2009-12-15 | Lettre circulaire C2.09-1055Added
The Banque Centrale du Luxembourg (BCL) modifies reporting controls for credit institutions by exempting them from reporting specific balance of payments transactions identified by operation codes, resident counterparty types, and identifier codes 25, 26, and 28. Credit institutions must continue to report transactions not covered by the exemption table and must identify resident counterparties for significant transactions using generic codes 3332, 5552, 6612, 6622, 6632, 6642, and 6662. The BCL will maintain standard controls on all other operation codes and assists institutions in identifying the 8-digit IBLC for VAT-liable entities.
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2, boulevard Royal L-2983 Luxembourg Télécopie (+352) 4774-4920 E-mail: reporting.banques@bcl.lu ./.
Réf.: C2.09-1055 Luxembourg, le 15 décembre 2009 Circular Letter To all credit institutions Subject: Circular Letter regarding Balance of Payments data collection
Dear Sirs,
The Grand Ducal decree of 10 November 1944, as amended by the law of 28 June 2000, assigns the Banque Centrale du Luxembourg (BCL) and the Central Service for Statistics and Economic Studies (STATEC) the mission to jointly compile a balance of payments for Luxembourg. Furthermore, the BCL compiles the global external position of Luxembourg. These two statistics are compiled to enable Luxembourg to meet its international obligations, particularly those imposed by the European Central Bank (ECB).
The data collection from the banking sector, described in circular BCL 2001/166, was supplemented during 2009 by the implementation of a security-by-security collection from collective investment schemes (CIS) and credit institutions. The data collected based on the new security-by-security reporting is now used for the establishment of the balance of payments and the global external position of Luxembourg. Thus, the use of this data now allows for a reduction in direct “balance of payments” data collection from credit institutions, particularly regarding flows related to debt securities and equity securities, as well as all flows related to CIS.
2, boulevard Royal L-2983 Luxembourg Télécopie (+352) 4774-4920 E-mail: reporting.banques@bcl.lu ./.
In this context, the controls that the BCL performs at the directory level will be modified on the following points:
| Operation Code | Resident Counterparty |
|---|---|
| 424, 429, 444, 449, 492, 473, 474, 478, 479, 535, 536, 421, 441, 422, 442, 300, 301, 308, 309, 336, 335 | All 310; 411; 419; 428; 448; 491 ; 492 ; 499 ; 494 ; 498; 640; 650; 711 |
Credit institutions are consequently no longer required to report these transactions to the directory. However, transactions not covered by the table above must continue to be included.
| Number | Category of Residents |
|---|---|
| 3332 | Natural persons conducting operations of a professional nature with foreign entities or legal entities whose 8-digit number assigned to any VAT-liable entity is currently being assigned 5552 |
In this context, the BCL wishes to recall that any company subject to VAT also has an 8-digit number assigned by the Registration Administration (the “IBLC” number). The BCL services are available to credit institutions in cases where they are unable to identify the IBLC number for a given company for which they are required to report transactions in the directory.
The BCL and STATEC may also assign fictitious numbers to non-VAT-liable companies (such as SOPARFIs). This fictitious number is not transmitted to the companies concerned and can only be used for balance of payments data collection.
Please accept, Dear Sirs, the assurance of our perfect consideration.
BANQUE CENTRALE DU LUXEMBOURG
Germain STAMMET | Roland NOCKELS
Head of Section External Statistics | Head of Statistics Department
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Source: Banque Centrale du Luxembourg — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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