Within the framework of its tasks, the "Banque centrale de Luxembourg" (the Luxembourg Central Bank) has to transmit comprehensive and reliable statistics on the balance of payments and the international investment position to the European Central Bank ("ECB").
In order to comply with Guideline ECB/2011/23 of 9 December 2011 repealing from 1 June 2014 Guideline ECB/2004/15, the "Banque centrale de Luxembourg" has adopted a new Regulation 2014/17 of 21 July 2014 concerning the collection of statistical data from financial companies amending its Regulation 2011/8 concerning the collection of statistics from companies which grant loans or issue debt securities or financial derivatives to affiliates.
The two main purposes of this new Regulation 2014/17 are to widen the scope of the entities subject to Regulation 2011/8 and to create a new exemption for financial companies already subject to data collection.
Now fall within the scope of the Regulation 2011/8 every company (defined as a "Financial Company") located in Luxembourg whose object includes at least one of the following elements:
- "the investment in any society for any kind of investment;
- the acquisition by subscription, purchase, exchange or in any other way of securities, shares and other equity investments, bonds, receivables, certificates of deposit and other debt instruments and generally all securities and financial instruments issued by a public or private entity;
- to invest directly or indirectly in the acquisition and management of a real estate portfolio, of patents or other intellectual property rights whatever the nature or the origin;
- to borrow in any form whatsoever;
- to lend funds to its shareholders, subsidiaries, affiliated companies, and/or any other entity".
Then every Financial Company whose quarterly balance sheet total exceeds € 500 million shall inform within one month the "Banque centrale de Luxembourg" of the overrun of this threshold. Such Financial Company shall therefore be subject to the statistical reports obligations to the "Banque centrale de Luxembourg" which include inter alia a quarterly statistical balance sheet report, a quarterly report on transactions and a monthly security by security report.
Financial companies with a balance sheet of less than € 500 million are exempt from the reporting obligations with the "Banque centrale de Luxembourg". In addition, are also exempt the financial companies which are currently subject to the data collection that covers the inherent needs in external statistics such as credit institutions, collective investment undertakings, venture capital firms, securitisation vehicles and insurance and reinsurance companies.
The new Regulation 2014/17 will enter into force on 1 December 2014.
Reporting agents, subject to the obligations of Regulation 2011/8 must provide the first transmission of information defined in the new Regulation 2014/17 relating to the period from December 2014 to 21 January 2015.
Reporting agents not already subject to the obligations of Regulation 2011/8 benefit from an additional 6-month period to provide the first reports; the reports from December 2014 to May 2015 must be transmitted by 26 June 2015 at the latest.