Circular Letter ST.16-0556 — Establishment of a database on non-compliance with statistical reporting obligations for investment funds

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Ref.: ST.16-0556 Luxembourg, May 24, 2016
Circular Letter
To all Luxembourg collective investment undertakings To all venture capital investment companies (SICAR) Establishment of a database concerning non-compliance with statistical reporting obligations for investment funds

Dear Sirs, Madams,

The European Central Bank's Decision ECB/2015/50 of December 18, 2015, amending Decision ECB/2010/10 on non-compliance with statistical reporting obligations, will enter into force on July 1, 2016, and will be applicable to statistical data on investment funds collected by the Bank of Luxembourg.

Thus, starting from July 2016 (reference period June 2016), the European Central Bank and the Bank of Luxembourg will monitor compliance by reporting agents with the minimum standards required to fulfill their reporting obligations. This monitoring will be based on feeding a database containing the various infractions identified during the production month in accordance with the minimum statistical reporting standards, see Annex I.

Sanctions may be imposed by the European Central Bank following an infringement procedure in case of non-compliance with the minimum transmission standards (relating to deadlines and technical reporting obligations), accuracy (related to table balancing constraints and data consistency over time), and conceptual compliance (concerning definitions and classifications).

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

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

• Systematic non-compliance with minimum revision standards
• Systematic reporting of inaccurate data
• Intentional inaccurate, late, or incomplete reporting
• Manifest failure to cooperate with the Bank of Luxembourg and/or the European Central Bank.

As part of the implementation of this procedure, the Bank of Luxembourg will no longer accept the transmission of reports via email. Please therefore take the necessary measures to set up the transmission of reports via electronic means (e-file or Sofie).

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

BANK OF LUXEMBOURG

Philippe Arondel
Head of the Economic and Financial Statistics Section Roland Nockels Head of the Statistics Department

2, boulevard Royal ◦ L-2983 Luxembourg ◦ Fax (+352) 4774-4943 ◦ E-mail: reporting.opc@bcl.lu ./.
Annex I
Annex IV of Regulation ECB/2013/38 on statistics on the assets and liabilities of investment funds
Minimum standards to be applied by the effective reporting population.
Reporting agents must comply with the following minimum standards to fulfill their statistical reporting obligations to the European Central Bank (ECB).

1. Minimum standards for transmission:
   a) reports are submitted on time and within the deadlines set by the relevant NCB; b) the format and presentation of statistical reports comply with the technical reporting obligations set by the relevant NCB; c) the reporting agent must provide the competent NCB with the contact details of one or more person(s) to contact; d) the technical specifications for data transmission to the relevant NCB are respected; e) in the case of security-by-security reporting, and if required by the NCB, reporting agents provide additional information (for example, the issuer's name, the issue date) required to identify securities whose identification codes are incorrect or not made public.

2. Minimum standards for accuracy:
   a) statistical information must be correct: all table balancing constraints must be respected (for example, assets and liabilities must balance, the sums of subtotals must correspond to totals); and data must be consistent over time; b) reporting agents must be able to provide information on the trends implied by the data submitted; c) statistical information must be complete: it must not contain permanent and structural gaps: any gaps must be reported and explained to the NCBs and, where applicable, filled as quickly as possible; d) reporting agents must respect the dimensions, rounding policy, and number of decimals set by the NCBs for the technical transmission of data.

2, boulevard Royal ◦ L-2983 Luxembourg ◦ Fax (+352) 4774-4943 ◦ E-mail: reporting.opc@bcl.lu ./.
3. Minimum standards for conceptual compliance:
a) statistical information must satisfy the definitions and classifications set out in this Regulation; b) in the event of deviation from these definitions and classifications, reporting agents must regularly monitor and quantify the difference between the measure used and the measure prescribed by this Regulation; c) reporting agents must be able to explain breaks in the data submitted compared to figures from previous periods.

4. Minimum standards for revision
   The revision policies and procedures set by the ECB and the relevant NCBs must be respected. Revisions that deviate from normal revisions must be accompanied by explanatory notes.