ECB: Manual on investment fund statistics

19 December 2017

This manual aims to further clarify and illustrate the requirements laid down in the Regulation and the Guideline; it contains no additional requirements and has no legally binding status.

On 18 October 2013, the Governing Council of the European Central Bank (ECB) adopted Regulation ECB/2013/38 concerning statistics on the assets and liabilities of investment funds (hereinafter “the Regulation”). The Regulation was published in the Official Journal of the European Union on 7 November 20131 and entered into force on 27 November 2013. It defines the statistical standards for collecting and compiling investment fund (IF) statistics in the euro area. The Regulation is binding on Member States whose currency is the euro.

On 4 April 2014, the Governing Council of the ECB adopted Guideline ECB/2014/15 on monetary and financial statistics (hereinafter “the Guideline”). The Guideline was published in the Official Journal of the European Union on 26 November 20142 and entered into force on 1 January 2015. Article 19 of the Guideline contains provisions on the reporting by national central banks (NCBs) of statistics on the assets and liabilities of IFs.

A clear and consistent understanding of the statistical requirements contained in the Regulation and the Guideline among statisticians in NCBs within the European System of Central Banks (ESCB) is essential for the production of harmonised IF statistics. The information in the manual may also be of interest to reporting agents and users of the statistics.

The manual is composed of 13 chapters:

• Chapter 2 provides further clarification of the definition of IFs.
• Chapters 3 and 4 provide guidance on how to classify IFs by nature of investment and by type of fund.
• Chapter 5 describes the further breakdown into “of which” positions.
• Chapter 6 describes the treatment of master-feeder fund structures.
• Chapter 7 describes the treatment of short positions.
• Chapter 8 provides guidance on the compilation of statistics based on security-by-security reporting by IFs.
• Chapter 9 describes the calculation of accrued interest on debt securities.
• Chapter 10 provides further guidance on the derivation of transactions for assets and liabilities reported by IFs on an aggregated basis.
• Chapter 11 describes possible methods to be used by NCBs for the purpose of estimating monthly data.
• Chapter 12 provides guidance on the derivation of data in the case of IFs which have been granted derogations.
• Chapter 13 provides details on the annual quality report to be provided by NCBs which choose to collect only the number of units or aggregated nominal amount in the security-by-security reporting.

Full manual

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