BANQUE CENTRALE DU LUXEMBOURG

Regulation of the Central Bank of Luxembourg 2011/No. 7 of 4 April 2011

on Statistical Collection from Credit Institutions and Financial Services of the Postal and Telecommunications Enterprise

Domain: Balance of Payments and Global External Position

The Directorate of the Central Bank of Luxembourg;

Having regard to the Treaty on the Functioning of the European Union, and in particular Article 127(2);

Having regard to Article 5.1 of the Statutes of the European System of Central Banks and of the European Central Bank;

Having regard to ECB/2004/15 of the European Central Bank of 16 July 2004 on statistical reporting requirements established by the European Central Bank concerning balance of payments and global external position statistics and the framework for the dissemination of foreign exchange reserve statistics;

Having regard to Article 108bis of the Constitution;

Having regard to the Law of 23 December 1998 on the monetary status and the Central Bank of Luxembourg, as amended by the Law of 24 October 2008, in particular Articles 2(1), 32 and 34(1);

Having regard to the Law of 28 June 2000 amending the Grand Ducal Regulation of 10 November 1944 on foreign exchange control, and in particular Article 1bis paragraph 2, under which the Central Bank of Luxembourg is authorized to use collected data for statistical purposes;

Considering the following:

(1) In the context of its missions, the Central Bank of Luxembourg must transmit to the European Central Bank (ECB) comprehensive and reliable statistics on the balance of payments and the global external position.

(2) The Central Bank of Luxembourg has consulted Statec on this matter.

Art. 1. Definitions

For the purposes of this Regulation, the following shall apply:

1. "statistical reporting obligations to the Central Bank of Luxembourg": the statistical information that reporting agents are required to provide and which are necessary for the performance of the Eurosystem's tasks;

2. "balance of payments": the statistical statement that records international transactions during the period under review with appropriate breakdown;

3. "external position": the balance sheet relating to outstanding international financial assets and liabilities;

4. "foreign territory": any territory other than the territory of Luxembourg;

5. "resident":
   o any private law legal person established in Luxembourg, for the activities of its registered office, subsidiaries, branches and operational headquarters established in Luxembourg; o any public law legal person established in Luxembourg and all its services in Luxembourg, as well as Luxembourg diplomatic and consular representations abroad; o any foreign law legal person, for the activities of its branches and operational headquarters established in Luxembourg; o any natural person who has their main residence in Luxembourg, including officials of an international or European organization established in Luxembourg. Any person registered in the population registers of a commune is deemed to have their main residence there; o any natural person of Luxembourg nationality who is on a mission in a Luxembourg diplomatic or consular representation abroad, as well as the members of their household who accompany them; o any natural person who, while having their main residence abroad or not being registered in the population registers of a Luxembourg commune, operates a business in Luxembourg on a durable basis, and this for the activities of that business.

6. "non-resident":
   o any natural or legal person who cannot be considered a resident; o any natural person of foreign nationality who is on a mission in a diplomatic or consular representation of their country established in Luxembourg, as well as the members of their household who are part of it and accompany them; o any international or European law organization established in Luxembourg; o any diplomatic and consular representation established in Luxembourg;

7. "credit institution": any legal person whose activity consists of receiving deposits or other repayable funds from the public and granting credits for its own account, as well as any other person qualified as a credit institution under Chapter 1 of Part I of the Law of 5 April 1993 on the financial sector, as amended;

8. "financial services of the Postal and Telecommunications Enterprise": services of the Postal and Telecommunications Enterprise whose object is the provision of financial services, including the receipt of deposits or other repayable funds from the public, in relation to postal checks and transfers and current accounts associated therewith, as defined in the second part of the Law of 15 December 2000 on postal services and postal financial services;

9. "reporting agent": for the purposes of this Regulation, all resident credit institutions as well as the financial services of the Postal and Telecommunications Enterprise;

10. "transaction with foreign countries": transfer of a real right between a resident and a non-resident;

11. "cross-border payment": a payment transaction processed electronically and initiated by a payer or by, or via, a beneficiary, when the payment service provider of the payer or that of the beneficiary is located on a foreign territory;

12. "payer": a natural or legal person, including administrations, who holds a payment account and authorizes a payment order from this payment account or, in the absence of a payment account, a natural or legal person who gives a payment order;

13. "beneficiary": a natural or legal person, including administrations, who is the intended recipient of funds that have been the subject of a payment transaction;

14. "securities": equity and debt securities that are usually negotiable and traded on secondary markets or that can be subject to clearing on the market;

15. "economic nature": the underlying economic logic of a transaction with foreign countries. The indication of the nature of the operation is made by choosing from a list of codes;

16. "calendar day": all days of the calendar;

17. "working day": all days of the calendar, except Sundays and legal holidays defined in Article L. 232-2 of the Labour Code.

Art. 2. Statistical reporting obligations to the Central Bank of Luxembourg

1. Reporting agents shall transmit, monthly, the amount of cross-border payments made on behalf of resident clients. Reporting agents shall identify the resident client as payer or beneficiary.

2. Reporting agents shall transmit, monthly, the amount and the economic nature of certain transactions carried out with foreign countries on their own account and recorded in the income statement. Annex 2 to this Regulation details the items to be reported.

3. Reporting agents shall transmit, monthly, the amount of securities held on behalf of certain types of resident clients. Annex 8 to this Regulation details the types of clients to be reported.

4. Reporting agents are required to comply with the instructions detailed in the annexes to this Regulation.

Art. 3. Exemptions

In the interest of good administration and in respect of equal treatment, the Central Bank of Luxembourg may exempt, in whole or in part, one or more reporting agents from reporting obligations, by a reasoned decision based on the objectives of this Regulation.

Art. 4. Transmission methods

1. Reporting agents shall transmit the information required in Article 2 paragraphs 1 and 2 within a period of ten working days following the period to which they relate.

2. Reporting agents shall transmit the information required in Article 2 paragraph 3 within a period of twenty calendar days following the period to which they relate.

3. Reporting agents shall transmit supplementary information upon request by the Central Bank of Luxembourg. Reporting agents have a period of fifteen working days from the date of the request made by the Central Bank of Luxembourg to transmit the required information.

4. Reporting agents must use one of the electronic transmission methods described in Annexes 3, 6 and 10.

Art. 5. Use of data

The collected data shall be used for the purposes of the exercise of the missions of the Central Bank of Luxembourg.

Art. 6. Sanctions

Without prejudice to other sanctions, the Central Bank of Luxembourg may make public any infringement of the provisions of this Regulation and inform the supervisory authorities of the financial sector.

Art. 7. Entry into force

This Regulation shall enter into force on the day of its publication. The first transmission of the information defined in Article 2 paragraph 1 relating to the period of January 2012 shall be transmitted by 14 February 2012. The first transmission of the information defined in Article 2 paragraph 2 relating to the period of September 2011 shall be transmitted by 14 October 2011. The first transmission of the information defined in Article 2 paragraph 3 shall be carried out in the month following the publication of this Regulation.

Art. 8. Publication

1. This Regulation is published on the website of the Central Bank of Luxembourg (www.bcl.lu). It is also published in the Mémorial.

2. The Central Bank of Luxembourg publishes on its website (www.bcl.lu) a table listing the precise dates by which statistical reports are to be submitted.

3. This Regulation is supplemented by eleven annexes, regularly updated and published on the website of the Central Bank of Luxembourg (www.bcl.lu).
   o Annex 1: Definitions and concepts for balance of payments reporting by credit institutions and financial services of the Postal and Telecommunications Enterprise o Annex 2: BoP Report 1.1 "Breakdown of certain elements of the income statement of credit institutions" o Annex 3: Electronic transmission manual for BoP Report 1.1 "Breakdown of certain elements of the income statement of credit institutions" o Annex 4: Collection of verification rules for BoP Report 1.1 "Breakdown of the income statement of credit institutions" o Annex 5: BoP Report 1.2 "Cross-border payments executed on behalf of resident clients" o Annex 6: Electronic transmission manual for BoP Report 1.2 "Cross-border payments executed on behalf of resident clients" o Annex 7: Collection of verification rules for BoP Report 1.2 "Cross-border payments executed on behalf of resident clients" o Annex 8: Definitions and concepts for statistical reporting by credit institutions o Annex 9: Security-by-security reporting by credit institutions - Information on assets held on behalf of third parties - BOB o Annex 10: Electronic transmission manual for security-by-security reporting by credit institutions "Information on assets held on behalf of clients - BOB" o Annex 11: Collection of verification rules for security-by-security reporting by credit institutions "Information on assets held on behalf of third parties - BOB"

4. Circulars 2001/165, 2001/166 and 2007/210 are repealed with effect from 31 December 2011 and remain valid until that date.

BANQUE CENTRALE DU LUXEMBOURG
The Directorate