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Recital 8

Recital 8

(8)Since the CSDB is operated jointly by all ESCB members, they should all aim to follow the same DQM standards. Where an NCB would like to conduct DQM that affects the CSDB data related to residents in other countries, it should coordinate with the NCBs and the non-euro area NCBs and with the ECB, as relevant, to clearly define the boundaries of such DQM. Moreover, non-euro area NCBs are in the best position to carry out DQM on the data related to issuers residing in their respective Member States. While it is recognised that guidelines adopted by the ECB may not impose any obligations on non-euro area NCBs, Article 5 of the Statute of the European System of Central Banks and of the European Central Bank applies to both NCBs and non-euro area NCBs. This implies an obligation on non-euro area NCBs to therefore design and implement all the measures that they consider appropriate in order to carry out DQM of CSDB output data and CSEC aggregate statistics in accordance with this Guideline. In addition, for the purposes of enabling the ECB to obtain a comprehensive overview of the statistical information collected and to carry out relevant analyses, the national central banks of non-euro area Member States that adopt the euro should be required to provide the ECB with statistical information covering a specified period prior to their adoption of the euro.

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