BCL Regulation 2014/No.17 of 21 July 2014 concerning the collection of statistical data from financial companies – newsflash – 21.07.2014

BCL Regulation 2014/No.17 of 21 July 2014 concerning the collection of statistical data from financial companies amending BCL Regulation 2011/No.8 of 29 April 2011 concerning the collection of statistical data from companies which grant loans or issue debt securities or derivative financial instruments to affiliates Background In accordance with the statute of the European System of Central Banks (“ESCB”) and the European Central Bank (“ECB”), the ECB is required, with the assistance of national central banks, to collect statistical information necessary to undertake the tasks of the ESCB. Each central bank of the ESCB is therefore required to transmit to the ECB comprehensive and high quality statistical data on its country balance-of-payments and international investment position. In this context, and in order to implement the ECB’s guideline ECB/2004/15 of 16 July 2004 on the statistical reporting requirements of the ECB in the field of balance of payments and international investment position statistics and the international reserves template (“Guideline ECB 2004”), the Banque Centrale du Luxembourg (“BCL”) adopted on 29 April 2011 Regulation 2011/No.8 (“Regulation 2011/No.8”) setting out reporting obligations for companies which grant loans or issue debt securities or derivative financial instruments of which the proceeds are used to finance their affiliates directly or indirectly. Following the release by the ECB of its Guideline ECB/2011/23 of 9 December 2011 on the statistical requirements of the ECB in the fields of external statistics (“Guideline ECB 2011”) repealing Guideline ECB 2004, the scope of the obligation to collect statistical information has been broadened considerably, in particular as regards the businesses that have now become subject to reporting statistical obligations. BCL has implemented Guideline ECB 2011 by way of its Regulation 2014/No.17 (“Regulation 2014/No.17”). Read the full newsflash by clicking on the link below