Page 250 - Invited Paper Session (IPS) - Volume 1

IPS152 Paul F.
launched several such coordination initiatives, in which the BCL actively
participates: the “FDI network” project and more broadly the documentation
(metadata) of large individual SPEs transactions (microdata), made available
to the ECB together with quarterly b.o.p./i.i.p. figures. Because of SPEs, micro
data play an increasing role in the production of macroeconomic statistics.
Those data sharing operations would be more efficient if legal entities
were identified by an international standard, like ISIN (or CUSIP) for financial
instruments. In accordance with a 2017 European regulation, SPEs issuing debt
securities on open markets are now identified by a Legal Entity Identifier (LEI)
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and securities issued have an ISIN code . This paves the way for a better
international standard identification of SPEs. Unfortunately, non-market
oriented structures have had little incentives to register for a LEI so far. In
addition, the LEI will bring a “logistic” help but factors of asymmetries as such
will remain unchanged: coverage, timing of recording and overall valuation of
unlisted equities from an accounting standard to another.

BEPS implementation and SPEs typology
The implementation of BEPS in Luxembourg started to bring about a
reshaping of SPEs activities towards more “substance”, bringing about some
significant withdrawal of capital in 2017 and 2018. SPEs statistics collected by
the IMF will also help to monitor this process at international level. Yet,
business models are so complex and change so fast that some SNA 2008 and
BPM6 standards (type of instrument functional category) may need to be
completed with more targeted classifications in the medium run.

References
1. IMF BOP COM October 2018 Final Report of the Task Force on Special
Purpose Entities.
2. BIS Proceedings of the ninth IFC Conference January 2019 "Are post-
crisis statistical initiatives completed?"

Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017
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on the prospectus to be published when securities are offered to the public or admitted to
trading on a regulated market
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