) No 2016/867 of the European Central Bank on the collection of granular data on credit and credit risk (ECB/2016/13)	Monetary Financial Institutions	Annex V
Regulation (EU) No 1333/2014 of the European Central Bank on money market statistics (ECB/2014/48)	Monetary Financial Institutions	Annex IV