Forms, methods of preparation and procedure for submission of reports of creditor or credit intermediary and branch of foreign creditor or credit intermediary to be submitted to Financial Supervision Authority

The Regulation is established pursuant to subsection § 57 (5) of the Creditors and Credit Intermediaries Act.

Chapter 1 GENERAL PROVISIONS 

§ 1.  Scope of application

  The Regulation provides the forms of reports of a creditor and credit intermediary (hereinafter credit intermediary) submitted to the Financial Supervision Authority, requirements to the content of the reports, including content of the entries used in the reports and the methodology of preparation and procedure for submitting the reports.

Chapter 2 PRINCIPLES OF PREPARING REPORTS AND SUBMISSION 

§ 2.  Reports prepared

 (1) The creditor is obligated to prepare and submit the following reports:
 1) “Balance sheet” according to annex 1 (attached);
 2) “Income statement” according to annex 2 (attached);
 3) “Consumer credit contracts turnover report” according to annex 3 (attached);
 4) “Outstanding balances of consumer credit contracts report” according to annex 4 (attached);
 5) “Creditor’s consumers report” according to annex 5 (attached);
 6) “Consumer credit claims deducted from the balance sheet report” according to annex 6 (attached).

 (2) The credit intermediary is obligated to prepare and submit the reports specified in clauses 1-3 of subsection 1 of this paragraph.

 (3) When submitting reports the following codes of reports designated by the Financial Supervision Authority must be used:
 1) “Balance sheet” code 6101;
 2) “Income statement” code 6102;
 3) Consumer credit contracts turnover report” code 6103;
 4) “Outstanding balances of consumer credit contracts report” code 6104;
 5) “Creditor’s consumers report” code 6105;
 6) “Consumer credit claims deducted from the balance sheet report” code 6106.

 (4) The provisions of Eesti Pank Governor’s Decree No. 8 of 6 November 2012 “Establishment of requirements to the contents and form of savings and loan associations' balance sheet statement and income statement and the procedure of submitting the reports to Eesti Pank” are applied to the balance sheet and income statement of a savings and loan association and their submission and the balance sheet and income statement are submitted to the Financial Supervision Authority through the Bank of Estonia.

 (5) The provisions of Regulation No. 54 of the Minister of Finance of 21 October 2010 “Procedure for calculating the own funds of payment institutions and formats of reports, methodology of preparing reports and procedure for submission” are applied to the balance sheet and income statement of a creditor or credit intermediary that is a payment institution specified in subsection § 5 (1) of the Payment Institutions and E-money Institutions Act, and to their submission.

§ 3.  Bases of preparing reports

 (1) Data recorded in the reports are submitted in the financial currency officially in force in Estonia and in full units, subject to this Regulation.

 (2) Sums fixed in foreign currency are recalculated into the official currency in force in Estonia at the rate of the European Central Bank of the final working day of the reporting period.

 (3) In reports specified in clauses § 2 (1) 1), 4) and 5) of this Regulation, data is submitted as at the end of the accounting period.

 (4) In the report specified in clause § 2 (1) 2) of this Regulation, data is submitted cumulatively from the beginning of the financial year.

 (5) In reports specified in clauses § 2 (1) 3) and 6) of this Regulation, data is submitted on the basis of the turnover that took place in the accounting period.

§ 4.  Principles of preparing reports

 (1) When preparing the balance sheet and income statement the assets, obligations, equity, revenue and expenditure are measured and recorded in accordance with the Estonian Generally Accepted Accounting Principles or the international financial reporting standards approved by the European Commission pursuant to the procedure established in Regulation (EC) 1606/2002 of the European Parliament and of the Council on the application of international accounting standards (ELT L 243, 11.09.2002, p 1-4), considering the differences provided in this Regulation.

 (2) Forms of reports and guidelines for preparation provided in annexes 1-6 of this Regulation are used as the basis when preparing reports.

 (3) Contracts specified in subsection § 403 (2) of the Law of Obligations Act are not considered as a consumer credit contract when preparing reports provided in annexes 1-6 of this Regulation.

 (4) In the reports submitted to the Financial Supervision Authority the change in fair value of financial assets measured in fair value is recorded in the income statement of the creditor and credit intermediary and the revaluation surplus of financial assets is not used for this.

 (5) In the income statement of the creditor and credit intermediary the interests calculated on an accrual basis related to financial investments measured in fair value and declared dividends are shown in the entries of interest income and the respective financial revenue and expenditure.

§ 5.  Submitting reports

 (1) Reports are submitted to the Financial Supervision Authority electronically as a document formatted in XML (eXtensible Markup Language), complying with the requirements for securing data exchange.

 (2) When submitting reports the creditor and credit intermediary is obligated to comply with the technical requirements, which have been established with Eesti Pank Governor’s Decree No. 9 of 9 December 2011 „Requirements for submission of reports formatted as XML documents”.

 (3) On absence of the data submitted in the report an empty report must be submitted.

Chapter 3 IMPLEMENTATION 

§ 6.  Implementing the Regulation

  The Regulation is applied upon preparation and submission of reports on accounting periods, which end on 31 March 2016 or later.

§ 7.  Entry into force of the Regulation

  The Regulation enters into force on 1 January 2016.

The Regulation is established pursuant to subsection 57 (5) of the Creditors and Credit Intermediaries Act.

Chapter 1 General Provisions 

§ 1.  Scope of regulation

  The Regulation provides the forms of reports of a creditor or a branch of a foreign creditor (hereinafter creditor) and an intermediary of a creditor or a branch of a foreign credit intermediary (hereinafter credit intermediary) to be submitted to the Financial Supervision Authority, requirements for the content of the reports, including for the content of the items used in the reports, and the methods of preparation and procedure for submission of the reports.
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Chapter 2 Principles of Preparation and Submission of Reports 

§ 2.  Reports to be prepared

 (1) A creditor is required to prepare and submit the following reports:
 1) “Balance sheet” according to Annex 1 (attached);
 2) “Income statement” according to Annex 2 (attached);
 3) “Report on turnover of consumer credits issued in Estonia” according to Annex 3 (attached);
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 4) “Report on balance of consumer credits issued in Estonia” according to Annex 4 (attached);
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 5) “Report on consumers of creditor” according to Annex 5 (attached);
 6) “Report on consumer credit claims assigned or written off” according to Annex 6 (attached);
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 7) “Report on balance of consumer credits issued in foreign state” according to Annex 7 (attached).
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 (2) A credit intermediary is required to prepare and submit the following reports:
 1) the reports specified in clauses 1) and 2) of subsection (1) of this section;
 2) “Report on turnover of consumer credits intermediated in Estonia” according to Annex 8 (attached).
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 (3) Upon submission of reports, the following codes of reports designated by the Financial Supervision Authority must be used:
 1) “Balance sheet” with code 6101;
 2) “Income statement” with code 6102;
 3) “Report on turnover of consumer credits issued in Estonia” with code 6107;
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 4) “Report on balance of consumer credits issued in Estonia” with code 6108;
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 5) “Report on consumers of creditor” with code 6105;
 6) “Report on consumer credit claims assigned or written off” with code 6106;
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 7) “Report on balance of consumer credits issued in foreign state” with code 6109;
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 8) “Report on turnover of consumer credits intermediated in Estonia” with code 6110.
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 (4) The provisions of Decree No 8 of the Governor of Eesti Pank of 6 November 2012 “Establishment of requirements for the contents and form of savings and loan associations’ balance sheet statement and income statement and the procedure of submitting the reports to Eesti Pank” are applied to the balance sheet and income statement of a savings and loan association and their submission, and the balance sheet and income statement are submitted to the Financial Supervision Authority through Eesti Pank.

 (5) The provisions of Regulation No 54 of the Minister of Finance of 21 October 2010 “Procedure for calculating own funds of payment institutions, formats of reports, methods of preparation and procedure for submission of reports” are applied to the balance sheet and income statement of a creditor or credit intermediary that is a payment institution specified in subsection 5 (1) of the Payment Institutions and E-money Institutions Act, and to their submission.

§ 3.  Basis of preparation of reports

 (1) The data to be recorded in the reports are set out in the financial currency officially in force in Estonia and in full units unless otherwise provided by this Regulation.

 (2) Amounts denominated in foreign currency are recalculated into the official currency in force in Estonia at the rate of the European Central Bank of the last working day of the accounting period.

 (3) In the reports specified in clauses 2 (1) 1), 4), 5) and 7) of this Regulation, data is set out as at the end of the accounting period.
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 (4) In the report specified in clause 2 (1) 2) of this Regulation, data is set out cumulatively from the beginning of the financial year.

 (5) In the report specified in clauses 2 (1) 3) and 6) and in clause 2 2) of this Regulation, data is set out on the basis of the turnover that took place in the accounting period.
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§ 4.  Principles of preparation of reports

 (1) Upon preparation of the balance sheet and income statement, the assets, liabilities, equity, revenue and expenditure are measured and recorded in accordance with the Estonian Generally Accepted Accounting Principles or the international financial reporting standards approved by the European Commission pursuant to the procedure provided in Regulation (EC) 1606/2002 of the European Parliament and of the Council on the application of international accounting standards (OJ L 243, 11.9.2002, p. 1–4), considering the specificities set out in this Regulation.

 (2) The reports are prepared on the basis of the forms of reports and guidelines for preparation set out in Annexes 1–8 to this Regulation.
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 (3) Upon preparation of the reports set out in Annexes 1–8 to this Regulation, contracts specified in subsection 403 (2) of the Law of Obligations Act are not deemed to constitute a consumer credit agreement.
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 (4) In the reports to be submitted to the Financial Supervision Authority, the change in the fair value of financial assets measured at fair value is recorded in the income statement of a creditor and credit intermediary and the revaluation surplus of financial assets is not used for this.

 (5) In the income statement of a creditor and credit intermediary, the interest calculated on an accrual basis related to financial investments measured at fair value and declared dividends are shown under the items of interest income and the respective items of financial revenue and expenditure.

§ 5.  Submission of reports

 (1) Reports are submitted to the Financial Supervision Authority electronically as a document formatted in XML (eXtensible Markup Language), complying with the requirements for securing data exchange.

 (2) Upon submission of reports, a creditor and credit intermediary are required to comply with the technical requirements published on the website of the Financial Supervision Authority.
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 (3) In the absence of the data to be set out in the report, an empty report must be submitted.

Chapter 3 Implementation 

§ 6.  Implementing the Regulation

 (1) The Regulation is applied upon preparation and submission of reports on accounting periods, which end on 31 March 2016 or later.

 (2) The wordings of Annexes 2 and 6 to the Regulation, which entered into force on 1 October 2020, are applied upon preparation and submission of reports on accounting periods, which end on 31 December 2020 or later.
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 (3) The wording of the Regulation, which enters into force on 1 April 2022, is applied to accounting periods, which begin on 1 April 2022.
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§ 7.  Entry into force of the Regulation

  The Regulation enters into force on 1 January 2016.