Legal provisions of COM(2003)507 - Community statistics concerning balance of payments, international trade in services and foreign direct investment - Main contents
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| dossier | COM(2003)507 - Community statistics concerning balance of payments, international trade in services and foreign direct investment. |
|---|---|
| document | COM(2003)507  |
| date | January 12, 2005 |
Article 1
Subject matter
This Regulation establishes a common framework for the systematic production of Community statistics on balance of payments, international trade in services and foreign direct investment.
Article 2
Submission of data
1. Member States shall submit to the Commission (Eurostat) data on balance of payments, international trade in services and foreign direct investment as referred to in Annex I. The data shall be as defined in Annex II.
2. Member States shall submit the data to the Commission (Eurostat) in accordance with the deadlines shown in Annex I.
Article 3
Data sources
1. Member States shall collect the information required pursuant to this Regulation using all the sources they consider relevant and appropriate. These may include administrative data sources such as business registers.
2. Natural and legal persons required to supply information shall, when responding, comply with the time limits and definitions set by the national institutions responsible for the collection of data within the Member States in accordance with this Regulation.
3. Where the required data cannot be collected at a reasonable cost, best estimates may be transmitted (zero values included).
Article 4
Quality criteria and reports
1. Member States shall take all reasonable measures they consider necessary to ensure the quality of the data transmitted according to common quality standards.
2. Member States shall supply the Commission with a report on the quality of the data transmitted (hereinafter referred to as ‘quality report’).
3. The common quality standards, as well as the content and periodicity of the quality reports, shall be specified in accordance with the procedure referred to in Article 11(2), taking into account the implications as regards the cost of collecting and compiling the data as well as important changes concerning data collection.
The quality of the data transmitted shall be assessed, on the basis of the quality reports, by the Commission with the assistance of the Balance of Payments Committee referred to in Article 11. This assessment by the Commission shall be sent to the European Parliament for information.
4. Member States shall communicate to the Commission major methodological or other changes that would influence the data transmitted, not later than three months after any such change becomes applicable. The Commission shall notify the European Parliament and the other Member States of any such communication.
Article 5
Data flows
The statistics to be produced shall be grouped for transmission to the Commission (Eurostat) according to the following data flows:
| (a) | balance of payments euro indicators; |
| (b) | balance of payments quarterly statistics; |
| (c) | international trade in services; |
| (d) | foreign direct investment (FDI) flows; |
| (e) | FDI positions. |
The data flows shall be as further specified in Annex I.
Article 6
Reference period and periodicity
Member States shall compile the data flows according to the relevant first reference period and the periodicity as specified in Annex I.
Article 7
Transmission of data
Member States shall transmit to the Commission (Eurostat) the data required by this Regulation following a format and a procedure defined by the Commission, in accordance with the procedure referred to in Article 11(2).
Article 8
Transmission and exchange of confidential data
1. Notwithstanding the rules laid down in Article 5(4) of Regulation (Euratom, EEC) No 1588/90, the transmission of confidential data between Eurostat and the ECB may take place to the extent this transmission is necessary to ensure coherence between the balance of payments figures of the European Union and those of the economic territory of the Member States which have adopted the single currency.
2. Paragraph 1 shall apply on condition that the ECB takes due account of the principles defined in Article 10 of Regulation (EC) No 322/97 and complies with the conditions laid down in Article 14 of the same Regulation.
3. The exchange of confidential data, as defined by Article 13 of Regulation (EC) No 322/97, shall be allowed between Member States where the exchange is necessary to safeguard the quality of the balance of payment figures of the European Union.
Member States receiving confidential data from other Member States shall treat that information confidentially.
Article 9
Dissemination
The Commission (Eurostat) shall disseminate the Community statistics produced pursuant to this Regulation, with a periodicity similar to that specified in Annex I.
Article 10
Adaptation to economic and technical changes
The measures necessary to take account of economic and technical changes shall be laid down in accordance with the procedure referred to in Article 11(2).
Such measures shall concern:
| (a) | the updating of the definitions (Annex II); |
| (b) | the updating of data requirements, including submission deadlines as well as revisions, extensions and eliminations of data flows (Annex I). |
Article 11
Committee procedure
1. The Commission shall be assisted by a Balance of Payments Committee, hereinafter the ‘Committee’.
2. Where reference is made to this paragraph, Articles 5 and 7 of Decision 1999/468/EC shall apply, having regard to the provisions of Article 8 thereof.
The period laid down in Article 5(6) of Decision 1999/468/EC shall be set at three months.
3. The Committee shall adopt its Rules of Procedure.
4. The ECB may attend the meetings of the Committee as an observer.
Article 12
Report on implementation
By 28 February 2010, the Commission shall submit a report to the European Parliament and the Council on the implementation of this Regulation.
In particular, the report shall:
| (a) | record the quality of the statistics produced; |
| (b) | assess the benefits accruing to the Community, the Member States and the providers and users of statistical information of the statistics produced in relation to the costs; |
| (c) | identify areas for potential improvement and amendments considered necessary in the light of the results obtained; |
| (d) | review the operation of the Committee and recommend whether the scope of implementing measures should be redefined. |
Article 13
Entry into force
This Regulation shall enter into force on the 20th day following its publication in the Official Journal of the European Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.