EC Amends Regulation on Reporting of Money Market Statistics
EC published Regulation 2019/113 of ECB on the reporting of money market statistics in the Official Journal of the European Union. This regulation amends the earlier Regulation (EU) No 1333/2014 of ECB (ECB/2014/48), which requires the reporting of statistical data by reporting agents to enable the European System of Central Banks (ESCB) to produce statistics on the euro money market. This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from March 15, 2019.
To ensure the availability of high-quality statistics on the euro money market, it is necessary to amend certain provisions of Regulation (EU) No 1333/2014 (ECB/2014/48). It is important to ensure that each reporting agent reports to ECB or the relevant national central bank all transactions entered into between the reporting agent and financial corporations (except central banks where the transaction is not for investment purposes) as well as general government and certain non-financial corporations. In addition, it is necessary to ensure that the data collection benefits from the extended mandatory use of the Legal Entity Identifier (LEI) in reporting in EU. Changes have also been made to improve the timeliness of these reports.
Additional amendments have been made to ensure that statistical information is collected, compiled, and transmitted by reporting agents in a manner that protects the integrity of the information. It is important to emphasize that statistical information received by the national central banks or ECB should be impartial (that is, a neutral representation of observable transactions entered into at arm’s length by the reporting agent), objective, and reliable, to conform with the general principles in the ESCB’s Public commitment on European Statistics. Moreover, the changes are meant to make sure that the reporting agents ensure that any errors in reported statistical information are corrected and communicated to ECB and the relevant national central bank at the earliest possible date.
Related Link: Regulation on Money Market Statistics
Effective Date: February 14, 2019
Keywords: Europe, EU, Banking, Money Market Statistics, Regulation 1333/2014, Reporting, Regulation 2019/113, ECB, EC
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Pierre-Etienne Chabanel
Brings expertise in technology and software solutions around banking regulation, whether deployed on-premises or in the cloud.
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Previous Article
EIOPA Publishes Results of Peer Review on Propriety of Board MembersRelated Articles
EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
FASB Proposes to Delay Implementation of Insurance Contracts Standard
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB Set Out Recommendations for Benchmark Transition
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS Sets Out Recommendations for Benchmark Transition for Insurers
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA Updates Reporting Manual on European Single Electronic Format
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).
EBA Calls on Resolution Authorities to Consider Impact of COVID Crisis
EBA published a statement on resolution planning in light of the COVID-19 pandemic.
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
ECB Guideline on Materiality Threshold for Credit Obligations Past Due
ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.
FED Temporarily Revises FR Y-14 With Respect to PPP and CARES Act
FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.
