Reporting release 20 February 2024 – 3/2024

ECB Regulation on infringement procedures for non-compliance with statistical reporting requirements enters into force on 30 April 2024 | EIOPA

Regulation (ECB/2022/31) of the European Central Bank of 29 September 2022 on infringement procedures in cases of non-compliance with statistical reporting requirements and repealing Decision ECB/2010/10 will apply as of 30 April 2024.

The Regulation establishes a harmonised framework in which sanctions may be imposed on reporting agents for non-compliance with statistical reporting requirements laid down by ECB regulations and decisions. Non-compliance with reporting requirements refers to any failure to report statistical information within the prescribed deadline, to report correct or complete statistical information, to comply with the prescribed form of the statistical reporting requirements or to cooperate effectively.

In addition, the Regulation establishes rules for the application of the infringement procedure with respect to local cooperation procedures. A local cooperation procedure refers to circumstances where a central bank compiles statistics based on information collected from the national supervisory authority or another competent authority, rather than directly from the reporting agent. The infringement procedures are carried out respecting the ne bis in idem principle, whereby no more than one infringement procedure may be initiated against the same reporting agent based on the same facts at a time.

The Bank of Finland complies with the Regulation of the European Central Bank on statistical reporting requirements for insurance corporations (ECB/2014/50) and the Regulation of the European Central Bank on statistical reporting requirements for pension funds (ECB/2018/2) through cooperation arrangements made with the Financial Supervisory Authority.

 

Additional information