LUX CB Statistics Report Compliance

On Jan. 16, LUX CB issued circular on statistical reporting compliance.

  • LUX CB issued cir letter ST.24-0013 on compliance with statistical reporting obligation.
  • Follows ECB Jun. 2021 proposed regulation on statistical reporting fines, see #114531.
  • Document dated Jan. 16, 2024, was received on Jan. 17, 2023 due to a fixed feed.
  • Main Points
  • The regulation 2022/1917 (ECB/2022/31) of the ECB on infringement procedures in cases of non-compliance with statistical reporting obligations applies on Apr. 30, 2024.
  • To statistical data collected by LUX CB for statistical collections in circular's annex I.
  • This reg repeals the ECB decision on non-compliance (ECB/2010/10) of Aug. 19, 2010.
  • From May 2024 (reference period Apr. 2024), the ECB and LUX CB will monitor reporting agents’ compliance with statistical reporting obligations in ECB regs and dec.
  • A database will record the various alleged infringements detected during the production month, according to the minimum statistical reporting standards in annex I.
  • ECB can impose fines up to €200,000 in the event of non-compliance with minimum standards for compliance with transmission/accuracy/concepts, serious misconducts.
  • If the reporting agent submits a remedial plan after a warning, that is approved, LUX CB can't initiate enforcement proceedings before the expiry of the final deadline.
  • LUX CB will no longer accept the transmission of statistical reports via e-mail.
  • Reporting agents must set up report transmission via secure channels e-file or Sofie.
  • Effectiveness
  • Reg 2022/1917 (ECB/2022/31) will enter into force on Apr. 30, 2024.

Regulators ECB; LUX CB
Entity Types Bank; IA; Ins; Inv Co; MSB; Pension
Reference PR, 1/16/2024; Cir Lt ST.24-0013, 1/15/2024; Reg 2022/1917, ECB/2022/31; Reg 1333/2014, ECB/2014/48; Rpl ECB/2010/10
Functions Compliance; Financial; Reporting; Risk; Treasury
Countries Luxembourg
Products Banking; Fund Mgt; Insurance; Pensions
Regions EMEA
Rule Type Final
Rule Date 1/16/2024
Effective Date 4/30/2024
Rule Id 198377
Linked to Rule :114531
Reg. Last Update 1/16/2024
Report Section EU

Last substantive update on 01/22/2024