Regulation 2020/533 of ECB on the extension of deadlines for reporting of statistical information has been published in the Official Journal of European Union and it shall enter into force on the day following that of its publication. Through this regulation, the Governing Council of ECB delegates to the Executive Board the power to extend the deadlines for the reporting of statistical information required pursuant to the ECB Regulations on listed in the Annex to Regulation 2020/533. The ECB Regulations listed in the Annex include regulations on payments statistics and statistical reporting requirements for insurance corporations.
The current COVID-19 pandemic may pose a significant challenge for statistical reporting agents. Accordingly, there may be a need to allow for an extension of the deadlines for certain reporting of statistical information for a fixed period of time. To be effective, the decision to do so should be taken swiftly and efficiently. An extension of the deadlines for the reporting of statistical information may only relate to reporting that falls due on or before December 31, 2020. Deadlines for the reporting of statistical information may not be extended beyond June 30, 2021. The Governing Council shall be notified on a regular quarterly basis of any decision taken by the Executive Board pursuant to extension of deadlines. The concerned reporting agents shall also be informed of any decision taken by the Executive Board.
When taking a decision to extend a deadline for the reporting of statistical information, the Executive Board shall take into account:
- Reporting frequency under each ECB Regulation listed in the Annex to Regulation 2020/533, which include Regulations on payments statistics and statistical reporting requirements for insurance corporations
- Impact of the spread of COVID-19 on the reporting and data quality assurance capacities of the reporting agents and on the capacity of national central banks of the member states whose currency is the euro and of ECB to carry out the necessary verification of statistical information
- Urgency of the data collection in question for the exercise by ECB and the national central banks of the tasks of the European System of Central Banks
- Need to focus ECB and national central bank resources on the data collections that are most urgently required for the exercise, by ECB and the national central banks, of the tasks of the European System of Central Banks.
Related Link: Regulation 2020/533
Effective Date: April 18, 2020
Keywords: Europe, EU, Banking, Insurance, Statistics, COVID-19, Reporting, Deadline Extension, Regulation 2020/533, ESCB, ECB
Previous ArticleEBA Opinion on Changes to Standards on Specialized Lending Exposures
HKMA announced that enhancements will be made to the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) and the application period will be extended to December 31, 2021.
BoE has set out a three-phased plan to transform data collection from the UK financial sector over the next decade.
BIS recently made a couple of announcements with respect to the planned and ongoing work in the area of financial technology.
ESRB updated the list of national macro-prudential measures applied by each member state in the European Economic Area.
BoE has set out results of a survey on the impact of COVID-19 events on the use of machine learning and data science.
In response to a request from the European Council and Parliament, ECB published an opinion on the proposed regulation on markets in crypto-assets.
APRA announced the updated aggregate amounts for the 2021 Committed Liquidity Facility (CLF) established between the Reserve Bank of Australia (RBA) and certain locally incorporated authorized deposit-taking institutions that are subject to the Liquidity Coverage Ratio (LCR).
ECB published supervisory Memorandums of Understanding (MoUs) with UK as well as other European and non-European authorities.
EIOPA identified business model sustainability and adequate product design as the two EU-wide strategic supervisory priorities.
After considering comments received on the November 2020 proposal, US Agencies (FDIC, FED and OCC) are proceeding with the proposed revisions to the reporting forms and instructions for Call Reports FFIEC 031, FFIEC 041, and FFIEC 051.