## f1-more-disaggregated-institutional-sector-and-financial-instrument-breakdowns

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---

### Background
- The System of National Accounts 2008 (2008 SNA) and the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) currently provide sector and instrument breakdowns that may be insufficient to capture new developments in the financial world, notably the expansion of non-bank financial intermediation and emergence of fintech.
- The G20 Data Gaps Initiative (DGI-II) Recommendation II.5 spurred work on better capturing non-bank financial intermediation; GN F.6 “Capturing Non-bank Financial Intermediation in the System of National Accounts and External Sector Statistics” recommends further breakdowns of institutional sectors and financial instruments.
- Other related guidance notes (GNs) include GN F.4 “Financial Derivatives by Type” (new classifications of financial derivatives), GN F.7 “Impact of Fintech on Macroeconomic Statistics” (separate identification of fintech companies), GN G.2 “Treatment of MNE and Intra-MNE Flows”, and GN G.4 “Treatment of Special Purpose Entities” (identification of SPEs as part of foreign-controlled corporations).
- The GN proposes additional breakdowns for the SNA and external sector statistics (ESS), aiming for consistency between domains and noting that forthcoming GNs may require revisiting proposals to form a final comprehensive package.

### Issues for discussion — Institutional sectors and instruments
- Issue 1 — Further Institutional Sector Breakdowns in the SNA:
  - Chapter 4 of the 2008 SNA outlines institutional sectors and subsectors; DGI-II work indicated the need for more granular breakdowns within financial corporations to better capture non-bank financial intermediation and ownership/control of corporations.
  - OECD developed a proposal for more granular breakdowns of the financial corporations sector (OECD, 2017); endorsement by G20 economies in summer of 2018 introduced “more advanced ambitions” as voluntary series in OECD and ECB templates and Eurostat templates.
  - The OECD proposal (as reflected in GN F.6) would allow inclusion of more detailed subsector breakdowns (e.g., S121–S129 subsect ors remain unchanged but more detailed optional breakdowns can be compiled where relevant).
  - GN G.2 confirmed proposal to collect information on domestically controlled corporations that are part of a domestic multinational via S.11x and S.12x breakdowns into domestically controlled and foreign controlled, with domestically controlled split into public and private and an “of which” for part of a domestic multinational.
  - GN G.4 recommends separate identification of SPEs as “of which” items within “foreign controlled” at S.12x and S.11x levels, emphasizing creation of “of which” categories rather than combining all SPEs into one subsector. DGI-II template includes an “of which” under Corporate groups’ captive financial entities (subsector S127).
- Issue 2 — Further Institutional Sector Breakdowns in ESS:
  - BPM6 lists standard institutional sectors: (i) central bank, (ii) deposit-taking corporations, except the central bank, (iii) general government, and (iv) other sectors (iv-a other financial corporations (OFCs) and iv-b nonfinancial corporations, households, and NPISHs).
  - BPM6 presentation differs from 2008 SNA by including functional categories and allowing backward compatibility with BPM5 and a shorter sector list where full classification is infeasible.
  - GN F.6 recommends further breakdowns of OFCs to capture non-bank financial intermediation; GN G.4’s preference to identify SPEs as supplementary “of which” items is relevant for ESS.
  - The GN assesses needs for separating nonfinancial corporations from households and NPISHs in ESS to better capture cross-border transactions and positions, given MNEs’ growing role and intragroup flows.
- Issue 3 — Further Financial Instrument Breakdowns:
  - Chapter 11 of the 2008 SNA describes financial instruments used as basis for collection templates; DGI-II work showed more granular instrument breakdowns would be useful.
  - BPM6 classifies financial instruments into three broad categories: equity and investment fund shares, debt instruments, and other financial assets and liabilities. Standard components listed include:
    - (i) equity and investment fund shares,
    - (ii) special drawing rights,
    - (iii) currency and deposits,
    - (iv) debt securities,
    - (v) loans,
    - (vi) insurance, pension, and standardized guarantee schemes,
    - (vii) trade credit and advances,
    - (viii) other accounts receivable/payable,
    - (ix) monetary gold,
    - (x) financial derivatives and employee stock options.
  - GN F.6 recommends “of which” items under loans (e.g., gross recording of drawings and repayments noted in BPM6 paragraph 8.9); GN F.4 proposes new classifications for derivatives.

### Outcomes — Confirmed proposals and recommendations
- Issue 1 — Further Institutional Sector Breakdowns in the SNA:
  - Confirmed inclusion of further breakdowns of the financial corporations sector as recommended in GN F.6 and DGI-II work in the updated SNA.
  - Confirmed inclusion of “of which” items for domestically controlled public and private corporations (financial and nonfinancial) that are part of a domestic multinational (GN G.2).
  - Confirmed inclusion of an “of which” category for foreign controlled SPEs for nonfinancial corporations (S.11x) and financial corporations (S.12x) (GN G.4). For financial corporations, SPE information should also be included at the detailed level for “corporate groups’ captive financial entities” within subsector S.127.
  - Subsector labels S121–S129 remain unchanged; further breakdowns can be compiled where relevant and should not be interpreted as required for all countries. Inclusion in specific international data requests should follow careful cost-benefit analysis.
  - The GN does not recommend introducing separate sectors or financial instruments for fintech; GN F.7’s recommendation allows consideration of an “of which” category for fintech within subsector classifications where a country has strong need to identify them.
- Issue 2 — Further Institutional Sector Breakdowns in ESS:
  - Confirmed proposal to introduce further breakdowns for OFCs as supplementary items following GN F.6, including explicit separate identification of Money Market Funds (MMFs) under OFCs to reconcile ESS and monetary and financial statistics (MFS) treatments. The GN does not propose regrouping MMFs with deposit-taking corporations.
  - Proposed splitting of nonfinancial corporations (NFCs) and households and NPISHs as two separate standard components in ESS (see Annex II). Rationale: better separation of cross-border positions and flows of resident corporations from households and NPISHs given increasing role of MNEs and intragroup flows; improves linkage of ESS with other statistics and supports from-whom-to-whom analyses.
  - Proposed “of which” supplementary items for SPEs for deposit-taking corporations, OFCs, and NFCs, recognizing that many countries host few or immaterial SPEs and that separate data collection initiatives for SPEs already exist.
- Issue 3 — Additional Breakdowns for Financial Instruments in the SNA and ESS:
  - Confirmed proposal to introduce breakdowns of financial derivatives as in GN F.4:
    - Classification by market risk category: foreign exchange, single-currency interest rate, equity, commodity, credit, and others.
    - Supplemented by instrument: options, forwards and related instruments, futures, swaps, credit derivatives, marketable employee stock options, and other instruments.
    - Supplemented by trading venue and clearing status: exchange traded, over-the-counter [cleared], and over-the-counter [not cleared].
    - Maturity breakdowns to be introduced consistent with other financial instruments.
  - Proposed inclusion of “Repurchase agreements, securities lending with cash collateral, and margin lending” as an “of which” item under loans in the updated SNA and BPM, following GN F.6 and DGI-II Recommendations II.5 and II.8, to provide more information on liquidity risk and leverage.

### FITT feedback on proposed GN recommendations
- FITT members broadly supported the finalization of recommendations of relevant GNs as proposed in this GN for the updated SNA and BPM.
- One FITT member preferred continuing separate data collection on SPEs before introducing “of which” items as proposed, in order to assess materiality and data quality and to gauge cost and benefit before incorporating them in the reporting template in the new manuals.
- Another FITT member preferred introducing a SPE functional dimension, under which institutional sectors and financial instruments could be identified.
- One FITT member suggested other possible breakdowns (e.g., separately distinguishing loans related to leasing).
- FITT members broadly supported separate identification of nonfinancial corporations from households and NPISHs in other sectors of ESS.
- Some FITT members indicated that data for households are not significant in ESS, while the authors of this GN noted households and NPISHs can have relevant cross-border transactions and positions (e.g., households’ investment abroad) that may diffuse analysis when users focus on nonfinancial corporations in cross-border flows and stocks.

### Outcomes from Committee and AEG meetings
- The Committee and AEG members generally supported introducing more granularity for both institutional sector and financial instrument breakdowns in the updated SNA and BPM.
- Several members cautioned that proposed “of which” items and additional sector breakdowns should remain voluntary.
- Strong support existed for separate identification of nonfinancial corporations from households and NPISHs in the updated BPM to align with the SNA.
- Concerns raised:
  - Possible confidentiality constraints because households and NPISHs often play a small role in ESS.
  - Difficulties in separately identifying data under certain circumstances.
- Suggested approaches:
  - Maintain the upper sector nonfinancial corporations, households, and NPISHs in BPM, while including the detailed breakdown as part of the standard components.
  - Note that the breakdown applied to financial derivatives aligns with BIS OTC derivatives statistics and the BIS Triennial Survey.
- Members flagged concerns about the increasing number of supplementary items proposed as part of the updates.
- Agreement that a testing exercise and outreach to users to identify update priorities vis-à-vis their costs and benefits is essential to help compilers implement the most valuable supplementary items first.
- Acknowledgement that resource constraints of statistical agencies should be recognized.
- Recognition that some proposed breakdowns, while additional and not obligatory, can be essential for producing good estimates in the core accounts.
- Members agreed FITT should revisit GN recommendations if new proposals emerge through the end of the SNA and BPM update process; an example cited is the discussion around classification of crypto assets.

### Proposed more disaggregated institutional sector breakdowns (Annex I and II)
- Proposed additions to the SNA sectoral breakdown include detailed subcategories and “of which” items:
  - Non-financial corporations (S11):
    - Domestically controlled (S11DO): Public nonfinancial corporations (S11001) with “Of which: Public nonfinancial corporations which are part of domestic multinationals (S110011)”; National private nonfinancial corporations (S11002) with “Of which: National private nonfinancial corporations which are part of domestic multinationals (S110021)”.
    - Foreign controlled (S11003) with “Of which: SPEs”.
  - Financial corporations (S12):
    - Domestically controlled (S12DO): Public financial corporations (S12001) with “Of which: Public financial corporations which are part of domestic multinationals (S120011)”; National private financial corporations (S12002) with “Of which: National private financial corporations which are part of domestic multinationals (S120021)”.
    - Foreign controlled (S12003) with “Of which: SPEs”.
    - Central Bank (S121).
    - Deposit-taking corporations except the central bank (S122).
    - Money Market Funds (MMFs) (S123) into:
      - Constant Net Asset Value MMFs
      - Variable Net Asset Value MMFs
    - Non-Money Market Funds (non-MMFs) (S124) into:
      - Open end funds: Real estate funds; Equity funds; Bond funds; Mixed or balanced funds; Hedge funds; Other
      - Closed end funds: Real estate funds; Equity funds; Bond funds; Mixed or balanced funds; Hedge funds; Other
    - Other Financial Intermediaries (OFIs) (S125) into:
      - Financial vehicle corporations engaged in securitisation transactions
      - Financial corporations engaged in lending (FCLs)
      - Security and derivative dealers
      - Specialised financial corporations
      - Other, including “of which central clearing counterparties”
    - Financial auxiliaries (S126).
    - Captive financial institutions and money lenders (S127) into:
      - Trusts, estate and agency accounts
      - Corporate groups’ captive financial entities with “Of which: Foreign owned SPE-type captives”
      - Other captive finance companies and money lenders
    - Insurance corporations (S128) into Non-life insurance corporations and Life insurance corporations.
    - Pension funds (S129) into Defined benefit pension funds and Defined contribution pension funds.
- Proposed ESS breakdowns (Annex II) include:
  - Central bank; Monetary authorities.
  - Deposit-taking corporations with “Of which SPEs”.
  - General government.
  - Other financial corporations broken down into Money market funds (MMFs); Non-MMF investment funds; Insurance corporations; Pension funds; Other financial intermediaries (of which central clearing counterparties); Captive financial institutions and money lenders, and financial auxiliaries (of which SPEs).
  - Nonfinancial corporations (NFCs) with “Of which SPEs”.
  - Households (HHs) and non-profit institutions serving households (NPISHs).
- Notes in Annex II preserved verbatim:
  - Items in bold are additional breakdowns proposed in this GN based on input from other GNs.
  - Items in italic are supplementary (i.e., countries are encouraged to compile these breakdowns when they are relevant to their countries).
  - Captive financial institutions and money lenders as well as financial auxiliaries are combined to reduce compilation burden (they are not regarded as being involved in financial intermediation), but they can be separately identified in countries where they have large cross-border transactions and positions.
  - Households and non-profit institutions serving households can also be compiled separately in countries where compilers see its merit.
  - Data for central clearing counterparties (CCPs) could be compiled as an “of-which” item for countries that have large cross-border transactions and positions related to CCPs.
  - Data for SPEs are “of which” items for deposit-taking corporations, OFCs and NFCs, but they could also be compiled for other institutional sectors if they play an important role in the country.
  - “Other sectors” could continue to be used in case OFCs, NFCs, and HHs and NPISHs cannot be separately identified.

### Proposed additional financial instrument breakdowns (Annex III)
- Equity and investment fund shares:
  - Equity
  - Investment fund shares/units
- Debt instruments:
  - Special Drawing Rights
  - Currency and deposits
  - Debt securities
  - Loans
    - Of which: Repurchase agreements, securities lending with cash collateral, and margin lending
  - Insurance, pension, and standardized guarantee schemes
  - Trade credit and advances
  - Other accounts payable/receivable
- Other financial assets and liabilities:
  - Monetary gold
  - Financial derivatives and employee stock options
    - By market risk category:
      - Foreign exchange
      - Single-currency interest rate
      - Equity (including employee stock options)
      - Commodity
      - Credit
      - Other
    - By instrument:
      - Options
      - Forwards and related instruments (other than futures and swaps)
      - Futures
      - Swaps
      - Credit derivatives
      - Marketable employee stock options
      - Other
    - By trading venue and clearing status:
      - Exchange traded
      - Over-the-counter (cleared)
      - Over-the-counter (not cleared)
- Notes preserved verbatim:
  - Items in italic are supplementary.
  - Each financial instrument is classified by institutional sectors in ESS.

### Comparative summary and implementation guidance (Annex IV and V)
- Annex IV provides a summary of current and proposed sector breakdowns in SNA and ESS, highlighting proposed supplementary/encouraged items (e.g., SPEs, MMF types, OFI components, captive entities, pension fund subtypes) and proposed sector breakdowns in ESS, including “Of which SPEs” for certain sectors.
- Annex V lists supplementary information sources referenced in the GN.

*Source: Guidance Note f1 — SECTION I: THE ISSUE*

### SECTION I: THE ISSUE

### f1-more-disaggregated-institutional-sector-and-financial-instrument-breakdowns - SECTION I: THE ISSUE

### Background
- The System of National Accounts 2008 (2008 SNA) and the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) currently provide sector and instrument breakdowns that may be insufficient to capture new developments in the financial world, notably the expansion of non-bank financial intermediation and emergence of fintech.
- The G20 Data Gaps Initiative (DGI-II) Recommendation II.5 spurred work on better capturing non-bank financial intermediation; GN F.6 “Capturing Non-bank Financial Intermediation in the System of National Accounts and External Sector Statistics” recommends further breakdowns of institutional sectors and financial instruments.
- Other related guidance notes (GNs) include GN F.4 “Financial Derivatives by Type” (new classifications of financial derivatives), GN F.7 “Impact of Fintech on Macroeconomic Statistics” (separate identification of fintech companies), GN G.2 “Treatment of MNE and Intra-MNE Flows”, and GN G.4 “Treatment of Special Purpose Entities” (identification of SPEs as part of foreign-controlled corporations).
- The GN proposes additional breakdowns for the SNA and external sector statistics (ESS), aiming for consistency between domains and noting that forthcoming GNs may require revisiting proposals to form a final comprehensive package.

### Issues for discussion — Institutional sectors and instruments
- Issue 1 — Further Institutional Sector Breakdowns in the SNA:
  - Chapter 4 of the 2008 SNA outlines institutional sectors and subsectors; DGI-II work indicated the need for more granular breakdowns within financial corporations to better capture non-bank financial intermediation and ownership/control of corporations.
  - OECD developed a proposal for more granular breakdowns of the financial corporations sector (OECD, 2017); endorsement by G20 economies in summer of 2018 introduced “more advanced ambitions” as voluntary series in OECD and ECB templates and Eurostat templates.
  - The OECD proposal (as reflected in GN F.6) would allow inclusion of more detailed subsector breakdowns (e.g., S121–S129 subsect ors remain unchanged but more detailed optional breakdowns can be compiled where relevant).
  - GN G.2 confirmed proposal to collect information on domestically controlled corporations that are part of a domestic multinational via S.11x and S.12x breakdowns into domestically controlled and foreign controlled, with domestically controlled split into public and private and an “of which” for part of a domestic multinational.
  - GN G.4 recommends separate identification of SPEs as “of which” items within “foreign controlled” at S.12x and S.11x levels, emphasizing creation of “of which” categories rather than combining all SPEs into one subsector. DGI-II template includes an “of which” under Corporate groups’ captive financial entities (subsector S127).
- Issue 2 — Further Institutional Sector Breakdowns in ESS:
  - BPM6 lists standard institutional sectors: (i) central bank, (ii) deposit-taking corporations, except the central bank, (iii) general government, and (iv) other sectors (iv-a other financial corporations (OFCs) and iv-b nonfinancial corporations, households, and NPISHs).
  - BPM6 presentation differs from 2008 SNA by including functional categories and allowing backward compatibility with BPM5 and a shorter sector list where full classification is infeasible.
  - GN F.6 recommends further breakdowns of OFCs to capture non-bank financial intermediation; GN G.4’s preference to identify SPEs as supplementary “of which” items is relevant for ESS.
  - The GN assesses needs for separating nonfinancial corporations from households and NPISHs in ESS to better capture cross-border transactions and positions, given MNEs’ growing role and intragroup flows.
- Issue 3 — Further Financial Instrument Breakdowns:
  - Chapter 11 of the 2008 SNA describes financial instruments used as basis for collection templates; DGI-II work showed more granular instrument breakdowns would be useful.
  - BPM6 classifies financial instruments into three broad categories: equity and investment fund shares, debt instruments, and other financial assets and liabilities. Standard components listed include:
    - (i) equity and investment fund shares,
    - (ii) special drawing rights,
    - (iii) currency and deposits,
    - (iv) debt securities,
    - (v) loans,
    - (vi) insurance, pension, and standardized guarantee schemes,
    - (vii) trade credit and advances,
    - (viii) other accounts receivable/payable,
    - (ix) monetary gold,
    - (x) financial derivatives and employee stock options.
  - GN F.6 recommends “of which” items under loans (e.g., gross recording of drawings and repayments noted in BPM6 paragraph 8.9); GN F.4 proposes new classifications for derivatives.

### Outcomes — Confirmed proposals and recommendations
- Issue 1 — Further Institutional Sector Breakdowns in the SNA:
  - Confirmed inclusion of further breakdowns of the financial corporations sector as recommended in GN F.6 and DGI-II work in the updated SNA.
  - Confirmed inclusion of “of which” items for domestically controlled public and private corporations (financial and nonfinancial) that are part of a domestic multinational (GN G.2).
  - Confirmed inclusion of an “of which” category for foreign controlled SPEs for nonfinancial corporations (S.11x) and financial corporations (S.12x) (GN G.4). For financial corporations, SPE information should also be included at the detailed level for “corporate groups’ captive financial entities” within subsector S.127.
  - Subsector labels S121–S129 remain unchanged; further breakdowns can be compiled where relevant and should not be interpreted as required for all countries. Inclusion in specific international data requests should follow careful cost-benefit analysis.
  - The GN does not recommend introducing separate sectors or financial instruments for fintech; GN F.7’s recommendation allows consideration of an “of which” category for fintech within subsector classifications where a country has strong need to identify them.
- Issue 2 — Further Institutional Sector Breakdowns in ESS:
  - Confirmed proposal to introduce further breakdowns for OFCs as supplementary items following GN F.6, including explicit separate identification of Money Market Funds (MMFs) under OFCs to reconcile ESS and monetary and financial statistics (MFS) treatments. The GN does not propose regrouping MMFs with deposit-taking corporations.
  - Proposed splitting of nonfinancial corporations (NFCs) and households and NPISHs as two separate standard components in ESS (see Annex II). Rationale: better separation of cross-border positions and flows of resident corporations from households and NPISHs given increasing role of MNEs and intragroup flows; improves linkage of ESS with other statistics and supports from-whom-to-whom analyses.
  - Proposed “of which” supplementary items for SPEs for deposit-taking corporations, OFCs, and NFCs, recognizing that many countries host few or immaterial SPEs and that separate data collection initiatives for SPEs already exist.
- Issue 3 — Additional Breakdowns for Financial Instruments in the SNA and ESS:
  - Confirmed proposal to introduce breakdowns of financial derivatives as in GN F.4:
    - Classification by market risk category: foreign exchange, single-currency interest rate, equity, commodity, credit, and others.
    - Supplemented by instrument: options, forwards and related instruments, futures, swaps, credit derivatives, marketable employee stock options, and other instruments.
    - Supplemented by trading venue and clearing status: exchange traded, over-the-counter [cleared], and over-the-counter [not cleared].
    - Maturity breakdowns to be introduced consistent with other financial instruments.
  - Proposed inclusion of “Repurchase agreements, securities lending with cash collateral, and margin lending” as an “of which” item under loans in the updated SNA and BPM, following GN F.6 and DGI-II Recommendations II.5 and II.8, to provide more information on liquidity risk and leverage.

*Source: IMF Guidance Note f1 — SECTION I: THE ISSUE*

### 20.      FITT members broadly supported the finalization of recommendations of relevant GNs as

### f1-more-disaggregated-institutional-sector-and-financial-instrument-breakdowns - 20.      FITT members broadly supported the finalization of recommendations of relevant GNs as

### FITT feedback on proposed GN recommendations
- FITT members broadly supported the finalization of recommendations of relevant GNs as proposed in this GN for the updated SNA and BPM.
- One FITT member preferred continuing separate data collection on SPEs before introducing “of which” items as proposed, in order to assess materiality and data quality and to gauge cost and benefit before incorporating them in the reporting template in the new manuals.
- Another FITT member preferred introducing a SPE functional dimension, under which institutional sectors and financial instruments could be identified.
- One FITT member suggested other possible breakdowns (e.g., separately distinguishing loans related to leasing).
- FITT members broadly supported separate identification of nonfinancial corporations from households and NPISHs in other sectors of ESS.
- Some FITT members indicated that data for households are not significant in ESS, while the authors of this GN noted households and NPISHs can have relevant cross-border transactions and positions (e.g., households’ investment abroad) that may diffuse analysis when users focus on nonfinancial corporations in cross-border flows and stocks.

### Outcomes from Committee and AEG meetings
- The Committee and AEG members generally supported introducing more granularity for both institutional sector and financial instrument breakdowns in the updated SNA and BPM.
- Several members cautioned that proposed “of which” items and additional sector breakdowns should remain voluntary.
- Strong support existed for separate identification of nonfinancial corporations from households and NPISHs in the updated BPM to align with the SNA.
- Concerns raised:
  - Possible confidentiality constraints because households and NPISHs often play a small role in ESS.
  - Difficulties in separately identifying data under certain circumstances.
- Suggested approaches:
  - Maintain the upper sector nonfinancial corporations, households, and NPISHs in BPM, while including the detailed breakdown as part of the standard components.
  - Note that the breakdown applied to financial derivatives aligns with BIS OTC derivatives statistics and the BIS Triennial Survey.
- Members flagged concerns about the increasing number of supplementary items proposed as part of the updates.
- Agreement that a testing exercise and outreach to users to identify update priorities vis-à-vis their costs and benefits is essential to help compilers implement the most valuable supplementary items first.
- Acknowledgement that resource constraints of statistical agencies should be recognized.
- Recognition that some proposed breakdowns, while additional and not obligatory, can be essential for producing good estimates in the core accounts.
- Members agreed FITT should revisit GN recommendations if new proposals emerge through the end of the SNA and BPM update process; an example cited is the discussion around classification of crypto assets.

### Proposed more disaggregated institutional sector breakdowns (Annex I and II)
- Proposed additions to the SNA sectoral breakdown include detailed subcategories and “of which” items:
  - Non-financial corporations (S11):
    - Domestically controlled (S11DO): Public nonfinancial corporations (S11001) with “Of which: Public nonfinancial corporations which are part of domestic multinationals (S110011)”; National private nonfinancial corporations (S11002) with “Of which: National private nonfinancial corporations which are part of domestic multinationals (S110021)”.
    - Foreign controlled (S11003) with “Of which: SPEs”.
  - Financial corporations (S12):
    - Domestically controlled (S12DO): Public financial corporations (S12001) with “Of which: Public financial corporations which are part of domestic multinationals (S120011)”; National private financial corporations (S12002) with “Of which: National private financial corporations which are part of domestic multinationals (S120021)”.
    - Foreign controlled (S12003) with “Of which: SPEs”.
    - Central Bank (S121).
    - Deposit-taking corporations except the central bank (S122).
    - Money Market Funds (MMFs) (S123) into:
      - Constant Net Asset Value MMFs
      - Variable Net Asset Value MMFs
    - Non-Money Market Funds (non-MMFs) (S124) into:
      - Open end funds: Real estate funds; Equity funds; Bond funds; Mixed or balanced funds; Hedge funds; Other
      - Closed end funds: Real estate funds; Equity funds; Bond funds; Mixed or balanced funds; Hedge funds; Other
    - Other Financial Intermediaries (OFIs) (S125) into:
      - Financial vehicle corporations engaged in securitisation transactions
      - Financial corporations engaged in lending (FCLs)
      - Security and derivative dealers
      - Specialised financial corporations
      - Other, including “of which central clearing counterparties”
    - Financial auxiliaries (S126).
    - Captive financial institutions and money lenders (S127) into:
      - Trusts, estate and agency accounts
      - Corporate groups’ captive financial entities with “Of which: Foreign owned SPE-type captives”
      - Other captive finance companies and money lenders
    - Insurance corporations (S128) into Non-life insurance corporations and Life insurance corporations.
    - Pension funds (S129) into Defined benefit pension funds and Defined contribution pension funds.
- Proposed ESS breakdowns (Annex II) include:
  - Central bank; Monetary authorities.
  - Deposit-taking corporations with “Of which SPEs”.
  - General government.
  - Other financial corporations broken down into Money market funds (MMFs); Non-MMF investment funds; Insurance corporations; Pension funds; Other financial intermediaries (of which central clearing counterparties); Captive financial institutions and money lenders, and financial auxiliaries (of which SPEs).
  - Nonfinancial corporations (NFCs) with “Of which SPEs”.
  - Households (HHs) and non-profit institutions serving households (NPISHs).
- Notes in Annex II preserved verbatim:
  - Items in bold are additional breakdowns proposed in this GN based on input from other GNs.
  - Items in italic are supplementary (i.e., countries are encouraged to compile these breakdowns when they are relevant to their countries).
  - Captive financial institutions and money lenders as well as financial auxiliaries are combined to reduce compilation burden (they are not regarded as being involved in financial intermediation), but they can be separately identified in countries where they have large cross-border transactions and positions.
  - Households and non-profit institutions serving households can also be compiled separately in countries where compilers see its merit.
  - Data for central clearing counterparties (CCPs) could be compiled as an “of-which” item for countries that have large cross-border transactions and positions related to CCPs.
  - Data for SPEs are “of which” items for deposit-taking corporations, OFCs and NFCs, but they could also be compiled for other institutional sectors if they play an important role in the country.
  - “Other sectors” could continue to be used in case OFCs, NFCs, and HHs and NPISHs cannot be separately identified.

### Proposed additional financial instrument breakdowns (Annex III)
- Equity and investment fund shares:
  - Equity
  - Investment fund shares/units
- Debt instruments:
  - Special Drawing Rights
  - Currency and deposits
  - Debt securities
  - Loans
    - Of which: Repurchase agreements, securities lending with cash collateral, and margin lending
  - Insurance, pension, and standardized guarantee schemes
  - Trade credit and advances
  - Other accounts payable/receivable
- Other financial assets and liabilities:
  - Monetary gold
  - Financial derivatives and employee stock options
    - By market risk category:
      - Foreign exchange
      - Single-currency interest rate
      - Equity (including employee stock options)
      - Commodity
      - Credit
      - Other
    - By instrument:
      - Options
      - Forwards and related instruments (other than futures and swaps)
      - Futures
      - Swaps
      - Credit derivatives
      - Marketable employee stock options
      - Other
    - By trading venue and clearing status:
      - Exchange traded
      - Over-the-counter (cleared)
      - Over-the-counter (not cleared)
- Notes preserved verbatim:
  - Items in italic are supplementary.
  - Each financial instrument is classified by institutional sectors in ESS.

### Comparative summary and implementation guidance (Annex IV and V)
- Annex IV provides a summary of current and proposed sector breakdowns in SNA and ESS, highlighting proposed supplementary/encouraged items (e.g., SPEs, MMF types, OFI components, captive entities, pension fund subtypes) and proposed sector breakdowns in ESS, including “Of which SPEs” for certain sectors.
- Annex V lists supplementary information sources referenced in the GN.

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_Source: https://www.imf.org/-/media/files/data/statistics/bpm6/approved-guidance-notes/f1-more-disaggregated-institutional-sector-and-financial-instrument-breakdowns.pdf_