BCL Circular 2019/243 — Statistical Data Collection from Pension Funds

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Luxembourg, July 29, 2019
To all regulated pension funds

BCL CIRCULAR 2019/243
Statistical Data Collection from Pension Funds

Dear Sirs and Madams,

On January 26, 2018, the Governing Council of the European Central Bank (ECB) adopted Regulation ECB/2018/2 on statistical reporting obligations applicable to pension funds. This regulation complements the existing framework of ECB statistical activities necessary to enable the European System of Central Banks (ESCB) to fulfill its functions by defining the natural and legal persons subject to reporting obligations, the confidentiality regime, and adequate implementation and sanction provisions, in accordance with Article 5.4 of the Statutes of the European System of Central Banks and of the European Central Bank.

All ECB requirements regarding statistical reporting from pension funds adhere to three essential rules.

First, the ECB must receive comparable, reliable, and up-to-date statistical information, collected under similar conditions throughout the euro area.

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Second, the reporting obligations established in the regulations must respect the principles of transparency and legal certainty. The regulations are therefore binding and apply directly throughout the euro area. They impose obligations directly on legal or natural persons, subject to sanctions that may be imposed by the ECB if reporting requirements are not met.

The aforementioned regulation, ECB/2018/2 on statistical reporting obligations applicable to pension funds, defines, in addition to the reporting population, the quarterly and annual statistical reporting obligations. It also provides that, to reduce the reporting burden on pension funds, National Central Banks (NCBs) are authorized to collect the necessary information regarding pension funds through the relevant national competent authority (NCA), which already collects data related to pension funds.

Thus, the Management of the Banque Centrale du Luxembourg (BCL) has decided to establish a cooperation with the two national competent authorities, namely the Commission de Surveillance du Secteur Financier (CSSF) and the Commissariat aux Assurances (CAA).

1 Population concerned
The pension funds subject to Regulation ECB/2018/2 are:

• Pension funds in the form of variable capital pension savings companies (sepcav) or pension savings associations (assep) authorized by the Commission de Surveillance du Secteur Financier (CSSF),
• Pension funds authorized by the Commission de Surveillance du Secteur Financier (CAA).

2 Collection of statistical data
As indicated above, the CAA and the CSSF will carry out the information collection provided for by Regulation ECB/2018/2; thus, pension funds must transmit to the respective supervisory authority the information required by the European Insurance and Occupational Pensions Authority (EIOPA) as well as that required by the ECB.

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Subsequently, the CAA and the CSSF will transmit the data thus collected to the BCL, which will compile national statistical aggregates for transmission to the ECB.

The BCL, in cooperation with the supervisory authorities, may contact pension funds to ensure compliance with deadlines and the quality of transmitted data in accordance with the responsibilities incumbent upon the BCL as provided for in Regulation ECB/2018/02.

For any further information regarding this circular, please contact us by email at reporting.assurance@bcl.lu.

Please accept, Sirs and Madams, the assurance of our highest consideration.

BANQUE CENTRALE DU LUXEMBOURG
The Management

Roland WEYLAND Pierre BECK Gaston REINESCH