COMMISSION OPINION

of 18 September 2013

on three draft regulations of the European Central Bank in the field of monetary and financial statistics

2013/C 270/01

1.   

Introduction

1.1.

On 30 July 2013, the Commission received a request from the European Central Bank (ECB) for an opinion on three draft regulations of the ECB in the field of monetary and financial statistics. The first concerns a draft regulation which, when adopted, will constitute a recast of regulation (EC) No 958/2007 of the ECB concerning statistics on the assets and liabilities of investment funds. The second is a draft regulation which, when adopted, will constitute a recast of regulation (EC) No 24/2009 of the ECB concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions. The third is a draft regulation which, when adopted, will constitute a recast of Regulation (EC) No 1027/2006 of the ECB on statistical reporting requirements for post office giro institutions that receive deposits from non-monetary financial institution euro area residents.

1.2.

The Commission welcomes this request and recognises that the ECB hereby acts in accordance with its obligation to consult the Commission on draft ECB regulations whenever links with the statistical requirements of the Commission exist as laid down in Article 5(2) of Council Regulation (EC) No 2533/98 concerning the collection of statistical information by the ECB, in order to guarantee the coherence necessary to produce statistics meeting the respective information requirements of the ECB and of the Commission. A good cooperation between the ECB and the Commission is beneficial for both institutions as well as for users and respondents by allowing a more efficient production of European statistics. The Commission also welcomes that explicit reference is made to its opinion in those regulations.

2.   

Specific observations

2.1.

The Commission welcomes that these regulations will provide more detailed information in specific areas of monetary and financial statistics. At the same time, the Commission considers that, while meeting users’ requirements, every effort should be made to limit response burden in the context of these regulations. Where a system of derogations based on quantitative thresholds is put in place, a review mechanism could be foreseen in order to benefit from experience for future regulations.

2.2.

The draft regulations appear to follow slightly different approaches as regards provisions for reporting, in particular ‘first reporting’, entry into force and start of application in the final provisions. These elements, as well as those related to the repeal of existing regulations, should be consistent, so as to ensure the completeness of the required data.

2.3.

With regard to all three draft regulations, the citations in the beginning of the preamble (‘Having regard to’) should be brought in line with interinstitutionally practice and thus be limited to the legal basis (i.e. the provision(s) which actually confer competence on the institution to adopt the envisaged act) and, where appropriate, references to the proposal, procedure and opinions. With respect to the legal basis, after a general reference to the Treaty on the Functioning of the European Union, reference should therefore be made only to Articles 5(1) and 6(4) of Regulation (EC) No 2533/98. Neither Article 5 of the Statute of the ESCB and the ECB, nor Article 8 of Regulation (EC) No 2533/98, nor Regulation (EU) No 1011/2012, Regulation (EU) No 549/2013 or Directive 2011/61/EU can be considered as legal bases for the draft regulations. If references to these other provisions and instruments are deemed useful for a proper understanding of the enacting terms of the draft regulation, they may be referred to in the recitals.

2.4.

Furthermore, the Commission intends to present in the coming month a proposal for a regulation establishing a European framework for money market funds (MMFs). The proposal will contain several changes to the way MMFs are defined and can operate in Europe. To avoid any inconsistencies, the Commission recommends that the ECB introduces a review clause in its regulations in order to review the definition and criteria of MMFs taking into account the MMF Regulation when it has been adopted by the European Parliament and the Council. The adaptation of the relevant ECB regulations should coincide with the entry into force of the new MMF Regulation.

2.5.

The consistency of the part ‘Definitions of sectors’ of Annex II to the respective draft regulations with ESA 2010 should be checked again. For example, concerning the draft regulation on statistical reporting requirements in respect of post office giro institutions, in the part relating to non-MMF investment funds, reference should be made to ESA 2010, paragraph 2.82; and the wording from this paragraph 2.82 should be used in the definition of non-MMF investment funds. As another example, the old sector classification is used in tables 1 and 3 of the draft regulation on the assets and liabilities of investment funds, which should be corrected.

3.   

Conclusion

3.1.

The Commission generally supports the draft regulations insofar as they contribute to the efficient cooperation between the European Statistical System (ESS) and the European System of Central Banks (ESCB) in the definition of reporting agents and the promotion of high-quality, consistent statistics at European level. The Commission, however, is of the opinion that the issues mentioned above should be addressed.

3.2.

Furthermore, the Commission would like to underline the importance of a robust process in practice of classification of units in this area, fully respecting statistical principles.

Done at Brussels, 18 September 2013.

For the Commission

Algirdas ŠEMETA

Member of the Commission