ECB Updates Securities Portfolio Statistics: What Banks and Funds Must Do

Key data

Banks, investment funds and asset managers in the European Union have a new reporting obligation that is already in force. The ECB Guideline ECB/2026/9, published on April 10, 2026, modifies ECB Guideline ECB/2013/7 and tightens quality and granularity requirements in the collection of statistics on securities holdings.

This is not a newly created regulation: it is an update of the statistical framework that has been in force since 2013. However, changes in breakdown and frequency mean that many entities will need to review and adapt their internal information systems to continue complying.

What does this regulation establish?

ECB Guideline ECB/2026/9 modifies the framework for collecting statistical data on securities portfolios that national central banks must report to the ECB. The stated objective is to improve the ECB's ability to monitor systemic risks in European capital markets.

The specific changes it introduces compared to ECB Guideline ECB/2013/7 are:

The reporting channel remains the same: financial entities report to their national central banks, which in turn forward the consolidated information to the ECB. What changes is the level of detail and the frequency with which that information must be provided.

Economic and operational impact

The main impact of this regulation is operational, not directly economic in terms of fees or payments. Affected entities will need to invest in adapting their information systems to meet the new breakdown and frequency requirements.

Adaptation costs will depend on the current level of automation of each entity and the gap between their current systems and the new requirements. Entities with more manual or less granular reporting systems will be most impacted.

The real economic risk is derived from non-compliance: national supervisory authorities can impose sanctions on entities that do not adapt their systems in time. The regulation has been in force since March 20, 2026, so the adaptation period is not future, but present.

From a strategic perspective, strengthening the ECB's ability to monitor systemic risks in European capital markets may anticipate future additional regulatory requirements regarding portfolio transparency.

Who does it affect?

The regulation identifies the following groups as operationally affected:

• Asset managers: must adapt their reporting systems on securities holdings under management.
• Investment funds: subject to new breakdown and frequency requirements in information on their portfolios.
• Credit entities (banks): must review their statistical information systems on securities portfolios.
• National central banks of the EU: are directly responsible for forwarding data to the ECB and ensuring that entities under their supervision comply with the new requirements.
• Institutional investors in general: any entity with reporting obligations on securities holdings within the European financial statistics system.

Non-financial companies and individuals are not directly affected by this regulation.

Practical example

A Spanish investment fund with a European fixed income portfolio currently reports its securities holdings through the Bank of Spain with a frequency and level of breakdown established in 2013.

With the entry into force of ECB Guideline ECB/2026/9, that same fund will need to review whether its current reporting system complies with the new requirements for greater granularity and frequency. If the current system does not allow the additional required breakdown to be generated automatically, the fund will need to adapt its technological infrastructure or reporting processes.

The Bank of Spain, as a national central bank, is responsible for forwarding that information to the ECB and verifying that entities under its supervision comply with the new framework. If the fund does not adapt its systems and the Bank of Spain detects non-compliance in data quality or frequency, it may result in a sanctioning procedure by the national supervisory authority.

This same scheme applies to any credit entity or asset manager subject to statistical reporting obligations in any EU country.

What should companies do now?

1. Identify if your entity is subject to reporting: Verify whether your organization has reporting obligations on securities portfolio statistics under ECB Guideline ECB/2013/7 (now modified). If you were already reporting, you are affected.
2. Review current information systems: Analyze whether your current systems can generate the level of breakdown and frequency required by the new guideline. This is the most urgent task, given that the regulation has been in force since March 20, 2026.
3. Contact your national central bank: The national central bank of your country (in Spain, the Bank of Spain) is the direct contact for resolving questions about the new specific reporting requirements and adaptation deadlines being applied at the national level.
4. Plan technological adaptation if necessary: If your systems require changes to comply with the new granularity and frequency requirements, start the adaptation process as soon as possible. The risk of sanctions for non-compliance is real and already active.
5. Document the adaptation process: Keep a record of the analysis performed and measures taken. In case of inspection or request by the supervisory authority, this documentation will prove the entity's diligence.