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Challenges of the Financial Corporations sub-sectors. Joint WPFS-WPNA Workshop: SNA Implementation Presenter: Dr Robert Dunn (Head of ESA 10 Implementation Branch) Email: Robert.Dunn@ons.gov.uk Tel: +44 1633 455347. Content. The Financial Corporations sub-sectors within the SNA & ESA

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challenges of the financial corporations sub sectors

Challenges of the Financial Corporations sub-sectors.

Joint WPFS-WPNA Workshop: SNA Implementation

Presenter: Dr Robert Dunn (Head of ESA 10 Implementation Branch)

Email: Robert.Dunn@ons.gov.uk

Tel: +44 1633 455347

content
Content
  • The Financial Corporations sub-sectors within the SNA & ESA
      • Data Sources
  • Challenges in the classification of Investment Funds
      • Resident vs non-resident units
      • Classification of REITs as non-MMFs Investment Funds
  • Challenges in identifying Special Purpose Entities
      • SPE activities
      • Gathering data from SPEs
      • As an Institutional Unit
content1
Content
  • Further Work
      • Business Register Improvements
      • Review of ONS Financial Surveys
      • Further use of administrative data
financial corporations sub sectors within the sna esa
Financial Corporations sub-sectors within the SNA & ESA
  • S.121 Central Bank.
  • S.122 Deposit-taking Corporations except the Central Bank.
  • S.123 Money Market Funds (MMF)
  • S.124 Non-MMF Investment Funds
  • S.125 Other Financial Intermediaries except Insurance Corporations and Pension Funds
financial corporations sub sectors within the sna esa1
Financial Corporations sub-sectors within the SNA & ESA
  • S.126 Financial Auxiliaries
  • S.127 Captive Financial Institutions and

Money Lenders

  • S.128 Insurance Corporations
  • S.129 Pension Funds
challenges in the classification of investment funds
Challenges in the Classification of Investment funds.
  • Resident vs non-resident units
      • Majority of investment funds are legally domiciled overseas
      • Fund manager located in London;
      • Around 34 sterling MMFs identified with a total value of c.£114bn, only one of which is legally domiciled in UK.
challenges in the classification of investment funds1
Challenges in the Classification of Investment funds.
  • Classification of Real Estate Investment Trusts as Non-MMFs Investment Funds.
      • REIT is a company that manages a portfolio of real estate to earn profit for shareholders
      • 1st January 2007 - Launch UK REITs
      • REITs very tax efficient as company pays no corporation tax or capital gains tax on profits from property investments.
      • A number of property management companies convert into REITs. (Is this a true change of activity?)
      • Not directly supervised by the Financial Services Authority (FSA).
      • Under ESA/SNA REITs are classified as non-MMF investment trusts
      • Companies on Business Register classified to various industries, all non-financial (S.11).
challenges in identifying special purpose entities
Challenges in Identifying Special Purpose Entities.
  • Activities of SPEs:
      • Securitisation
      • Risk sharing
      • Asset transfer
      • Property investing
challenges in identifying special purpose entities1
Challenges in Identifying Special Purpose Entities.
  • Gathering data from SPEs:
      • Identification
      • Little physical presence
          • Country of registration used to determine residency.
      • They have no or few employees
          • Impacts survey response burdens.
          • Grossing of survey results
challenges in identifying special purpose entities2
Challenges in Identifying Special Purpose Entities.
  • As an Institutional Unit.
      • Entitled to own goods and assets in its own right
      • Able to take economic decisions and engage in economic activities
      • Able to incur liabilities on its own behalf
      • Able to draw up a complete set of accounts
    • Otherwise unit is consolidated with parent.
further work
Further Work
  • Business register improvements
      • Coverage of SPEs
      • Identifying relationships between fund managers and investment funds.
      • Segregating holding companies and head offices
  • Review of ONS financial surveys
  • Further use of administrative data