Riksbank's Regulations (RBFS 2016:1) on Reporting Holdings of Securities

RBFS 2016:1
ISSN 0349-8344
Riksbank's Code of Statutes
RBFS 2016:1
Published on 25 October 2016
Riksbank's Regulations (RBFS 2016:1) on reporting of holdings of securities; decided on 17 October 2016.
The Riksbank prescribes the following with support from Chapter 6, Section 9 of the Act (1988:1385) on Sveriges Riksbank.
In connection with the section-divided regulations, the Riksbank provides the following general advice. These are preceded by the heading General Advice.

Content and Purpose

1 § These regulations contain provisions for certain financial companies and branches regarding the reporting of information on holdings of securities that the Riksbank considers necessary to monitor developments in the currency and credit markets, and to oversee the stability of the payment system. The collected data will also be used for the production of statistics regarding securities holdings. With support from Section 1, Section 3 item 1, and Section 4 of the Act (2014:484) on a database for supervision and oversight of financial markets, the data will be processed in the joint database for supervision and oversight at the Swedish National Bureau of Statistics.

General Advice
The obligation to provide information under these regulations is sanctioned by provisions on penalty payments and fines according to Chapter 6, Section 9 and Chapter 11, Sections 2a and 3 of the Act (1988:1385) on Sveriges Riksbank. References to sections refer to references to Sections 2–59 of this part of the regulations, unless otherwise stated.

2 § All reporting of securities holdings under these regulations shall be conducted according to the principle of security-by-security.

3 § Reported holdings of securities shall refer to the position value of the holder at the end of the reporting period. The information shall be reported on a trade-date basis, unless otherwise provided in these regulations.

4 § These regulations apply to the following institutions:

1. Bank holding companies, savings banks, and member banks according to Chapter 1, Section 5, items 3, 15, and 16 of the Act (2004:297) on banking and financing operations,
2. Credit market companies according to Chapter 1, Section 5, item 13 of the Act (2004:297) on banking and financing operations,
3. Swedish branches of foreign companies which correspond to institutions referred to in items 1 or 2,
4. Securities depositories, according to the Act (1998:1479) on securities depositories and account keeping of financial instruments,
5. Insurance companies with permission to conduct insurance business in Sweden according to the Insurance Business Act (2010:2043),
6. Support associations according to the Act (1972:262) on support associations and the transitional provisions in Section 7 of the Act (2010:2044) on the introduction of the Insurance Business Act (2010:2043),
7. The First – Fourth AP funds according to the Act (2000:192) on general pension funds and the Sixth AP fund according to the Act (2000:193) on the Sixth AP fund,
8. The Pension Authority in its capacity as a life insurance company according to the Act (1998:710) with certain provisions on the Pension Authority's premium pension business,
9. Fund companies according to Chapter 1, Section 4 of the Act (2004:46) on securities funds and the Seventh AP fund according to Chapter 5, Section 7 of the Act (2000:192) on general pension funds (AP funds), in the capacity of managing securities funds registered in Sweden. The same applies to fund companies, securities companies, and Swedish credit institutions that during a transition period apply the Act (2004:46) on securities funds in its wording before 22 July 2013.
10. Management companies according to Chapter 1, Section 6 b of the Act (2004:46) on securities funds.
11. AIF managers who have permission according to Chapter 3 or 5 of the Act (2013:561) on managers of alternative investment funds or are registered according to Chapter 2 of the same Act in the capacity of managing special funds and other alternative investment funds registered in Sweden.

Specific Provisions per Report
Monetary Financial Institutions' Reporting of Own Holdings of Securities Reporting Obligation and Reporting Times

5 § The reporting obligation exists for institutions according to Section 4, items 1 – 3, which have been requested by the Riksbank to provide information on their own securities holdings.

6 § Institutions according to Section 4, items 1 – 3 may, upon request from the institution, be given the opportunity to submit a report on securities holdings according to these regulations.

General Advice
For institutions according to Sections 5 and 6 that report according to these regulations, the Riksbank may, after a transition period and when the quality is satisfactory, remove corresponding security-specific specifications from other reporting.

7 § A report shall be submitted every calendar month and must be submitted no later than the tenth banking day after the end of the month.

Securities Covered by the Reporting

8 § Information shall be provided on holdings of both Swedish and foreign securities, as well as certain other assets. The reporting shall cover the following assets:

• Interest-bearing securities; transferable debt instruments incl. structured products,
• Shares listed for trading on a regulated market or trading platform,
• Shares not listed for trading on a regulated market or trading platform,
• Shares in securities funds and alternative investment funds and foreign equivalents,
• Other ownership interests.

General Advice
Before reporting the securities holdings as described above, the informant shall perform reconciliations against the aggregated reporting, according to the reconciliation rules that the Riksbank will establish.

9 § Information shall be provided on holdings of securities that are recorded in the balance sheet of the holder. In addition, the following applies:

• Lent securities that have been sold, so-called short positions, are reported in the report as negative holdings.
• Other lent securities or securities received in reverse repos shall not be included in the information on securities holdings.
• In the case of holdings of own issued shares, through e.g., buybacks, these shall be regarded as outstanding and reported as holdings in the report.
• Repurchased interest-bearing securities issued by the company itself shall be regarded as withdrawn from the market and shall not be reported as a securities asset.

10 § Information shall be provided on the holder of the security. The holder can be

• The Swedish part of the legal entity
• Foreign branch
  Information shall be provided per foreign branch. For a foreign bank or credit market company conducting business through a branch in Sweden, it is the Swedish branch that is the holder and corresponds to the Swedish part of the legal entity.

11 § The holder shall be specified with name, identifier, and country.

Information on Securities Holdings

12 § Information on the size of the securities holding shall be provided as a quantity figure or information on nominal value. Information on nominal value shall be specified in the security's denomination currency. Information shall be provided on the value of the holding according to accounting and shall be specified in SEK. It shall be specified how the valuation of the holding has been made; market value (observed), fair value (other than observed market value), accrued acquisition value, nominal value, or in another way. For interest-bearing securities, the size of the accrued interest at the end of the reporting period shall be specified.

13 § Short and long positions for the same security shall be reported separately. A short position is defined as having sold a lent security.

General Advice
In the case of short positions, the characteristics of the lent securities that have been sold are specified in the report.

14 § It shall be specified what relationship the holder has to the issuer of the security.

Systemically Important Institutions' Reporting of the Group's Securities Holdings Reporting Obligation and Reporting Times

15 § The reporting obligation exists for institutions which are covered by Section 4, items 1 – 2, and which are classified as systemically important and have been requested by the Riksbank to provide information on the group's securities holdings.

16 § Information shall be provided for both Swedish and foreign subsidiaries and subsidiaries of subsidiaries. Information shall be provided on such subsidiaries that are included in the consolidation requirements under supervision according to Part One, Title II, Chapter 2, Section 2 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms (the Capital Requirements Regulation). The institutions shall define the group regarding their subsidiaries and joint ventures according to the same methods as for consolidation under supervision.

17 § Subsidiaries with a securities holding less than 25 million SEK, or equivalent in foreign currency, are exempt from the reporting requirement according to Section 16.

General Advice
Reporting of subsidiaries' holdings constitutes a complement to systemically important parent companies' reporting according to Sections 5 – 14, which allows the Riksbank to calculate the group's consolidated securities holdings. Each subsidiary or subsidiary of a subsidiary shall be distinguished in the report. This means that subsidiaries shall not consolidate their subsidiaries in the report. Branches, however, shall not be distinguished; reporting is conducted based on the legal entity.

18 § A report shall be submitted every quarter and must be submitted no later than the fifteenth banking day after the end of the quarter.

19 § Daughters that are Swedish monetary financial institutions and which are covered by Sections 5-6 may be exempt from the reporting requirement according to Section 16.

Securities Covered by the Reporting

20 § A report on subsidiaries' holdings of securities shall cover both Swedish and foreign securities. The reporting shall cover the following assets:

• Interest-bearing securities; transferable debt instruments incl. structured products,
• Shares listed for trading on a regulated market or trading platform,
• Shares with an ISIN code,
• Shares in securities funds and alternative investment funds and foreign equivalents.

21 § Information shall be provided on holdings of securities that are recorded in the balance sheet of the holder. In addition, the following applies:

• Lent securities that have been sold, so-called short positions, are reported in the report as negative holdings.
• Other lent securities or securities received in reverse repos shall not be included in the information on securities holdings.
• In the case of holdings of own issued shares, through e.g., buybacks, these shall be regarded as outstanding and reported as holdings in the report.
• Repurchased interest-bearing securities issued by the company itself shall be regarded as withdrawn from the market and shall not be reported as a securities asset.

22 § Information shall be provided on subsidiaries and subsidiaries of subsidiaries that are holders of the security. Holders shall be specified with name, identifier, and country.

Information on Securities Holdings

23 § Information on the size of the securities holding shall be provided as a quantity figure or information on nominal value. Information on nominal value shall be specified in the security's denomination currency. Information shall be provided on the value of the holding according to accounting and shall, for subsidiaries, be specified in the subsidiary's accounting currency. This also applies to subsidiaries of subsidiaries. It shall be specified how the valuation of the current holding has been made; market value (observed), fair value (other than observed market value), accrued acquisition value, nominal value, or in another way. For interest-bearing securities, the size of the accrued interest at the end of the reporting period shall be specified.

24 § Short and long positions for the same security shall be reported separately. A short position is defined as having sold a lent security.

General Advice
In the case of short positions, the characteristics of the lent securities that have been sold are specified in the report.

25 § It shall be specified what relationship the holder has to the issuer of the security.

Managers' Reporting of Clients' Holdings of Securities Reporting Obligation and Reporting Times

26 § The reporting obligation exists for institutions according to Section 4, items 1 – 3, which have been requested by the Riksbank to provide information on clients' securities holdings held in custody at the institution.

27 § The reporting shall concern only the institution's or the Swedish branch's custody business in Sweden.

28 § A report shall be submitted every quarter and submitted no later than the twelfth banking day after the end of the quarter.

Securities Covered by the Reporting

29 § A report on clients' holdings in custody at the institution shall cover both Swedish and foreign securities. The reporting shall cover the following assets:

• Interest-bearing securities; transferable debt instruments incl. structured products,
• Shares listed for trading on a regulated market or trading platform,
• Shares with an ISIN code,
• Shares in securities funds or alternative investment funds and foreign equivalents.

30 § The reporting of clients' holdings of securities shall include all other customers, other than those included in the reporting legal entity.

31 § No personal data shall be included in the report. In the report, securities holdings held by natural persons who are customers of the custodian institution shall be aggregated into constructed holders, distributed per country.

General Advice
The section implies that all Swedish natural persons who are customers shall be reported as a holder with country affiliation Sweden. The different securities held are, however, reported according to the principle of security-by-security. The same applies to foreign customers, who are aggregated per country.

32 § Information on the holdings of legal persons, securities funds, and alternative investment funds shall be reported per holder. For all such customers, information on name, as well as the custodian institution's own concept for identification of the counterparty, shall be specified. For a Swedish holder, the organization number shall be specified, provided that the holder has been assigned an organization number. For a foreign holder, sector and country affiliation shall be specified.

Information on Securities Holdings

33 § The reporting shall concern the size of the holding according to the trade-date principle. For managers who lack the opportunity to calculate the holding according to the trade-date principle, another accounting principle may be applied.

34 § For a Swedish customer, it shall be specified whether the holding concerns the customer's holding for own or for others' account.

35 § Information on the size of the securities holding shall be provided as a quantity figure or information on nominal value. Information on nominal value shall be specified in the security's denomination currency. Information shall be provided on the security's market value (observed) when such is available. In the second place, information on the security's fair value (other than observed market value) is provided, and in the last place, value calculated according to some other method specified in the following paragraph. It shall be specified how the valuation has been made; market value (observed), fair value (other than observed market value), accrued acquisition value, nominal value, or in another way. For interest-bearing securities, the size of the accrued interest at the end of the reporting period shall be specified.

General Advice
If it is not possible to obtain market value, acquisition value, or other valuation for securities that are not traded on a regulated market or trading platform, the value may be specified as zero.

Reporting from Securities Depositories of Holdings and Owners of Securities Reporting Obligation and Reporting Times

36 § The reporting obligation exists for securities depositories, according to Section 4, item 4, to submit a report on holdings and owners registered on the account. For securities depositories, there is also an obligation to, in the capacity of manager, provide information according to Sections 37 – 42.

37 § A report shall be submitted quarterly and submitted no later than the twelfth banking day after the end of the quarter.

Securities Covered by the Reporting

38 § A report on holdings on the account covers all instruments with an ISIN code.

39 § No personal data shall be included in the report. In the report, holdings held by Swedish natural persons who are registered as owners on the accounts shall be aggregated into constructed holders.

General Advice
The section implies that all Swedish natural persons who are registered as owners shall be reported as a holder with country affiliation Sweden. The different securities held are, however, reported according to the principle of security-by-security.

40 § Information on the holdings of legal persons, securities funds, and alternative investment funds shall be reported per holder. For all such customers, information on name, as well as, where applicable, organization number, shall be specified.

Information on Securities Holdings

41 § The reporting shall concern the size of the holding at the end of the reporting period according to the accounting principle applied by the securities depository.

42 § Information on the size of the securities holding shall be provided as a quantity figure or information on nominal value. Information on nominal value shall be specified in the security's denomination currency.

AP Funds, Insurance Companies, Support Associations, etc. Reporting of Own Holdings of Securities Reporting Obligation and Reporting Times

43 § The reporting obligation exists for institutions according to Section 4, items 5 – 8, which have been requested by the Riksbank to provide information on their own securities holdings.

44 § The reporting obligation exists for institutions according to Section 4, items 9 – 11, which have been requested by the Riksbank to provide information on securities holdings for managed Swedish-registered funds. Insurance companies that quarterly or annually provide information on assets line by line according to Commission Implementing Regulation (EU) No 2015/2450 (Solvency II) to the Financial Supervisory Authority are not covered by Section 43.

45 § A report shall be submitted quarterly and submitted no later than the fifteenth banking day after the end of the quarter.

Securities Covered by the Reporting

46 § A report on holdings of securities shall cover:

• Interest-bearing securities; transferable debt instruments incl. structured products,
• Shares listed for trading on a regulated market or trading platform,
• Shares with an ISIN code,
• Shares in securities funds or alternative investment funds and foreign equivalents.

47 § Information shall be provided on holdings of securities that are recorded in the balance sheet of the holder. In addition, the following applies:

• Lent securities that have been sold, so-called short positions, are reported in the report as negative holdings. If holdings in long and short positions in the same security are netted in the accounting, this may also be done in the report.
• Other lent securities or securities received in reverse repos shall not be included in the information on securities holdings.
• In the case of holdings of own issued shares, through e.g., buybacks, these shall be regarded as outstanding and reported as holdings in the report.
• Repurchased interest-bearing securities issued by the company itself shall be regarded as withdrawn from the market and shall not be reported as a securities asset.

General Advice
A short position is defined as having sold a lent security. In the report, the characteristics of the lent securities that have been sold are specified.

48 § Information on holders shall be specified with name, identifier, and country.

Information on Securities Holdings

49 § Information on the size of the securities holding shall be provided as a quantity figure or information on nominal value. Information on nominal value shall be specified in the security's denomination currency. Information shall be provided on the security's value. In the first place, market value (observed) is specified. In the second place, information on the security's fair value (other than observed market value) is provided, and in the last place, value calculated according to some other method specified in the following paragraph. It shall be specified how the valuation of the current holding has been made; market value, fair value, accrued acquisition value, nominal value, or in another way. For interest-bearing securities, the size of the accrued interest at the end of the reporting period shall be specified.

General Provisions
Information on Securities Holdings

50 § All securities are identified with their respective identifier. In the first place, an ISIN code shall be used; in the second place, if an ISIN code is not available, SEDOL or CUSIP. In the last place, a security is identified with an internal code of the reporter.

Information on Holdings for Securities Lacking an ISIN

51 § For securities lacking an ISIN code, the following information on the issuer shall be specified.

• The issuer's name
• The issuer's domicile shall be specified with country code,
• For a Swedish issuer, the issuer's organization number shall be specified, provided that the issuer has been assigned an organization number.
• For an issuer with domicile abroad, the issuer's sector affiliation shall be specified.
• The issuer's LEI code (Legal Entity Identifier) shall be specified, if such exists.

52 § For securities lacking an ISIN code, the following information on the security shall be specified.

• The security's instrument class according to the European System of National and Regional Accounts (ESA 2010)
• The security's issue and maturity dates shall be specified for interest-bearing securities
• Information on collateral type shall be specified for interest-bearing securities
• If a split of the security has occurred during the reporting period, information shall be provided on the split factor and date of the split
• If dividends have occurred during the reporting period, information shall be provided on the distributed amount and date of the dividend

53 § The requirements for information provision specified in Sections 50 – 52 apply to all reporting of securities holdings according to these regulations.

Reporting

54 § Reporting shall be submitted to the Swedish National Bureau of Statistics, SCB.
Reporting shall be conducted in electronic form in the manner specified by SCB.

Reporting Deadline at the Introduction of Reporting

55 § In connection with the introduction of reporting according to these regulations, the Riksbank allows the reporting deadline to be extended as follows:

• For information to be submitted monthly, the reporting deadline for the first two months is extended by ten banking days. For the two following months, the reporting deadline is extended by five banking days.
• For information to be submitted quarterly, the reporting deadline for the first quarter is extended by ten banking days. For subsequent quarters, the reporting deadline is extended by five banking days.

How Amounts and Numbers Shall Be Specified in the Reports

56 § The amounts in the report shall be specified as integers in the respective currency.
Information on numbers shall be specified as integers.

Retention of Provided Information

57 § The institution shall retain submitted information for at least two years from the time of reporting.

Contact Information

58 § The institution shall provide information on one or more contact persons.

Exceptions from the Regulations, etc.

59 § The Riksbank may grant exceptions from the regulations if there are special reasons.

_________________________________________________ These regulations and general advice enter into force on 1 November 2016. The provisions shall be applied for the first time in the report submitted regarding conditions as of 31 March 2017 for those obligated to report according to Sections 43 and 44, and regarding conditions as of 30 September 2017 for those obligated to report according to Sections 5, 6, 15, 26, and 36 of this regulation.