Regulation (EU) 2015/730 of the European Central Bank of 16 April 2015 amending Regulation (EU) No 1011/2012 concerning statistics on holdings of securities (ECB/2012/24) (ECB/2015/18)
Regulation (EU) 2015/730 of the European Central Bankof 16 April 2015amending Regulation (EU) No 1011/2012 concerning statistics on holdings of securities (ECB/2012/24) (ECB/2015/18)THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 5 thereof,Having regard to Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central BankOJ L 318, 27.11.1998, p. 8., and in particular Articles 5(1) and 6(4) thereof,Having regard to the opinion of the European CommissionOJ C 72, 28.2.2015, p. 3.,Whereas:(1)In order to provide the European Central Bank (ECB) with adequate statistics on the financial activities of the insurance corporation sub-sector in the Member States whose currency is the euro (hereinafter the "euro area Member States"), Regulation (EU) No 1374/2014 of the European Central Bank (ECB/2014/50)Regulation (EU) No 1374/2014 of the European Central Bank of 28 November 2014 on statistical reporting requirements for insurance corporations (ECB/2014/50) (OJ L 366, 20.12.2014, p. 36). introduced new statistical reporting requirements for insurance corporations. As a consequence, Regulation (EU) No 1011/2012 of the European Central Bank (ECB/2012/24)Regulation (EU) No 1011/2012 of the European Central Bank of 17 October 2012 concerning statistics on holdings of securities (ECB/2012/24) (OJ L 305, 1.11.2012, p. 6). should be amended to establish statistical reporting requirements on holdings of securities of insurance corporations. In order to minimise the reporting burden, national central banks (NCBs) should have the power to combine their reporting requirements under Regulation (EU) No 1011/2012 (ECB/2012/24) with their reporting requirements under Regulation (EU) No 1374/2014.(2)There is a close connection between the data on holdings of securities of insurance corporations collected by NCBs for statistical purposes under Regulation (EU) No 1011/2012 (ECB/2012/24) and the data collected by national competent authorities (NCAs) for supervisory purposes under the framework established by Directive 2009/138/EC of the European Parliament and of the CouncilDirective 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1).. Article 70 of Directive 2009/138/EC provides that NCAs may transmit information intended for the performance of their tasks under that Directive to NCBs and other bodies with a similar function in their capacity as monetary authorities. Given the ECB's general mandate under Article 5.1 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the "Statute of the ESCB") to engage in cooperation with other bodies in the field of statistics, and in order to limit the administrative burden and avoid the duplication of tasks, NCBs may derive the data required to be reported under Regulation (EU) No 1011/2012 (ECB/2012/24), to the extent possible, from data collected pursuant to Directive 2009/138/EC, including the national laws implementing that Directive, having due regard to the terms of any cooperation arrangement between the relevant NCB and the relevant NCA.(3)The European System of National and Regional Accounts set up by Regulation (EU) No 549/2013 of the European Parliament and of the CouncilRegulation (EU) No 549/2013 of the European Parliament and of the Council of 21 May 2013 on the European system of national and regional accounts in the European Union (OJ L 174, 26.6.2013, p. 1). (hereinafter the "ESA 2010") requires that the assets and liabilities of institutional units are reported in the country of residence. In order to minimise the reporting burden, if NCBs derive data required to be reported by insurance corporations (ICs) from data collected under Directive 2009/138/EC, the holdings of securities of branches of ICs whose head offices are resident in the European Economic Area (EEA) may be aggregated with those of the head offices. If this is the case, limited information on branches of ICs should be collected for the purposes of monitoring their size and any ensuing deviations from the ESA 2010 residence principle.(4)Therefore, Regulation (EU) No 1011/2012 (ECB/2012/24) should be amended accordingly,HAS ADOPTED THIS REGULATION: