DESCRIPTIONS
ANNEX IISupplementary provisions
ANNEX II DESCRIPTIONS Part 1 Descriptions of instrument categories 1. This table provides a detailed standard description of the instrument categories, which national central banks (NCBs) transpose into national categories in accordance with this Regulation. The table does not constitute a list of individual financial instruments and the descriptions are not exhaustive. The definitions refer to the European system of national and regional accounts in the European Union (hereinafter the ‘ESA 2010’) laid down by Regulation (EU) No 549/2013. 2. Original maturity, i.e. maturity at issue, refers to the fixed period of life of a financial instrument before which it cannot be redeemed, e.g. debt securities, or before which it can be redeemed only with some kind of penalty, e.g. some types of deposits. All required maturity breakdowns refer to the original maturity of the financial instrument. 3. Financial claims can be distinguished by whether they are negotiable or not. A claim is negotiable if its ownership is readily capable of being transferred from one unit to another by delivery or endorsement or of being offset in the case of financial derivatives. While any financial instrument can be potentially traded, negotiable instruments are designed to be traded on an organised exchange or ‘over-the-counter’, although actual trading is not a necessary condition for negotiability. TABLE A Descriptions of instrument categories of the assets and liabilities of IFs ASSET CATEGORIES Category Description of main features 1. Deposits and loan claims For the purposes of the reporting scheme, this category consists of funds lent by IFs to borrowers, or loans acquired by IFs, which are either evidenced by non-negotiable documents or not evidenced by documents. This category includes: — deposits placed by the IF, such as overnight deposits, deposits with agreed maturity and deposits redeemable at notice; — holdings of non-negotiable securities: — holdings of debt securities which are not negotiable and cannot be traded on secondary markets; — traded loans; — loans that have de facto become negotiable are classified under the category ‘deposits and loan claims’ provided that there is no evidence of secondary market trading. Otherwise they are classified as debt securities; — subordinated debt in the form of deposits or loans: subordinated debt instruments provide a subsidiary claim on the issuing institution that can only be exercised after all claims with a higher status have been satisfied, giving them some of the characteristics of equity. For statistical purposes, subordinated debt is classified as either ‘loans’ or ‘debt securities’ according to the nature of the instrument. Where the IF’s holdings of all forms of subordinated debt are currently identified as a single figure for statistical purposes, this figure is classified under the category ‘debt securities’, on the grounds that subordinated debt is predominantly constituted in the form of debt securities, rather than as loans; — claims under reverse repos against cash collateral: — counterpart of cash paid out in exchange for securities purchased by IFs at a given price under a firm commitment to resell the same or similar securities at a fixed price on a specified future date; — claims under securities borrowing against cash collateral: — counterpart of cash paid in exchange for securities borrowed by IFs; — Leveraged loans are syndicated loans extended to corporations with low (below investment grade) credit quality. For the purposes of this Regulation, this category also includes holdings of euro and foreign currency banknotes and coins in circulation that are commonly used to make payments 2. Debt securities Holdings of debt securities, which are negotiable financial instruments serving as evidence of debt, are usually traded on secondary markets or can be offset on the market, and do not grant the holder any ownership rights over the issuing institution. This category includes: — holdings of securities which give the holder the unconditional right to a fixed or contractually determined income in the form of coupon payments and/or a stated fixed sum at a specific date or dates, or starting from a date defined at the time of issue; — traded loans which have become negotiable on an organised market, provided that there is evidence of secondary market trading, including the existence of market makers, and frequent quotation of the financial asset, such as provided by bid-offer spreads. Where this is not the case they are classified as ‘deposits and loan claims’; — subordinated debt in the form of debt securities. Securities lent out under securities lending operations or sold under a repurchase agreement remain on the original owner’s balance sheet (and are not recorded on the temporary acquirer’s balance sheet) where there is a firm commitment to reverse the operation and not simply an option to do so. Where the temporary acquirer sells the securities received, this sale must be recorded as an outright transaction in securities and entered in the temporary acquirer’s balance sheet as a negative position in the securities portfolio. 3. Equity Financial assets that represent property rights in corporations or quasi-corporations. Such financial assets generally entitle the holders to a share in the profits of the corporations or quasi-corporations and to a share in their net assets in the event of liquidation. This category includes listed and unlisted shares and other equity. Equity securities lent out under securities lending operations or sold under a repurchase agreement, are treated in accordance with the description in category 2 ‘debt securities’. 3a. Equity of which listed shares Listed shares are equity securities listed on an exchange. Such an exchange may be a recognised stock exchange or any other form of secondary market. Listed shares are also referred to as quoted shares. The existence of quoted prices of shares listed on an exchange means that current market prices are usually readily available. 3b. Equity of which unlisted shares Unlisted shares are equity securities not listed on an exchange. 3c. Equity of which other equity Other equity comprises all forms of equity other than those classified in sub-categories listed shares and unlisted shares. 4. IF shares/units This category includes holdings of shares/units issued by MMFs and non-MMF IFs (i.e. IFs other than MMFs) included in the lists of MFIs and IFs for statistical purposes. MMFs are defined in Article 2(5) of Regulation (EU) 2021/379 (ECB/2021/2). IFs other than MMFs are defined in Article 2 of this Regulation. (2 + 3+4) of which securities (debt securities, equity and IF shares/units) lent out or sold under repurchase agreements This category includes those securities, reported under categories 2 (debt securities), 3 (equity) and 4 (IF shares/units) which have been lent under securities lending operations or sold under repurchase agreements (or any other type of similar operations, such as sell and buy-back transactions). 5. Financial derivatives Financial derivatives are financial instruments linked to a specified financial instrument, indicator, or commodity, through which specific financial risks can be traded in financial markets in their own right. This category includes: — options; — warrants; — futures; — forwards; — swaps; — credit derivatives. Financial derivatives are recorded at market value on the balance sheet on a gross basis. Individual derivative contracts with positive market values are recorded on the asset side of the balance sheet, and contracts with negative market values on the liability side of the balance sheet. Gross future commitments arising from derivative contracts should not be entered as on-balance-sheet items. Financial derivatives may be recorded on a net basis according to different valuation methods. In the event that only net positions are available, or positions are recorded other than at market value, these positions are reported instead. This category does not include financial derivatives that are not subject to on-balance-sheet recording according to national rules. When the counterparty is known, the geographical allocation is based on the residency of the counterparty. When the counterparty is not known, for instance in transactions conducted on an organised market, the geographical allocation is based on the residency of the market. 6. Non-financial assets Tangible and intangible assets, other than financial assets. This category includes dwellings, other buildings and structures, machinery and equipment, valuables, intellectual property products such as computer software and databases, and virtual and crypto-assets without a counterpart liability. This category may include the following, also reported as separate ‘of which’ categories: — Residential real estate: — Residential real estate is a residence which is occupied by the owner or the lessee of the residence; — Commercial real estate: — Commercial real estate is a real estate property where goods or services are provided to customers (e.g. hotels, restaurants, retail); — Industrial real estate: — Industrial real estate is real estate used for industrial purposes, such as those used as factories, logistical centres and storage space; — Other real estate: — Real estate other than residential, commercial and industrial real estate. This category includes office real estate. 7. Remaining assets This is the residual category on the asset side of the balance sheet, defined as ‘assets not included elsewhere’. NCBs may also require under this category individual breakdowns of the following: — ccrued interest receivable on deposits and loans; — accrued interest on holdings of debt securities; — accrued rent receivable; — amounts receivable which do not relate to the IF’s main business. LIABILITY CATEGORIES Category Description of main features 8. Loans and deposits received Amounts owed to creditors by the IF, other than those arising from the issue of negotiable securities. This category consists of: — loans granted to the IFs which are either evidenced by non-negotiable documents or not evidenced by documents; — repos and repo-type operations against cash collateral: counterpart of cash received in exchange for securities sold by the IF at a given price under a firm commitment to repurchase the same (or similar) securities at a fixed price on a specified future date. Amounts received by the IF in exchange for securities transferred to a third party (‘temporary acquirer’) are to be classified here where there is a firm commitment to reverse the operation and not merely an option to do so. This implies that the IF retains all risks and rewards of the underlying securities during the operation; — cash collateral received in exchange for securities lending: amounts received in exchange for securities temporarily transferred to a third party in the form of securities lending operations against cash collateral; — cash collateral received in operations involving the temporary transfer of gold against collateral. This category may include revolving loans and overdrafts, also reported as separate ‘of which’ categories. Revolving loans are loans that have all the following features: (i) the borrower may use or withdraw funds to a pre-approved credit limit without giving prior notice to the lender; (ii) the amount of available credit can increase and decrease as funds are borrowed and repaid; (iii) the credit may be used repeatedly. Revolving loans include the amounts obtained through a line of credit and not yet repaid (outstanding amounts). A line of credit is an agreement between a lender and borrower that allows a borrower to take advances, during a defined period and up to a certain limit, and repay the advances at his discretion before a defined date. Amounts available through a line of credit that have not been withdrawn or have already been repaid are not to be considered under any balance sheet items category. Overdrafts are debit balances on current accounts. The total amount owed is to be reported, irrespective of whether it is within or beyond any limit agreed beforehand between the lender and the borrower with regard to size and/or maximum period of the loan. 9. IF shares/units Shares or units, including in the form of equity capital, issued by IFs that are included in the list of IFs for statistical purposes. This category represents the total liability to the IF’s shareholders. Funds arising from non-distributed benefits or funds set aside by the IF in anticipation of likely future payments and obligations are also included. 10. Financial derivatives See category 5. 11. Remaining liabilities This is the residual category on the liabilities side of the balance sheet, describing the ‘liabilities not included elsewhere’. NCBs may also require under this category individual breakdowns of the following: — debt securities issued; — Securities issued by the IF, other than equity, which are instruments usually negotiable and traded on secondary markets or which can be offset on the market and which do not grant the holder any ownership rights over the issuing institution; — accrued interest payable on loans and deposits; — amounts payable not related to the IF’s main business, i.e. amounts due to suppliers, tax, wages, social contributions, etc.; — provisions representing liabilities against third parties, i.e. pensions, dividends, etc.; — net positions arising from securities lending without cash collateral; — net amounts payable in respect of future settlements of transactions in securities. Part 2 Descriptions of attributes of security-by-security information TABLE B Descriptions of attributes of security-by-security information Field Description of main attributes Security identifier code A code that uniquely identifies a security. It may be the ISIN code or another security identifier code, subject to the NCB’s instructions. ‘ISIN code’ means the International Securities Identification Number assigned to securities, composed of 12 alphanumeric characters, which uniquely identifies a securities issue (as defined by ISO 6166). Number of units or aggregated nominal amount Number of units of a security or aggregated nominal amount if the security is traded in amounts rather than in units. Price Market price per unit of a security or percentage of the aggregated nominal amount if the security is traded in amounts rather than in units. NCBs may also require accrued interest under this position. Total amount Total market value of a security. Where securities are traded in units, this amount equals the number of securities multiplied by the price per unit. Where securities are traded in amounts rather than in units, this amount equals the aggregated nominal amount multiplied by the price expressed as a percentage. NCBs may also require accrued interest under this position. Financial transactions The sum of purchases minus sales (securities on the asset side) or issues minus redemptions (securities on the liability side) of a security recorded at transaction value. Securities purchased (assets) or issued (liabilities) The sum of purchases (securities on the asset side) or issues (securities on the liability side) of a security recorded at transaction value. Securities sold (assets) or redeemed (liabilities) The sum of sales (securities on the asset side) or redemptions (securities on the liability side) of a security recorded at transaction value. Currency of recording of the security ISO code or equivalent of the currency used to express the price and/or the outstanding amount of the security. Instrument As defined in Table A, categories 2, 3 and 4. Issuer identification code A standard code, agreed with the relevant NCB that uniquely identifies an issuer and information on the identifier type of the code that is used, e.g. EU identifier or national identifier. Issuer name Full legal name of the issuer. Issuer country ISO code or equivalent of the country of residency of the issuer. Issue date The date on which the securities are delivered to the underwriter by the issuer against payment. This is the date when the securities are available for delivery to investors for the first time. Maturity date Date on which the debt instrument is actually redeemed. Accrued interest Interest accrued since the last coupon payments or the accrual start date. Part 3 Descriptions of sectors The ESA 2010 provides the standards for sector classification in the Member States. This table provides a detailed standard description of sectors which NCBs transpose into national categories in accordance with this Regulation. Counterparties located in the euro area are identified according to their sector in accordance with the lists maintained by the European Central Bank (ECB) for statistical purposes and the guidance for the statistical classification of counterparties provided in the ECB’s ‘Monetary financial institutions and markets statistics sector manual: Guidance for the statistical classification of customers’. TABLE C Descriptions of sectors Sector Descriptions 1. MFIs MFIs as defined in Article 2, point (1), of Regulation (EU) 2021/379 (ECB/2021/2). 2. General government The general government sector (S.13) consists of institutional units which are non-market producers whose output is intended for individual and collective consumption, and which are financed by compulsory payments made by units belonging to other sectors, and institutional units principally engaged in the redistribution of national income and wealth (ESA 2010, paragraphs 2.111 to 2.113). Central government This subsector (S.1311) includes all administrative departments of the state and other central agencies whose competence extends normally over the whole economic territory, except for the administration of social security funds (ESA 2010, paragraph 2.114). For the purpose of this Regulation, central government also includes Union institutions and bodies which are classified in the general government sector (S.13). State government This subsector (S.1312) consists of those types of public administration which are separate institutional units exercising some of the functions of government, except for the administration of social security funds, at a level below that of central government and above that of the governmental institutional units existing at local level (ESA 2010, paragraph 2.115). Local government This subsector (S.1313) includes those types of public administration whose competence extends to only a local part of the economic territory, apart from local agencies of social security funds (ESA 2010, paragraph 2.116). Social security funds The social security funds subsector (S.1314) includes central, state and local institutional units whose principal activity is to provide social benefits and which fulfil each of the following two criteria: (a) by law or by regulation certain groups of the population are obliged to participate in the scheme or to pay contributions; and (b) general government is responsible for the management of the institution in respect of the settlement or approval of the contributions and benefits independently from its role as supervisory body or employer. There is usually no direct link between the amount of the contribution paid by an individual and the risk to which that individual is exposed (ESA 2010, paragraph 2.117). 3. Non-MMF IFs IFs as defined in Article 2, point (1), of this Regulation. 4. Other financial intermediaries, except insurance corporations and pension funds The other financial intermediaries, except insurance corporations and pension funds subsector (S.125) consists of all financial corporations and quasi-corporations which are principally engaged in financial intermediation by incurring liabilities in forms other than currency, deposits (or close substitutes for deposits), IF shares/units, or in relation to insurance, pension and standardised guarantee schemes from institutional units. FVCs as defined in Regulation (EU) No 1075/2013 of the European Central Bank (ECB/2013/40) ( 1 ) are included in this subsector (ESA 2010, paragraphs 2.86 to 2.94). 5. Financial auxiliaries The financial auxiliaries subsector (S.126) consists of all financial corporations and quasi-corporations which are principally engaged in activities closely related to financial intermediation but which are not financial intermediaries themselves. This subsector also includes head offices whose subsidiaries are all or mostly financial corporations (ESA 2010, paragraphs 2.95 to 2.97). 6. Captive financial institutions and money lenders The captive financial institutions and money lenders subsector (S.127) consists of all financial corporations and quasi-corporations which are neither engaged in financial intermediation nor in providing financial auxiliary services, and where most of either their assets or their liabilities are not transacted on open markets. This subsector includes holding companies that hold controlling-levels of equity of a group of subsidiary corporations and whose principal activity is owning the group without providing any other service to the businesses in which the equity is held, that is, they do not administer or manage other units (ESA 2010, paragraphs 2.98 and 2.99). 7. Insurance corporations The insurance corporations subsector (S.128) consists of all financial corporations and quasi-corporations which are principally engaged in financial intermediation as a consequence of the pooling of risks mainly in the form of direct insurance or reinsurance (ESA 2010, paragraphs 2.100 to 2.104). 8. Pension funds The pension funds subsector (S.129) consists of all financial corporations and quasi-corporations which are principally engaged in financial intermediation as the consequence of the pooling of social risks and needs of the insured persons (social insurance). Pension funds as social insurance schemes provide income in retirement, and often benefits for death and disability (ESA 2010, paragraphs 2.105 to 2.110). 9. Non-financial corporations The non-financial corporations sector (S.11) consists of institutional units which are independent legal entities and market producers, and whose principal activity is the production of goods and non-financial services. This sector also includes non-financial quasi-corporations (ESA 2010, paragraphs 2.45 to 2.50). 10. Households The households sector (S.14) consists of individuals or groups of individuals as consumers and as entrepreneurs producing market goods and non-financial and financial services (market producers) provided that the production of goods and services is not by separate entities treated as quasi-corporations. It also includes individuals or groups of individuals as producers of goods and non-financial services for exclusively own final use. The household sector includes sole proprietorships and partnerships without independent legal status, other than those treated as quasi-corporations, which are market producers (ESA 2010, paragraphs 2.118 to 2.128). 11. Non-profit institutions serving households The non-profit institutions serving households (NPISHs) sector (S.15) consists of non-profit institutions which are separate legal entities, which serve households and are private non-market producers. Their principal resources are voluntary contributions in cash or in kind from households in their capacity as consumers, from payments made by general government and from property income (ESA 2010, paragraphs 2.129 and 2.130). Part 4 Descriptions of income and fee information TABLE D Descriptions of income and fee information Field Description Income received Income received by the IF during the period, allocated to each share class issued by the IF. Dividends paid Funds paid by the IF to its shareholders in the form of dividends, or other equivalent distributions, during the period, allocated to each share class issued by the IF. Fees paid by the shareholders to the IF Fees paid by the shareholders to the IF during the period, in the form of payments deducted from the IF’s assets and excluding fees paid directly by shareholders to third parties other than the IF. They consist of the types ‘recurring costs’ and ‘incidental costs’ of the IF as described in Annex VI to Commission Delegated Regulation (EU) 2017/653 ( 2 ) . Part 5 Descriptions of IF classification attributes TABLE E Descriptions of IF classification attributes Field Description of IF classification attributes Identifier code ‘Legal Entity Identifier’ or ‘LEI’ is an alphanumeric reference code in line with the ISO 17442 standard assigned to a legal entity. ‘RIAD code’ is the unique identifier for the Register of Institutions and Affiliates Data (RIAD) created by the competent NCB or by the ECB to identify an entity recorded. Other (e.g. national) entity identifier (type and code) is any other identification code for the IF. In order of priority, the code used shall be LEI, RIAD code or other entity identifier. Name Full legal name of the IF. Country of residence Country where the IF is resident. Birth date Date when the IF was first established. Management company A company, the regular business of which is the management of the investment fund. Management company ID Identification code of the management company. In order of priority, the code used shall be LEI, RIAD code or any other (e.g. national) entity identifier. Dividend distribution policy Distribution fund is an IF which predominantly (more than 50 %) pays out the income it receives to its shareholders as cash. Cumulative fund is an IF which predominantly (more than 50 %) reinvests the income it receives in accordance with its investment policy. Mixed dividend distribution fund is an IF which uses the income it receives both to pay out to its shareholders as cash and to reinvest in accordance with its investment policy. Investment funds with sub-funds Umbrella fund is an entity which segregates its assets into different units (sub-funds) in such a way that shares/units relating to each unit are independently backed by different assets. Sub-fund of an umbrella fund is a unit which holds segregated assets of an umbrella fund, backing shares/units issued by the sub-fund. Investment policy Equity funds are IFs primarily investing in equity. Bond funds are IFs primarily investing in debt securities. Mixed funds are IFs investing in both equity and bonds with no prevailing policy in favour of one or the other instrument. Real estate funds are IFs primarily investing in real estate. Hedge funds are any collective investment undertakings regardless of their legal structure under national legislation, which apply relatively unconstrained investment strategies to achieve positive absolute returns, and whose managers, in addition to management fees, are remunerated in relation to the fund’s performance. For that purpose, hedge funds have few restrictions on the type of financial instruments in which they may invest and may therefore flexibly employ a wide variety of financial techniques, involving leverage, short-selling or any other techniques. This description also covers IFs that invest, in full or in part, in other hedge funds provided that they otherwise meet the description. Loan / credit funds are IFs primarily investing in loans. Commodity funds are IFs primarily investing in commodities. Infrastructure funds are IFs primarily investing in public building infrastructure such as schools, hospitals or prisons, social infrastructure such as social housing, transport infrastructure such as roads, mass transit systems or airports, energy infrastructure such as energy grids, climate adaptation and mitigation projects, power plants or pipelines, water management infrastructure such as water supply systems, sewage or irrigation systems, communication infrastructure such as networks, and waste management infrastructure such as recycling or collection systems. Other funds are IFs other than bond funds, equity funds, mixed funds, real estate funds, hedge funds, loan / credit funds, commodity funds or infrastructure funds. The classification of IFs by their investment policy may differ across countries. In some countries, the classification is subject to specific regulatory provisions. Active / passive Active IFs are IFs whose managers have discretionary choice on investment decisions. These IFs may, but do not have to, be managed in reference to a stated benchmark. Passive synthetic IFs pursue an index-tracking objective by means of synthetic replication, using financial derivatives such as swaps to replicate the returns of the index they are tracking. Passive physical IFs pursue an index-tracking objective by means of physical replication, holding the assets, or a sample of the assets, underlying the index they are tracking. Geographical focus Region of investment is determined on the basis of predominant (more than 50 %) domicile of the assets held, in terms of their value. ‘Domestic’ means the IF predominantly invests in assets issued by residents in the same country as the investment fund. Europe (EEA), Europe (other than EEA), North America, South America, Asia / Pacific, Middle East and Africa have the same meaning as in the European Securities and Markets Authority (ESMA) Guidelines (ESMA/2014/869EN) ( 3 ) . Supranational / multiple region means the IF predominantly primarily invests in assets issued by supranational entities or it does not predominantly primarily invest in any single geographical region defined above Open / closed-end Open-end IFs are IFs whose units or shares are, at the request of the holders, repurchased or redeemed directly or indirectly out of the undertaking’s assets. Closed-end IFs are IFs with a fixed number of issued shares whose shareholders have to buy or sell existing shares to enter or leave the fund. Corporate / government bond funds Government bond funds predominantly (more than 50 %) invest in debt securities issued by governments. Corporate bond funds predominantly (more than 50 %) invest in debt securities issued by financial and non-financial corporations. The classification of IFs by their investment policy may differ across countries. In some countries, the classification is subject to specific regulatory provisions. Listing status Listed IFs have shares listed on a stock exchange or other organised marketplace. Non-listed IFs do not have shares listed on a stock exchange or other organised marketplace. UCITS / AIF compliance Undertakings for collective investments in transferable securities (UCITS) are IFs that have been established in accordance with Directive 2009/65/EC. Alternative investment funds (AIFs) are IFs that have been established in accordance with Directive 2011/61/EU. ‘Non-UCITS compliant, AIF compliant - of which shares are authorised to be marketed to retail investors’ is an IF which has received the relevant authorisation in accordance with Article 43 of Directive 2011/61/EU. Investor base Investor base is determined on the basis of predominant (more than 50 %) type of shareholders, in terms of their value. ‘Professional investor’ is an entity that meets the criteria for professional client in Annex II to Directive 2014/65/EU. ‘Retail investor’ is an investor who is not a ‘professional investor’. Type of real estate fund Residential real estate funds predominantly (more than 50 %) invest in residential property. Residential property is a residence which is occupied by the owner or the lessee of the residence. (Article 4(1), point (75), of Regulation (EU) No 575/2013 of the European Parliament and of the Council ( 4 ) Commercial real estate funds predominantly (more than 50 %) invest in real estate used for commercial purposes, such as retail and hotels. Industrial real estate funds predominantly (more than 50 %) invest in real estate used for manufacturing, production, storage and distribution of goods. Multi-strategy real estate funds invest in residential, commercial and industrial real estate, without a predominant focus on any. Other real estate funds are real estate funds which are not residential, commercial, industrial or multi-strategy real estate funds. Exchange -traded fund Exchange traded fund (ETF) is a ‘UCITS ETF’ as defined in paragraph 3, fourth subparagraph of ESMA Guidelines (ESMA/2012/832) ( 5 ) . ESMA defines a UCITS ETF as a UCITS at least one unit or share class of which is traded throughout the day on at least one regulated market or Multilateral Trading Facility with at least one market maker that takes action to ensure that the stock exchange value of its units or shares does not significantly vary from its net asset value and where applicable its Indicative Net Asset Value. Non-UCITS IFs that comply with the ESMA ETF definition should be included here. Private equity fund Private equity funds (PEFs) are unleveraged IFs that predominantly invest in equity instruments and instruments that are economically similar to equity instruments issued by unlisted companies. A sub-category of PEFs is venture capital funds (VCFs), which invest in start-up companies. PEFs (including VCFs) are normally constituted as closed-end funds or as limited partnerships managed by a private equity company (PEC) or a venture capital company (VCC) in the case of VCFs. While PEFs (including VCFs) are classified as IFs in line with Article 2 of this Regulation, PECs and VCCs are classified as financial auxiliaries (ESA 2010 subsector S.126) if they solely manage the assets of PEFs and VCFs; and as other financial intermediaries (ESA 2010, subsector S.125) if they invest on their own account in private equity. Real estate investment trust Real estate investment trust (REIT) is an entity that owns or finances income-producing real estate assets and is subject to a dedicated national legal framework defining its legal form, eligible assets and tax regime. Redemption frequency Redemption frequency specifies the schedule on which investors in the IF may redeem their shares/units. Environmental, social and governance (ESG) type A Sustainable Finance Disclosure Regulation (SFDR) Article 8 compliant IFs are compliant with Regulation (EU) 2019/2088 Article 8, thereby promoting environmental or social characteristics. Sustainable Finance Disclosure Regulation (SFDR) Article 9 compliant IFs are compliant with Regulation (EU) 2019/2088 Article 9, thereby having sustainable investment as its objective. Other IFs are not compliant with Article 8 nor Article 9 of Regulation (EU) 2019/2088. ( 1 ) Regulation (EU) No 1075/2013 of the European Central Bank of 18 October 2013 concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions (ECB/2013/40) ( OJ L 297, 7.11.2013, p. 107 ). ( 2 ) Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 supplementing Regulation (EU) No 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents ( OJ L 100, 12.4.2017, p. 1 ). ( 3 ) Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD (ESMA/2014/869EN), available on the ESMA website at www.esma.europa.eu . ( 4 ) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012 ( OJ L 176, 27.6.2013, p. 1 ). ( 5 ) Guidelines for competent authorities and UCITS management companies (ESMA/2012/832EN), available on the ESMA website at www.esma.europa.eu .