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Annex III

United Kingdom

Original text. Later amendments are not shown.

ANNEX III

STATISTICAL REPORTING REQUIREMENTS FOR SMALL MFIs THAT ARE NOT CREDIT INSTITUTIONS AND CLASSIFICATION PRINCIPLES FOR INDIVIDUAL ELECTRONIC MONEY INSTITUTIONS

1.

With regard to small MFIs that are not credit institutions, NCBs that decide to relieve small MFIs of full reporting requirements should inform the institutions concerned thereof, but continue, as a minimum, to collect data relating to the total balance sheet at least at an annual frequency so that the size of the reporting “tail” can be monitored.

2.

Pursuant to Article 2(4), NCBs may grant derogations from their statistical reporting requirements to individual electronic money institutions if at least one of the following conditions is fulfilled:

  1. (a)

    the electronic money that they issue is accepted as payment only by a limited number of undertakings, which can be clearly distinguished by:

    1. (i)

      their location in the same premises or other limited local area, and/or

    2. (ii)

      their close financial or business relationship with the issuing institution, such as a shared ownership, marketing or distribution structure,

    even if the issuing institution and the accepting undertaking are set up as separate legal entities,

  2. (b)

    over three-quarters of their total balance sheet is unrelated to the issuance or administration of electronic money and the liabilities relating to outstanding electronic money do not exceed EUR 100 million.

3.

If an individual electronic money institution that fulfils the conditions laid down in paragraph 2 is not exempted from the minimum reserve requirements, it will be required to report, as a minimum, the quarterly data necessary to calculate the reserve base, as laid down in Annex II. The institution may choose to report the restricted set of reserve base data at a monthly frequency.

4.

Whenever an individual electronic money institution is granted a derogation pursuant to Article 2(4), the ECB will, for statistical purposes, record the institution in the list of MFIs as a non-financial corporation. The institution will also be treated as a non-financial corporation in situations where it is the counterparty of an MFI. The institution will continue to be treated as a credit institution for the purposes of the Eurosystem’s minimum reserve requirements.