ECB Regulation 2012/24 and BCL Circular 2013/232: Introduction of Issuer-by-Issuer Reporting for Securitization Vehicles

Luxembourg, June 20, 2013
To all Luxembourg securitization vehicles

ECB REGULATION 2012/24
Introduction of issuer-by-issuer reporting

Dear Madams, Dear Sirs,

On October 17, 2012, the Governing Council of the European Central Bank (ECB) adopted Regulation ECB/2012/24 concerning statistics on holdings of securities. This regulation complements the existing framework of statistical activities related to the collection of information on the issuance and holdings of securities.

One of the main innovations of Regulation ECB/2012/24 concerns the introduction of a statistical census of holdings of securities with an ISIN code by securitization vehicles.

Furthermore, on September 26, 2012, the Governing Council of the European Central Bank (ECB) adopted Guideline ECB/2012/21 regarding the framework for quality control of centralized statistics on securities. This guideline assigns competence for the quality control of issuers resident in Luxembourg to the Banque Centrale du Luxembourg (BCL).

In this context, we wish to recall that the current statistical collection from securitization vehicles is governed by Regulation ECB/2008/30 concerning statistics on assets and liabilities of shadow entities performing securitization operations. As part of the implementation of the European System of Accounts 2010, a revision of this regulation is underway and will enter into force at a date subsequent to the entry into force of Regulation ECB/2012/24.

Thus, pending the revision of Regulation ECB/2008/30, the BCL has decided to establish a new monthly issuer-by-issuer collection, which will be added to reports S 2.14 and S 2.15 as required by Circular BCL 2009/224 which specifies the application procedures for Regulation ECB/2008/30. Securitization vehicles exempt from transmitting reports S 2.14 and S 2.15 will also be exempt from transmitting the issuer-by-issuer report.

The transmission frequency is monthly and the deadline for submitting the report is 20 working days after the last day of the month to which the data relates.

The first reference data concerns positions at the end of December 2013 and must be transmitted to the BCL by February 1, 2014. A general calendar listing the submission dates for reports will be available on the BCL website (www.bcl.lu).

All instructions are detailed in the documents found in the annex to this circular:

• "Issuer-by-issuer reporting for securitization vehicles"
• "Manual for electronic transmission of issuer-by-issuer reporting for securitization vehicles"
• "Collection of verification rules for issuer-by-issuer reporting for securitization vehicles"

These documents are also available on the BCL website and can therefore be downloaded from the link:
http://www.bcl.lu/fr/reporting/Vehicules_de_titrisation/index.html

For any further information regarding the application of this circular, please contact the Economic and Financial Statistics section directly (email: reporting.titrisation@bcl.lu).

Please accept, Madams, Sirs, the assurance of our very distinguished sentiments.

BANQUE CENTRALE DU LUXEMBOURG
The Management

Pierre Beck Serge Kolb Gaston Reinesch
General Director