ECB Statistical Reporting Compliance

On Jun. 23, ECB proposed regulation on fines for statistical reporting.

  • ECB consulted on draft regulation on infringement procedures due to non-compliance with statistical reporting requirements, repealing Decision ECB/2010/10 see #31581.
  • Reporting Infringements
  • Draft regulation establishes a harmonized framework for monitoring compliance with statistical reporting requirements and assessing procedures for alleged infringements.
  • Intended to ensure transparency, as well as the equal treatment of reporting agents.
  • Clearly defines roles and responsibilities of competent authorities during infringements.
  • Including National Central Banks (NCBs), whose jurisdiction infringement has occurred.
  • Applies rights and obligations on agent, not imposing additional reporting requirement.
  • Scope of Monitoring
  • Establishes monitoring of compliance by reporting agent with regulatory requirements.
  • Defines types of procedures to be applied by the competent Eurosystem central bank.
  • For monitoring and recording procedure; reporting procedure; notification procedure.
  • Agreement of remedial plan; infringement procedure; imposition of fine and sanctions.
  • Use of Remedial Plans
  • Facilitate possibility of resolving infringement, by cooperation with the reporting agent.
  • By agreeing a remedial plan, between competent NCB or ECB, and the reporting agent.
  • Plan could specify, processes, resources and personnel to remediate the infringements.
  • With oversight process for remediation and process improvements to lower recurrence.
  • Authorities to treat reporting agents in an equal manner, across the statistical sectors.
  • Timetable of Remedial Plan
  • Agent shall submit plans to authority, in 30 calendar days from notification of violation.
  • Then adopt the remedial plan, in 42 calendar days from when infringement is notified.
  • Authority shall assess remedial plans submitted, in any case within 12 calendar days.
  • Set a final deadline of not more than 60 calendar days for the overall implementation.
  • May extend implementation deadline once, in exceptional circumstance, up to 30 days.
  • Mitigation and Relief
  • Take account of circumstances, which may be beyond the control of a reporting agent.
  • Outsourcing of activities should not be considered circumstances beyond their control.
  • For proportionality, the power to impose sanctions should not be exercised by the ECB for a period of 12 months after the reporting obligation first arises per their regulation, except in cases of serious misconduct, for which no transitional period should apply.
  • Reporting by National Central Banks
  • National Central Banks (NCBs) shall promptly report to ECB, all alleged infringements.
  • ECB/NCB to record any alleged infringement of the requirements, in dedicated system.
  • Report any alleged infringement by a reporting agent, of daily reporting requirements.
  • Three or more infringements by agent of monthly reporting in six consecutive months.
  • Or three or more infringements of quarterly reporting within four consecutive quarters.
  • Two or more consecutive infringements by agent of semiannual reporting requirement.
  • Or any alleged infringement, by a reporting agent, of annual reporting requirements
  • Reporting Serious Misconduct
  • NCBs shall report any specified serious misconduct to ECB, as soon as it is identified,
  • For any systematic or intentional failure to report to NCB, within prescribed deadline.
  • Systematic or intentional failure, to report correct or complete statistical information, or failure to comply with the prescribed form of the statistical reporting requirements.
  • Failure to cooperate effectively with NCB, or to apply a reasonable degree of diligence.
  • Effectiveness
  • Deadline for submitting comments to ECB is Aug. 4, 2021 and FAQs are also provided.
  • Following consultation, ECB will consider comment received, issue feedback statement.
  • Regulation will enter into force, on the 20th day following publication in official journal.
  • Oct. 2022 Official Journal
  • On Oct. 10, 2022, ECB issued the finalized regulation on procedures in Official Journal.
  • Reg 2022/1917 provides a harmonized framework in which penalties may be imposed on reporting agents in cases of non-compliance with statistical reporting requirements.
  • Although it is necessary to repeal Decision ECB/2010/10, in order to ensure continuity and clarity, decision ECB/2010/10 should continue to apply to alleged infringements which occur prior to the relevant date of application of this regulation.
  • Competent NCBs and ECB should continue to comply with decision ECB/2010/10 in cases of alleged infringements which occur prior to the relevant date of application of this regulation, including in cases of repeated non-compliance where one or more instances of non-compliance occur before and after the relevant date of application.
  • To allow NCBs sufficient time to adjust to the procedural and technical changes to be introduced by the new harmonized framework set out in the regulation, it should not apply for a period of 18 months from the date of its entry into force.
  • However, it is appropriate for it to apply more promptly for non-compliance with the statistical reporting requirements under Reg 1333/2014 (ECB/2014/48).
  • Regulation should apply 3 months following the date of its entry into force in cases of non-compliance with the statistical reporting requirements under Reg 1333/2014.
  • Regulation shall enter into force on 20th day following OJ publication; it shall apply from Apr. 30, 2024, except for Article 12 which shall apply from Jan. 31, 2023.
  • Also issued Dec 2022/1921 on the methodology for the calculation of sanctions.
  • Decision shall take effect on the day of its notification to the addressees; it shall apply from Apr. 30, 2024, except for Article 8 which shall apply from Jan. 31, 2023.
  • Furthermore, issued notice withdrawing the notice on the imposition of sanctions for infringements of balance sheet statistical reporting requirements.
  • Notice 2004/C 195/10 is withdrawn with effect from the 20th day following that of the publication of the current notice in the Official Journal of the EU, i.e. Oct. 30, 2022.
  • On same day, issued feedback statement and comments received on consultation.

Regulators ECB
Entity Types B/D; Bank
Reference OJ L 263/6, 2022/C 388/04, FS, Rsp, 10/10/2022; Reg 2022/1917, ECB/2022/31, Dec 2022/1921, ECB/2022/32, 9/29/2022; PR 6/23/2021; OJ L 77/1, 3/22/2017, Dec 2017/468, 1/26/2017; Reg 1333/2014; Rpl Dec ECB/2010/10; Citation: Reg 2022/1917; Dec 2022/1921; Reg 1333/2014;
Functions Financial; Reporting; Risk; Treasury
Countries European Union
Products Banking; Deposits; Fixed Income; MMF: Money Market Fund
Regions EMEA
Rule Type Final
Rule Date 6/23/2021
Effective Date 4/30/2024
Rule Id 114531
Linked to Rule :31581
Reg. Last Update 10/10/2022
Report Section EU

Last substantive update on 10/13/2022