Regulation (EC) No 25/2009 of the European Central Bank (repealed)Show full title

Article 8 Derogations

1. Derogations may be granted to small MFIs (MFIs in the ‘tail’).

(a) NCBs may grant derogations to small MFIs, provided that their combined contribution to the national MFI balance sheet in terms of stocks does not exceed 5 %;

(b) with regard to credit institutions, the derogations referred to in point (a) shall have the effect of reducing the statistical reporting requirements of credit institutions to which such derogations apply without prejudice to the requirements for the calculation of minimum reserves as set out in Annex III;

(c) with regard to small MFIs that are not credit institutions, where a derogation referred to in point (a) applies NCBs shall continue, as a minimum, to collect data relating to the total balance sheet at least at an annual frequency so that the size of the reporting ‘tail’ can be monitored;

(d) without prejudice to point (a), NCBs may grant derogations to credit institutions that do not benefit from the regime laid down in points (a) and (b) with the effect of reducing their reporting requirements to those laid down in Part 7 of Annex I, provided that their combined contribution to the national MFI balance sheet in terms of stocks exceeds neither 10 % of the national MFI balance sheet nor 1 % of the euro area MFI balance sheet;

(e) NCBs shall check the fulfilment of the conditions set out in points (a) and (d) in good time in order to grant or withdraw, if necessary, any derogation with effect from the start of each year;

(f) small MFIs may choose not to make use of the derogations and to fulfil the full reporting requirements instead.

2. Derogations may be granted to MMFs.

NCBs may grant derogations to MMFs from the reporting requirements set out in Article 4(1) provided that MMFs instead report balance sheet data in accordance with Article 6 of Regulation (EC) No 958/2007 (ECB/2007/8), subject to the following requirements:

• MMFs report such data on a monthly basis in accordance with the ‘combined approach’ set out in Annex I to Regulation (EC) No 958/2007 (ECB/2007/8) and in accordance with the timeliness requirements set out in Article 9 thereof,

• MMFs report end-of-month stock data on MMF shares/units in accordance with the timeliness requirements set out in Article 6(2).

3. Derogations may be granted in respect of MMF shares/units.

(a) ‘MMF registered shares/units’ shall mean MMF shares/units in respect of which, in accordance with national legislation, a record is kept identifying the holder(s) thereof, including information on the residency of the holder(s). ‘MMF bearer shares/units’ shall mean MMF shares/units in respect of which, in accordance with national legislation, a record is not kept identifying the holder(s) thereof, or in respect of which a record is kept which does not contain information on the residency of the holder(s).

(b) Where registered shares/units or bearer shares/units are issued for the first time or where market developments require a change of option or combination of options (as defined in Section 5.5 of Part 2 of Annex I), NCBs may grant derogations for one year in respect of the requirements set out in Section 5.5 of Part 2 of Annex I.

(c) As regards residency of the holders of MMF shares/units, NCBs may grant derogations to reporting agents provided that the required statistical information is collected from other available sources in accordance with Section 5.5 of Part 2 of Annex I. NCBs shall check the fulfilment of this condition in good time in order to grant or withdraw, if necessary, any derogation with effect from the start of each year in agreement with the ECB. For the purposes of this Regulation, NCBs may establish and maintain a list of reporting OFIs in accordance with the principles set out in Section 5.5 of Part 2 of Annex I.

4. Without prejudice to paragraph 1, derogations may be granted to electronic money institutions.

(a) Without prejudice to Directive 2006/48/EC and Article 2 of Regulation (EC) No 1745/2003 (ECB/2003/9) and subject to point (b), NCBs may grant derogations to individual electronic money institutions. The NCBs shall check the fulfilment of the requirements of point (b) in good time in order to grant or withdraw, if necessary, any derogation. Any NCB that grants such a derogation shall inform the ECB thereof.

(b) NCBs may grant derogations to individual electronic money institutions if at least one of the following conditions is fulfilled:

(i)

the electronic money that they issue is accepted as payment only by a limited number of undertakings, which can be clearly distinguished by:

• their location in the same premises or other limited local area, and/or

• their close financial or business relationship with the issuing institution, such as a shared ownership, marketing or distribution structure, even if the issuing institution and the accepting undertaking are set up as separate legal entities; or

(ii)

over three-quarters of their total balance sheet is unrelated to the issuance or administration of electronic money and the liabilities relating to outstanding electronic money do not exceed EUR 100 million.

(c) If an electronic money institution that is granted a derogation is not exempted from the minimum reserve requirements, it shall report, as a minimum, the quarterly data necessary to calculate the reserve base, as laid down in Annex III. The institution may choose to report the restricted set of reserve base data at a monthly frequency.

(d) Whenever an individual electronic money institution is granted a derogation, the ECB will, for statistical purposes, record the institution in the list of MFIs as a non-financial corporation. The institution will also be treated as a non-financial corporation in situations where it is the counterparty of an MFI. The institution will continue to be treated as a credit institution for the purposes of the ECB's minimum reserve requirements.

5. Derogations may be granted in respect of revaluation adjustments.

(a) Without prejudice to paragraph 1, NCBs may grant derogations in respect of the reporting of revaluation adjustments to MMFs, removing from the MMFs any requirement to report revaluation adjustments.

(b) NCBs may grant derogations in respect of the frequency and timeliness of the reporting of price revaluations of securities and require these data on a quarterly basis and with the same timeliness as for stock data reported on a quarterly basis, subject to the following requirements:

(i)

reporting agents, using different valuation methods, shall provide the NCBs with the relevant information on valuation practices, including quantitative indications on the percentage of their holdings of these instruments;

(ii)

where a substantial price revaluation has occurred, NCBs shall be entitled to request reporting agents to provide additional information relating to the month in which this took place.

(c) NCBs may grant derogations in respect of the reporting of price revaluations of securities, including the granting of complete exemption from any such reporting, to credit institutions which report the monthly stocks of securities on a security-by-security basis, subject to the following requirements:

(i)

the information reported includes, for each security, its carrying value on the balance sheet;

(ii)

for securities without publicy available identification codes, the information reported includes information on the instrument category, maturity and issuer which is at least sufficient for the derivation of the breakdowns defined as ‘minimum requirements’ in Part 5 of Annex I.

6. Derogations may be granted in respect of the statistical reporting of loans that are disposed of by means of a securitisation.

MFIs applying the IAS 39 or similar national accounting rules may be allowed by their NCB to exclude from the stocks required by Parts 2 and 3 of Annex I any loans disposed of by means of a securitisation in accordance with national practice, provided that this practice is applied by all resident MFIs.

7. Derogations may be granted in respect of certain quarterly stocks related to non-euro area Member States.

If figures collected at a higher level of aggregation show that positions vis-à-vis counterparties resident in any Member State or positions vis-à-vis the currency of a Member State that has not adopted the euro are insignificant, an NCB may decide not to require reporting in relation to such a Member State. The NCB shall inform its reporting agents of any such decision.