ITA CB ESCB Disciplinary Procedures


On Mar. 22, ITA CB updated on non-compliance with statistical reports.


  • ITA CB issued Communication of Mar. 22, 2024 on ESCB disciplinary procedure for failure to comply with statistical reporting obligations and update of legislation.
  • Follows ECB Oct. 2022 issued finalized regulation on procedures in OJ, see #114531.
  • Follows ITA CB Jan. 2021 issued ESCB approach to bank statistical reporting, #95660.
  • Overview
  • The reports sent by intermediaries set by ECB Regulations must comply with minimum requirements in terms of punctuality, accuracy and conceptual conformity.
  • Rules re monitoring compliance with these requirements and related disciplinary procedures, regulated by ECB at end of 1990s updated, published in OJ in Oct. 2022.
  • I.e. Reg 2022/1917 on infringement procedures in case of non-compliance with statistical reporting obligations (ECB/2022/31); Decision 2022/1921 on methodology to calculate fines for alleged infringements of statistical reporting (ECB/2022/32).
  • These acts define new harmonized framework to monitor compliance with reporting obligations (listed) and procedures to be adopted by competent central banks in case of alleged infringements as well as methodology to follow to set any penalty.
  • The new regulatory framework described will come into force from Apr. 30, 2024.
  • Key Aspects
  • Draws attention to importance of respecting statistical reporting obligations set by ECB Regulations and related national regulations (described in the communication).
  • Information reported, collected by ITA CB which will be subject to monitoring pursuant to legal acts referred to above, contain statistical information required in ECB Regs.
  • ESP Aspects
  • ITA CB informs that from Jan. 1, 2023 it no longer sends communications to supervised entities published on website with regulatory content or of general nature.
  • E.g. supervisory provisions, clarifications interpretative, supervisory guidelines since online publication guarantees full knowledge and availability.
  • The intermediaries are thus invited to maintain or activate automatic alert system on ITA CB website, to promptly receive notice of the documents published.
  • Effectiveness
  • The rules referred to apply as of Apr. 30, 2024.

Regulators ITA CB
Entity Types B/D; Bank
Reference Com, Gd, 3/22/2024; Reg 2022/1917; ECB/2022/31; ECB/2022/32
Functions Compliance; Financial; Legal; Operations; Reporting; Risk; Treasury
Countries Italy
Category
State
Products Banking; Deposits; Fixed Income; MMF: Money Market Fund
Regions EMEA
Rule Type Final
Rule Date 3/22/2024
Effective Date 4/30/2024
Rule Id 206000
Linked to Rule :114531
Reg. Last Update 3/22/2024
Report Section EU

Last substantive update on 03/27/2024