Derogations

1. At the discretion of each relevant NCB, the following derogations may be granted to the actual reporting agents:

in euro area Member States with total holdings of securities with an ISIN code by resident investors which at market value are lower than or equal to EUR 40 billion:

NCBs may grant derogations to MFIs, IFs, FVCs and custodians from the reporting requirements set out in Article 3(1), provided that in terms of positions the combined contribution of exempted MFIs, IFs, FVCs and custodians to the national holdings of MFIs, IFs, FVCs and custodians, respectively, does not exceed 40 %. FVCs that do not report security-by-security data in accordance with Regulation (EC) No 24/2009 (ECB/2008/30) shall have the right, in accordance with the instructions of their relevant NCBs, to exceed this threshold for the first two years after the start of reporting under this Regulation;

NCBs may grant derogations to custodians from the reporting requirements set out in Article 3(2)(a), provided that in terms of positions the combined contribution of exempted custodians to the national amount of securities held in custody does not exceed 40 %;

in euro area Member States with total holdings of securities with an ISIN code by resident investors which at market value are higher than EUR 40 billion:

NCBs may grant derogations to MFIs, IFs, FVCs and custodians from the reporting requirements set out in Article 3(1), provided that in terms of positions the combined contribution of exempted MFIs, IFs, FVCs and custodians to the national holdings of MFIs, IFs, FVCs and custodians, respectively does not exceed 5 %;

NCBs may grant derogations to custodians from the reporting requirements set out in Article 3(2)(a), provided that in terms of positions the combined contribution of exempted custodians to the national amount of securities held in custody does not exceed 5 %;

NCBs shall consult the ECB on the use of information to identify total holdings of securities at market value necessary to grant derogations under this paragraph.

2. NCBs may choose to grant derogations to CIs from the reporting requirements set out in Article 3(1) as follows:

NCBs may fully or partly exempt CIs from reporting requirements, provided that the combined contribution to the total amount of securities held by CIs in the relevant euro area Member State in terms of positions does not exceed 5 %;

this threshold may however be raised to 15 % for the first two years after the start of reporting under this Regulation;

the thresholds referred to in points (a) and (b) shall be calculated on the basis of total holdings of securities for the relevant Member State after applying any derogations under paragraph 1.

3. NCBs may choose to grant derogations to all MMFs from the reporting requirements set out in Article 3(1), provided that their total holdings of securities with an ISIN code account for less than 2 % of securities held by euro area MMFs. This 2 % threshold shall be calculated on the basis of total holdings of securities by MMFs in the relevant Member State, after applying any derogations under paragraph 1.

4. NCBs may choose to grant derogations to all FVCs from the reporting requirements set out in Article 3(1), provided that their total holdings of securities with an ISIN code account for less than 2 % of securities held by euro area FVCs. This 2 % threshold shall be calculated on the basis of total holdings of securities by FVCs in the relevant Member State, after applying any derogations under paragraph 1.

5. NCBs may choose to grant the following derogations to custodians:

NCBs may fully or partly exempt custodians from the reporting requirements set out in Article 3(2)(a), provided that the data referred to in Article 3(2)(a) can be derived from other statistical or supervisory data sources, in accordance with the minimum statistical standards specified in Annex III. In addition the following applies:

in Member States for which the derogations under paragraph 1(a) apply, and in which the data referred to in Article 3(2)(a) are directly reported by investors, such data shall cover as a minimum on a security-by-security basis 60 % of the amount of securities referred to in Article 3(2)(a);

in Member States for which the derogations under paragraph 1(b) apply, and in which the data referred to in Article 3(2)(a) are directly reported by investors, such data shall cover as a minimum on a security-by-security basis 75 % of the amount of securities referred to in Article 3(2)(a).

NCBs may partially or fully exempt from the reporting requirements set out in Article 3(2)(b) and (c) custodians holding a total amount of securities on behalf of all non-resident investors below EUR 10 billion.

6. NCBs may choose to grant derogations to heads of reporting groups from the reporting requirements set out in Article 3(3) as follows:

NCBs may allow heads of reporting groups to report on a security-by-security basis statistical information covering 95 % of the amount of securities with an ISIN code held by their group, in accordance with the requirements of this Regulation, provided that the remaining 5 % of securities held by the group are not issued by one single issuer;

NCBs may request heads of reporting groups to provide further information on the type of securities excluded from reporting under point (a).

7. NCBs may choose to grant derogations from the reporting requirements under this Regulation if the actual reporting agents report the same data under Regulation (EC) No 25/2009 (ECB/2008/32), Regulation (EC) No 958/2007 (ECB/2007/8), or Regulation (EC) No 24/2009 (ECB/2008/30), or if NCBs can otherwise derive the same data, in accordance with the minimum statistical standards specified in Annex III.

8. With regard to actual reporting agents for which a derogation referred to in paragraphs 1, 2, 3 or 4 applies, NCBs shall continue to collect data on an annual basis on the amount of securities they hold or keep in custody in accordance with the requirements set out in Article 3(1), either on an aggregated or on a security-by-security basis.

9. NCBs shall check the fulfilment of the conditions set out in paragraphs 1 to 7, as applicable, for the purposes of granting, renewing or withdrawing, if necessary, any derogation with effect from the start of each calendar year.

10. The relevant NCB shall withdraw any derogations granted to custodians under paragraph 5(a) if data from other statistical or supervisory data sources that fulfil the minimum statistical standards specified in Annex III have not been made available in time to it for three consecutive reporting periods, irrespective of whether there is fault on the part of custodians. Custodians shall start reporting data, as set out in Article 3(2), not later than three months from the date on which the relevant NCB notifies them that the derogation has been withdrawn.

11. NCBs may choose to address ad hoc reporting requirements to actual reporting agents that have been granted derogations under this Article, according to the level of detail deemed necessary by them. Actual reporting agents shall report the information requested on an ad hoc basis within 15 working days of a request made by the relevant NCB.

12. The actual reporting agents may choose not to make use of derogations granted by the NCBs and to fulfil full reporting requirements instead. An actual reporting agent not using the derogations granted by a relevant NCB shall obtain that NCB’s consent prior to subsequently using them.

REGULATION (EU) No 1011/2012 OF THE EUROPEAN CENTRAL BANK of 17 October 2012 concerning statistics on holdings of securities (ECB/2012/24) ANNEX I ANNEX II ANNEX III