ECB Finalizes Regulation to Extend Deadlines for Statistical Reporting
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
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