The main amendments to Regulation No. 4/2014 are found in Title I Reporting of data and information on monetary and financial statistics, balance of payments, the Romanian foreign private debt in the medium and long term, as well as programs and securities holdings and in Title III Reporting of data and information in order to monitor the payment activity, as follows:
To implement the new statistic regulations of the European Central Bank on statistics of insurance companies, it is introduced a new chapter in Title I. In the chapter XI Statistics on the assets and liabilities of insurance companies are defined the reporting mechanisms under the Regulation ECB/2014/50. The reporting requirements apply to insurance Romanian legal entities, the branches in Romania of insurance companies in the EEA and branches in Romania of insurance companies from third countries.
Insurance companies will be required to report quarterly to the National Bank of Romania – Statistics Department the statistical data sets, on: the assets and the liabilities outstanding in the balance; Revaluation adjustments; General insurance technical reserves; Revaluation adjustments to general insurance technical provisions; Bonuses, contributions, compensations, income and commissions.
According to the new provisions, if a payment ordered by computerized (electronic banking) whose value is equal to or greater than 50,000 euro or the equivalent on the payment date, customers are required to send the electronic form DPE, in maximum 10 days from the payment.
Residents clients of credit institutions are required to fill in the form “Statement of export earnings (DIE)” for any collection from non-residents, whose value equals or exceeds EUR 50,000 or the equivalent at the date of cashing in, in maximum 10 days from crediting their accounts.
Also, the resident legal entities and individuals who have signed contracts with non-resident for capital transactions of external private debt, with a maximum term of one year and extended with more than a year the validity of the contract, are obliged to notify the respective operations to NBR.
Regarding the reporting of data and information in order to monitor the payment activity, for implementing Regulation (EU) No. 1409/2013 of the European Central Bank concerning statistics on payments (ECB/2013/43), which establishes the uniform law, at EU level, on collecting statistical information on payments and payment systems and the ECB Guidelines No. 15/2014 concerning monetary and financial statistics, it is amended the reporting obligations relating to payments and payment instruments and payment systems established by the normative deed, contained in Annex XI.1 – XI.3 and XII. 1 – XII.4, in a way that they refers to statistical indicators and their reporting methodology that will allow the National Bank of Romania to fulfill the provisions of the two aforementioned European laws as well as the legal responsibilities of the central bank regarding payment systems monitoring and payment instruments.
The indicators included in the annexes mentioned above will enable the collection of data and statistical information on (i) payment activity in the field of new categories of payment service providers (payment institutions and electronic money institutions), (ii) use and processing of payment instruments in the new format (according to SEPA standards), (iii) developments regarding the use of electronic money, (iv) fraud caused by payment instruments.