Obecné zásady Evropské centrální banky (EU) 2026/780 ze dne 20. března 2026, kterými se mění obecné zásady ECB/2013/7 o statistice držby cenných papírů (ECB/2026/9)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Article 3 Article 3 Addressees

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Articles 5.1, 12.1 and 14.3 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 , ELI: http://data.europa.eu/eli/reg/1998/2533/oj. ,

Having regard to 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 , ELI: http://data.europa.eu/eli/reg/2012/1011/oj. ,

OJ L 318, 27.11.1998, p. 8 , ELI: http://data.europa.eu/eli/reg/1998/2533/oj.

(1) Regulation (EU) No 1011/2012 (ECB/2012/24) provides for the collection of security-by-security dataon holdings of securities. Such statistical information is necessary for the performance of the tasks of the Eurosystem and the European System of Central Banks (ESCB), including for the definition and implementation of monetary policy and to contribute to the smooth conduct of policies pursued by the competent authorities relating to the prudential supervision of credit institutions and the stability of the financial system. It allows the European Central Bank (ECB) and national central banks (NCBs) to monitor and analyse financial markets and financial activities, including the monetary policy transmission mechanism within the euro area, for these purposes.

(2) While security-by-security data is currently being reported by NCBs to the ECB on an aggregated level pursuant to Guideline ECB/2013/7 of the European Central BankGuideline ECB/2013/7 of the European Central Bank of 22 March 2013 concerning statistics on holdings of securities (OJ L 125, 7.5.2013, p. 17 , ELI: http://data.europa.eu/eli/guideline/2013/215/oj). , the ECB needs such data at a more granular level. In particular, various past events, such as the global financial crisis, highlighted the importance of having accurate information on the holdings of securities at disaggregated level, as aggregated data does not allow for the identification of risks to financial stability arising from contagion mechanisms at the level of individual financial institutions and specific classes of securities. This need was further emphasised during the coronavirus pandemic where holders of the same sector reacted differently to the crisis, which was not possible to be analysed based on aggregated data. This also showed the high importance of the timely availability of data as the underlying basis for decision-making, as timely information allows the ECB to properly monitor the transmission of risks from the rapidly changing financial markets to the real economy. Additionally, granular investor level data are also needed for other ESCB tasks. In particular, this data facilitates a more accurate monitoring of the monetary policy transmission mechanism and the changes in investor behaviour in the context of monetary policy operations, considering the heterogeneous reactions of market participants to monetary policy decisions observed in recent years. Moreover, individual investor level data is crucial for gaining detailed insights into the risk exposures and interconnectedness of financial institutions, which allows the ECB to effectively contribute to the smooth conduct of policies pursued in the area of prudential supervision of credit institutions.

(3) In light of these lessons learned over the last years, the ECB requires not only security-by-security data, but also individual investor data with higher frequency and shorter timeliness. This will allow for more timely policy advice and will enhance the quality of analysis needed for the performance of the relevant ESCB tasks, for instance by improving the identification of events and causality in the economy and the financial markets. Additionally, the shorter reporting deadlines will significantly facilitate the alignment of the publication schedule of Securities Holdings Statistics (SHS) data with the preparatory timeline for the decision-making process of the Governing Council of the ECB.

(4) Individual investor level data is already collected by NCBs in accordance with Regulation (EU) No 1011/2012 (ECB/2012/24) on the securities holdings for each sectoral data reporting agent, except custodians – namely for monetary financial institutions (MFIs), investment funds (IFs), financial vehicle corporations engaged in securitisation transactions (FVCs) and insurance corporations (ICs). This information is currently only provided to the ECB at a level that is aggregated for the relevant sector to which the reporting agent belongs. The reporting requirements for NCBs to report to the ECB should therefore be amended to enable the ECB to receive the data at the individual investor level for each sectoral data reporting agent, except custodians, for the performance of the tasks of the ESCB. As the data contain information on the holdings of securities by sectoral reporting agents, all of which are legal persons, no natural person can be directly or indirectly identified from the data. These reporting requirements do not therefore allow for the collection of any personal data related to the securities holdings for each sectoral data reporting agent.

(5) Individual investor level data may also be collected by NCBs in relation to securities held in custody by custodians on the basis of national law. NCBs should therefore report this information to the ECB at the same level, where possible, or continue to report at an aggregated level, for the performance of the tasks of the ESCB. This statistical information identifies individual investors in relation to the securities held in custody for all sectors other than households. The Guideline does not allow for the collection of any information that relates to an identified or identifiable natural person living in a household, in particular because it is not possible for NCBs to report to the ECB the attribute that uniquely identifies the holder of the securities for households. With regards to securities holdings held in custody for entities other than households, NCBs may report to the ECB an attribute which identifies the holder of a security and which constitutes a reference data point recorded and maintained in the Register of Institutions and Affiliates Data (RIAD) in accordance with Guideline (EU) 2018/876 of the European Central Bank (ECB/2018/16)Guideline (EU) 2018/876 of the European Central Bank of 1 June 2018 on the Register of Institutions and Affiliates Data (ECB/2018/16) (OJ L 154, 18.6.2018, p. 3 , ELI: http://data.europa.eu/eli/guideline/2018/876/oj). . In cases where such information contains any personal data, the NCBs should exclude the relevant information from the statistical information reported to the ECB and, in any case, the rules on data protection set out in Guideline (EU) 2018/876 (ECB/2018/16), in particular Article 4(6), apply.

(6) Furthermore, the reporting frequency and timeliness should be improved for MFIs and IFs considering that monthly reporting with shorter timeliness for reporting to the ECB is already required for IFs under Regulation (EU) 2024/1988 of the European Central Bank (ECB/2024/17)Regulation (EU) 2024/1988 of the European Central Bank of 27 June 2024 concerning statistics on investment funds and repealing Decision (EU) 2015/32 (ECB/2014/62) (ECB/2024/17) (OJ L, 2024/1988, 23.7.2024, ELI: http://data.europa.eu/eli/reg/2024/1988/oj). and is possible for MFIs under Regulation (EU) 2021/379 of the European Central Bank (ECB/2021/2)Regulation (EU) 2021/379 of the European Central Bank of 22 January 2021 on the balance sheet items of credit institutions and of the monetary financial institutions sector (ECB/2021/2) (OJ L 73, 3.3.2021, p. 16 , ELI: http://data.europa.eu/eli/reg/2021/379/oj). and Regulation (EU) No 1011/2012 (ECB/2012/24). At the same time, where reporting agents report on a quarterly basis pursuant to the national implementation of the reporting requirements pursuant to Regulation (EU) 2021/379 (ECB/2021/2) or Regulation (EU) No 1011/2012 (ECB/2012/24) or on the basis of a derogation, NCBs should continue reporting the relevant information to the ECB on that quarterly basis. For the remaining sectoral data reporting agents, namely FVCs, ICs and custodians, the timeliness should also be improved, while the required frequency should remain quarterly. This shorter timeliness is based on the national implementation for the reporting of the relevant statistical information required under Regulation (EU) No 1011/2012 (ECB/2012/24), which takes place sufficiently in advance to fulfil the improved requirements.

(7) A number of selected changes are necessary regarding the reporting of both the market value and nominal value of holdings to facilitate data processing and the discontinuation of the biennial quality reporting following previous re-prioritisation decisions by the Statistics Committee of the ESCB. In addition, due to the implementation of investor-by-investor reporting for MFIs, the requirement for the reporting of holdings by MFIs of securities issued by the holder should be removed as the respective information can be derived based on the enhanced SHS dataset once the individual investor data become available. The same applies to certain confidentiality attributes that do not need to be reported to the ECB once information at individual holder level is provided.

(8) Therefore, Guideline ECB/2013/7 should be amended accordingly,

This Guideline shall take effect on the day of its notification to the national central banks of the Member States whose currency is the euro.

The Eurosystem central banks shall comply with this Guideline from 1 April 2027 .

NCBs shall first report to the ECB the statistical information in accordance with this Guideline with respect to monthly data for the reference period April 2027 and with respect to quarterly data for the reference period June 2027 (Q2).

OJ L 305, 1.11.2012, p. 6 , ELI: http://data.europa.eu/eli/reg/2012/1011/oj.

Article 2 Article 2 Taking effect and implementation 1.This Guideline shall take effect on the day of its notification to the national central banks of the Member States whose currency is the euro. 2.The Eurosystem central banks shall comply with this Guideline from 1 April 2027 . 3.NCBs shall first report to the ECB the statistical information in accordance with this Guideline with respect to monthly data for the reference period April 2027 and with respect to quarterly data for the reference period June 2027 (Q2).

Article 3 Article 3 NCBs’ reporting obligations for holdings of securities with an ISIN code for sectoral data 1.NCBs shall collect and report to the ECB statistical information on securities with an ISIN code held by sectoral data reporting agents, on a security-by-security basis, in accordance with the reporting schemes in Tables 1 to 3, Part 1, of Annex I, and in compliance with the applicable electronic reporting standards which are laid down separately, for the following types of instruments: debt securities (F.31 and F.32); listed shares (F.511) and investment fund shares or units (F.521 and F.522). NCBs’ reporting obligations shall cover the end-of-month and end-of-quarter (hereinafter collectively referred to as end-of-period) positions referred to in paragraphs 2 and 3 and either of the following: (a) end-of-period financial transactions over the reference period; or(b) where available, other changes in volume over the reference period that are necessary for the derivation of financial transactions, as laid down in paragraphs 2 and 3. Where the financial transactions or data necessary to derive financial transactions are reported by sectoral data reporting agents to NCBs in accordance with Chapter 1, Part 1, of Annex I to Regulation (EU) No 1011/2012 (ECB/2012/24), they shall be measured in accordance with Part 3 of Annex II to Regulation (EU) No 1011/2012 (ECB/2012/24). 2.NCBs shall report to the ECB the statistical information referred to in paragraph 1, with respect to holdings of securities by financial vehicle corporations engaged in securitisation transactions (FVCs), insurance corporations (ICs) and securities held in custody by custodians, as follows: (a) NCBs shall report data on end-of-period security-by-security positions and, where available, other changes in volume that are necessary for the derivation of transactions;(b) NCBs may report data on security-by-security transactions on a voluntary basis. For the purposes of points (a) and (b), NCBs may report on either a quarterly or monthly basis as follows: (i) quarterly data by close of business on the 48th calendar day following the end of the quarter to which the data relate; or(ii) monthly data as follows:by close of business on the 48th calendar day following the end of the month to which the data relate with respect to months which end a quarter, and by close of business on the 63rd calendar day following the end of the month to which the data relate for monthly data with respect to months which do not end a quarter. 3.NCBs shall report to the ECB the statistical information referred to in paragraph 1, with respect to holdings of securities by monetary financial institutions (MFIs), excluding NCBs, and investment funds (IFs), on a monthly basis by close of business on the 28th working day following the end of the month to which the data relate and as follows: (a) NCBs shall report data on end-of-month security-by-security positions and, where available, other changes in volume which are necessary for the derivation of transactions; and(b) NCBs may report data on security-by-security transactions on a voluntary basis. 4.By way of derogation from paragraph 3, the holdings of the respective MFIs and IFs may be reported on a quarterly basis where either of the following apply: (a) the national implementation of the reporting requirements laid down in Regulation (EU) 2021/379 of the European Central Bank (ECB/2021/2) or Regulation (EU) No 1011/2012 (ECB/2012/24) for reporting on a security-by-security basis does not allow for such reporting on a monthly basis;(b) MFIs or IFs have been granted a derogation from the applicable monthly reporting requirement in accordance with any of the following:(i) Article 9 of Regulation (EU) 2021/379 (ECB/2021/2);(ii) Article 10 of Regulation (EU) 2024/1988 of the European Central Bank (ECB/2024/17) ; or(iii) Article 4 of Regulation (EU) No 1011/2012 (ECB/2012/24). 5.NCBs shall report the statistical information referred to in paragraph 1 at individual investor level for MFIs, IFs, FVCs and ICs. Where MFIs, IFs, FVCs and ICs have been granted a derogation in accordance with Article 4 of Regulation (EU) No 1011/2012 (ECB/2012/24) allowing holdings of securities not to be reported at individual investor level, NCBs may report the holdings of the respective reporting agents at an aggregated level. 6.For securities held in custody by custodians, NCBs shall report the statistical information referred to in paragraph 1 as follows: (a) at individual investor level; or(b) where it is not possible to report at individual investor level, at an aggregated level.

Article 4 Article 4 Reporting approaches for holdings of securities without an ISIN code for sectoral data 1.NCBs may report to the ECB statistical information covering securities without an ISIN code held by MFIs, IFs, FVCs and ICs subject to Regulation (EU) No 1011/2012 (ECB/2012/24) or held by custodians for: (i) resident clients not subject to Regulation (EU) No 1011/2012 (ECB/2012/24); (ii) non-financial clients resident in other euro area Member States or (iii) clients resident in non-euro area Member States, as defined in Regulation (EU) No 1011/2012 (ECB/2012/24), that are not granted a derogation from reporting requirements under Regulation (EU) No 1011/2012 (ECB/2012/24). 2.NCBs that report statistical information pursuant to paragraph 1 shall do so in accordance with Article 3(2) to (6) using the reporting schemes of Tables 1, 2 and 4, Part 1, of Annex I, as well as the electronic reporting standards laid down separately. 3.NCBs shall revise the statistical information referred to in paragraph 1 in accordance with Article 3b(2). 4.NCBs shall submit explanatory notes to the ECB setting out the reasons for significant revisions. NCBs may also submit explanatory notes for any other revisions. In addition, NCBs shall provide information on significant reclassifications in the holder sectors or in the instrument classification, where available.

NCBs shall collect and report to the ECB statistical information on securities with an ISIN code held by sectoral data reporting agents, on a security-by-security basis, in accordance with the reporting schemes in Tables 1 to 3, Part 1, of Annex I, and in compliance with the applicable electronic reporting standards which are laid down separately, for the following types of instruments: debt securities (F.31 and F.32); listed shares (F.511) and investment fund shares or units (F.521 and F.522).

NCBs’ reporting obligations shall cover the end-of-month and end-of-quarter (hereinafter collectively referred to as end-of-period) positions referred to in paragraphs 2 and 3 and either of the following:

(a) end-of-period financial transactions over the reference period; or

(b) where available, other changes in volume over the reference period that are necessary for the derivation of financial transactions, as laid down in paragraphs 2 and 3.

Where the financial transactions or data necessary to derive financial transactions are reported by sectoral data reporting agents to NCBs in accordance with Chapter 1, Part 1, of Annex I to Regulation (EU) No 1011/2012 (ECB/2012/24), they shall be measured in accordance with Part 3 of Annex II to Regulation (EU) No 1011/2012 (ECB/2012/24).

NCBs shall report to the ECB the statistical information referred to in paragraph 1, with respect to holdings of securities by financial vehicle corporations engaged in securitisation transactions (FVCs), insurance corporations (ICs) and securities held in custody by custodians, as follows:

(a) NCBs shall report data on end-of-period security-by-security positions and, where available, other changes in volume that are necessary for the derivation of transactions;

(b) NCBs may report data on security-by-security transactions on a voluntary basis.

For the purposes of points (a) and (b), NCBs may report on either a quarterly or monthly basis as follows:

(i) quarterly data by close of business on the 48th calendar day following the end of the quarter to which the data relate; or

(ii) monthly data as follows:by close of business on the 48th calendar day following the end of the month to which the data relate with respect to months which end a quarter, and by close of business on the 63rd calendar day following the end of the month to which the data relate for monthly data with respect to months which do not end a quarter.

NCBs shall report to the ECB the statistical information referred to in paragraph 1, with respect to holdings of securities by monetary financial institutions (MFIs), excluding NCBs, and investment funds (IFs), on a monthly basis by close of business on the 28th working day following the end of the month to which the data relate and as follows:

(a) NCBs shall report data on end-of-month security-by-security positions and, where available, other changes in volume which are necessary for the derivation of transactions; and

(b) NCBs may report data on security-by-security transactions on a voluntary basis.

By way of derogation from paragraph 3, the holdings of the respective MFIs and IFs may be reported on a quarterly basis where either of the following apply:

(a) the national implementation of the reporting requirements laid down in Regulation (EU) 2021/379 of the European Central Bank (ECB/2021/2) or Regulation (EU) No 1011/2012 (ECB/2012/24) for reporting on a security-by-security basis does not allow for such reporting on a monthly basis;

(b) MFIs or IFs have been granted a derogation from the applicable monthly reporting requirement in accordance with any of the following:(i) Article 9 of Regulation (EU) 2021/379 (ECB/2021/2);(ii) Article 10 of Regulation (EU) 2024/1988 of the European Central Bank (ECB/2024/17) ; or(iii) Article 4 of Regulation (EU) No 1011/2012 (ECB/2012/24).

(i) Article 9 of Regulation (EU) 2021/379 (ECB/2021/2);

(ii) Article 10 of Regulation (EU) 2024/1988 of the European Central Bank (ECB/2024/17) ; or

(iii) Article 4 of Regulation (EU) No 1011/2012 (ECB/2012/24).

NCBs shall report the statistical information referred to in paragraph 1 at individual investor level for MFIs, IFs, FVCs and ICs. Where MFIs, IFs, FVCs and ICs have been granted a derogation in accordance with Article 4 of Regulation (EU) No 1011/2012 (ECB/2012/24) allowing holdings of securities not to be reported at individual investor level, NCBs may report the holdings of the respective reporting agents at an aggregated level.

For securities held in custody by custodians, NCBs shall report the statistical information referred to in paragraph 1 as follows:

(a) at individual investor level; or

(b) where it is not possible to report at individual investor level, at an aggregated level.

This Guideline is addressed to all Eurosystem central banks.

Guideline ECB/2013/7 of the European Central Bank of 22 March 2013 concerning statistics on holdings of securities (OJ L 125, 7.5.2013, p. 17 , ELI: http://data.europa.eu/eli/guideline/2013/215/oj).

by close of business on the 48th calendar day following the end of the month to which the data relate with respect to months which end a quarter, and

by close of business on the 63rd calendar day following the end of the month to which the data relate for monthly data with respect to months which do not end a quarter.

NCBs may report to the ECB statistical information covering securities without an ISIN code held by MFIs, IFs, FVCs and ICs subject to Regulation (EU) No 1011/2012 (ECB/2012/24) or held by custodians for: (i) resident clients not subject to Regulation (EU) No 1011/2012 (ECB/2012/24); (ii) non-financial clients resident in other euro area Member States or (iii) clients resident in non-euro area Member States, as defined in Regulation (EU) No 1011/2012 (ECB/2012/24), that are not granted a derogation from reporting requirements under Regulation (EU) No 1011/2012 (ECB/2012/24).

NCBs that report statistical information pursuant to paragraph 1 shall do so in accordance with Article 3(2) to (6) using the reporting schemes of Tables 1, 2 and 4, Part 1, of Annex I, as well as the electronic reporting standards laid down separately.

NCBs shall revise the statistical information referred to in paragraph 1 in accordance with Article 3b(2).

NCBs shall submit explanatory notes to the ECB setting out the reasons for significant revisions. NCBs may also submit explanatory notes for any other revisions. In addition, NCBs shall provide information on significant reclassifications in the holder sectors or in the instrument classification, where available.

Guideline (EU) 2018/876 of the European Central Bank of 1 June 2018 on the Register of Institutions and Affiliates Data (ECB/2018/16) (OJ L 154, 18.6.2018, p. 3 , ELI: http://data.europa.eu/eli/guideline/2018/876/oj).

Regulation (EU) 2024/1988 of the European Central Bank of 27 June 2024 concerning statistics on investment funds and repealing Decision (EU) 2015/32 (ECB/2014/62) (ECB/2024/17) (OJ L, 2024/1988, 23.7.2024, ELI: http://data.europa.eu/eli/reg/2024/1988/oj).

Regulation (EU) 2021/379 of the European Central Bank of 22 January 2021 on the balance sheet items of credit institutions and of the monetary financial institutions sector (ECB/2021/2) (OJ L 73, 3.3.2021, p. 16 , ELI: http://data.europa.eu/eli/reg/2021/379/oj).

Regulation (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 , ELI: http://data.europa.eu/eli/reg/2013/549/oj).;

Regulation (EU) 2021/379 of the European Central Bank of 22 January 2021 on the balance sheet items of credit institutions and of the monetary financial institutions sector (ECB/2021/2) (OJ L 73, 3.3.2021, p. 16 , ELI: http://data.europa.eu/eli/reg/2021/379/oj).

Regulation (EU) 2024/1988 of the European Central Bank of 27 June 2024 concerning statistics on investment funds and repealing Decision (EU) 2015/32 (ECB/2014/62) (ECB/2024/17) (OJ L, 2024/1988, 23.7.2024, ELI: http://data.europa.eu/eli/reg/2024/1988/oj).;

Guideline (EU) 2022/971 of the European Central Bank of 19 May 2022 on the Centralised Securities Database and the production of securities issues statistics and repealing Guideline ECB/2012/21 and Guideline (EU) 2021/834 (ECB/2022/25) (OJ L 166, 22.6.2022, p. 147 , ELI: http://data.europa.eu/eli/guideline/2022/971/oj).;

HAS ADOPTED THIS GUIDELINE: