## pp4708-revisions-to-the-special-data-dissemination-standard-and-establishment

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---

### 1. Coverage, periodicity, and timeliness of data — Definitions and general considerations
- Comprehensive economic and financial statistical data, disseminated on a timely basis, are essential to the transparency of macroeconomic performance and policy.
- Coverage
  - SDDS focuses on basic data most important for economic performance and policy across four sectors: real, fiscal, financial, and external.
  - Focus is the minimum coverage necessary; subscribers are encouraged to disseminate additional data voluntarily (examples in source): core inflation measurement practices, forward-looking indicators, sectoral balance sheets, general government gross debt, interest rates used as operating targets, financial soundness indicators, gross outstanding external debt by remaining maturity.
  - Subscribers are encouraged to adopt the latest internationally accepted methodologies.
- For each of the four sectors the SDDS provides:
  - (a) a comprehensive statistical framework—national accounts for the real sector, government operations for fiscal data, depository corporations survey for financial data, and balance of payments accounts for external transactions;
  - (b) data that permit tracking of the principal measures in the comprehensive frameworks; and
  - (c) other data relevant to the sector (often prices, including interest rates and exchange rates).
- Periodicity and timeliness
  - Periodicity = frequency of compilation.
  - Timeliness = lapse of time between a reference date (or close of a reference period) and dissemination.
  - Dissemination forms include formal publications (including news releases), data on request, electronic databases, diskettes/tapes/CD-ROM, recorded telephone messages, facsimile services.

### 1. Coverage, periodicity, and timeliness of data — Specifications (coverage, periodicity, timeliness)
- SDDS specifications are summarized in attached Table 1; further specifications for international reserves and foreign currency liquidity are in Table 2; external debt in Tables 3 and 4.
- "As relevant" designation:
  - If staff consider a data category/component not relevant to a subscribing country, the country is deemed in observance for that category/component even if it does not produce/disseminate those data.
  - The “as relevant” provision is not to be invoked when the specifications apply, the markets exist, or instruments/arrangements are in use.
- "Encouraged" designation:
  - Features designated as “encouraged” are not binding but countries are encouraged to develop and disseminate such categories in the indicated periodicity and timeliness.
- Real sector
  - Prescribed comprehensive framework: national accounts (nominal levels, real (price-adjusted) levels, associated prices—deflators or price indices).
  - Tracking GDP more frequently: a single production index or a selection of production indices.
  - Price statistics prescribed: consumer price indices and producer or wholesale price indices.
- Fiscal sector
  - Prescribed comprehensive framework: general (central plus state or provincial and local) government or public sector (depending on focus of policy/analysis).
  - More frequent/timely tracking indicators: central government indicators.
  - Government debt data prescribed in terms of central government debt.
- Financial sector
  - Prescribed comprehensive framework: depository corporations survey (DCS), covering all depository corporations including central bank and all other depository corporations (ODCs).
  - ODCs cover resident financial corporations and quasi-corporations that mainly engage in financial intermediation and issue liabilities included in the national definition of broad money.
  - Tracking category: central bank survey for banking system data on a more timely basis.
  - Interest rates should include short- and long-term government securities as appropriate.
  - Financial soundness indicators with quarterly periodicity and timeliness are encouraged.
- External sector
  - Prescribed comprehensive framework: balance of payments data.
  - Tracking categories (more frequent/timely): official reserve assets, international reserves and foreign currency liquidity, and merchandise trade.
  - Dissemination requirement: monthly official reserve assets (total and key components covering foreign currency reserves, IMF reserve position, SDRs, gold, and other reserve assets) within one week is prescribed.
  - Dissemination of the data template on international reserves and foreign currency liquidity (Table 2) is prescribed with monthly periodicity and timeliness; weekly periodicity and timeliness are encouraged.
  - Countries wishing inclusion in the Fund’s database and re-dissemination must report in the format of Table 2.
  - International investment position (IIP):
    - Until end-September 2014: annual data to be disseminated within three quarters after the end of the reference year; quarterly periodicity and timeliness encouraged.
    - Beginning with IIP observations for the first and second quarters of 2014 (and subsequent periods), quarterly IIP data with quarterly timeliness are prescribed, for dissemination starting at the end of September 2014.
  - Exchange rates: disseminate on a daily basis; forward exchange rates (three and six month rates) on an “as relevant” basis if a robust forward market exists.
  - External debt category: four sectors—(1) general government, (2) monetary authorities, (3) banking sector, (4) all other sectors—disseminated with quarterly periodicity and timeliness.
    - Disaggregation required by maturity—short- and long-term—on an original maturity basis and by instrument (Table 3).
    - Simplified set encouraged: gross outstanding external debt by remaining maturity (Table 4) with principal and interest payments due in one year or less, disaggregated by sector, with quarterly periodicity and quarterly timeliness.
    - Encouraged: more detailed supplementary information on future debt service payments on gross outstanding external debt, separately identifying principal and interest, twice yearly for the first four quarters and the following two semesters ahead, with a lag of one quarter.
    - Encouraged: dissemination of external debt data disaggregated by currency (domestic and foreign) with quarterly periodicity and timeliness.

### 1. Coverage, periodicity, and timeliness of data — Flexibility
- "As relevant" coverage flexibility reiterated: a member not producing categories designated “as relevant” is deemed in observance, but provision cannot be invoked when conditions no longer apply.
- Two flexibility options for periodicity and timeliness:
  - First: For national accounts and balance of payments, quarterly periodicity must be met, but specified data may be issued on a less timely basis than prescribed if tracking categories are disseminated with the periodicity and timeliness prescribed for those tracking categories.
  - Second: For any other two prescribed data categories, except international reserves and external debt, periodicity may be less frequent and/or timeliness less than prescribed.
- Limits on flexibility:
  - Extra allowance is usually not to exceed one reference period, and the data are to be disseminated no later than the next due date, unless separately indicated for specific categories/components.
- Targeted flexibility option for monthly central government operations timeliness:
  - Available for subscribers disseminating, with a one-quarter lag, quarterly accrual-based general government operations (GGO) data in line with the Fund’s Government Finance Statistics Manual 2001 or equivalent.
  - Allowed for the last month of the fiscal year (up to three months lag) and the first month of the new fiscal year (up to two months lag).
  - To use this option, a subscriber must begin disseminating quarterly GGO data for at least the last quarter of the fiscal year in which the option is exercised.

### 2. Access by the public
- Principles: Dissemination of official statistics is a public good; ready and equal access is a principal requirement.
- SDDS prescribes:
  - (a) advance dissemination of release calendars, with flexibility for distribution of release dates allowed until end-2017 for up to two data categories; and
  - (b) simultaneous release to all interested parties.

### 3. Integrity
- Confidence in statistics depends on objectivity and professionalism of the producing agency.
- SDDS prescribes dissemination of:
  - (a) the terms and conditions under which official statistics are produced, including confidentiality of individually identifiable information;
  - (b) identification of internal government access to data before release;
  - (c) identification of ministerial commentary on the occasion of statistical release; and
  - (d) provision of information about revision and advance notice of major changes in methodology.

### 4. Quality
- Subscribers encouraged to adopt and implement internationally accepted statistical methodologies (specified list posted on the DSBB).
- To assist users in assessing quality, SDDS prescribes dissemination of:
  - (a) documentation on methodology and sources used in preparing statistics;
  - (b) component detail, reconciliations with related data, and statistical frameworks supporting cross-checks and reasonableness; and
  - (c) deviations from internationally accepted statistical methodologies in the metadata (specified in relevant indicators posted on the DSBB).
- If clear metadata on deviations is not provided, SDDS nonobservance procedures (Section III.4) apply.
- Encouraged: undertake and publish a data quality assessment using a recognized tool (examples in source): the Fund’s Data Module of the Report on the Observance of Standards and Codes using the Data Quality Assessment Framework, or Eurostat/European Central Bank frameworks.
  - Reassessments should take place at no more than seven-to-ten-year intervals.
  - Assessments/reassessments could be conducted by Fund staff, another subscriber, or an external agency.

### III. Implementation of the SDDS — key operational elements
- Subscription
  - Subscription is voluntary.
  - Members wishing to subscribe should communicate intention to the Director of the Statistics Department with an undertaking to provide metadata, a draft national summary data page (NSDP), and an advance release calendar (ARC).
  - Fund staff will review practices with the member and identify needed changes. When staff determines practices meet all SDDS requirements, the member informs the Secretary of the Fund of readiness to subscribe.
  - A member becomes a subscriber on the date of posting of its metadata on the DSBB.
- Dissemination Standards Bulletin Board (DSBB)
  - The DSBB identifies subscribing members and provides access to metadata.
  - Responsibility for accuracy of metadata and underlying statistics rests with subscribers.
  - Subscribers are required to establish an NSDP on the Internet, linked to the DSBB.
    - NSDP must contain the most recent observation and the next most recent observation for prescribed data categories.
    - NSDP should contain hyperlinks to longer time series and more detailed data by end-2012; NSDP can include additional information.
    - Responsibility for data on the NSDP rests with subscribers.
  - Annual metadata certification requirement:
    - Subscribers must certify annually the accuracy of metadata on the DSBB within one month after the end of each calendar year, indicating either full accuracy or specifying inaccuracies and providing corrected metadata.
    - The date of last certification will be posted on the DSBB.
  - If changes affecting metadata occur between certification dates, subscribers should inform Fund staff and amend affected metadata expeditiously (within the calendar quarter when changes occurred). A note may be posted indicating metadata are being updated.
- Automated monitoring arrangements
  - Subscribers required to use standardized electronic reporting procedures established by Fund staff in consultation with subscribers to allow monitoring of observance.
  - Under these procedures subscribers are required to:
    - (1) report advance release calendars to Fund staff;
    - (2) adopt NSDP formats that allow Fund staff to electronically capture information including date of release and reference period of most recently disseminated data for each prescribed data category;
    - (3) certify annually the accuracy of metadata posted on the DSBB; and
    - (4) report updated metadata to Fund staff.
- Observance, detection, and nonobservance procedures
  - Fund staff will monitor observance and assess deviations.
  - A deviation is considered a “serious deviation” when required data are not publicly disseminated, incomplete data are publicly disseminated, or there are frequent delays. For Reserves Template and External Debt categories, any delays relative to periodicity or timeliness constitute a serious deviation.
  - Serious deviations could also arise when other compliance issues are not resolved through technical discussions within six months.
  - SDDS nonobservance procedures (summary of steps and timeframes as specified):
    - If a deviation is detected, Fund staff determines whether it constitutes nonobservance and promptly notifies the SDDS coordinator.
    - Technical discussions between staff and the SDDS coordinator start immediately after notification; non-serious deviations expected to be addressed through these discussions.
    - If a deviation is considered serious and not resolved through technical discussions within three months (for monthly data) or six months (for quarterly and annual data), the SDDS coordinator is notified of initiation of nonobservance procedures and requested to undertake necessary steps to resolve the deviation to Fund staff’s satisfaction.
    - Fund staff will communicate with the subscriber’s Executive Director if the nonobservance remains unresolved after three months following notification of the SDDS coordinator, seeking assistance to resolve the nonobservance.
    - If unresolved three months after communication with the Executive Director, the Managing Director will send a letter to the subscriber’s Governor for the Fund describing the facts and requesting assistance to solve the nonobservance satisfactorily to Fund staff.
    - If unresolved up to three months after the Managing Director’s letter, a note on the nonobservance will be posted on the DSBB indicating Fund staff’s determination, type of nonobservance, period unresolved, and authorities’ reactions/plans, if any.
    - If the nonobservance remains unresolved after a period of twelve months from posting the note on the DSBB, the Managing Director will bring the case to the attention of the Executive Board explaining the facts, procedures followed, responses from the subscriber’s authorities, and a proposal to address the nonobservance, including a recommendation to delete the subscriber’s metadata from the DSBB, effectively terminating the subscription.
    - The Executive Board will decide on means to address the nonobservance, which could include deletion of the subscriber’s metadata from the DSBB.
    - Once metadata are deleted and subscription is terminated, the member can re-apply for subscription by following the procedures for new subscribers (Section III).
  - Annual report: Fund staff will issue and post on the DSBB an annual report assessing each subscriber’s observance of its undertakings under the SDDS.

### 5. Transitional Arrangements for the Observance Procedures
- Nonobservance cases initiated before September 1, 2012
  - Any case of nonobservance for which the SDDS Coordinator for the relevant member was notified by Fund staff of the initiation of the nonobservance procedures before September 1, 2012 will be dealt with under the procedures set out in Section III.4 in the instrument on the Scope and Operational Characteristics of the SDDS annexed to the Summing up of the Acting Chairman of April 12, 1996 (the procedures that were in effect immediately prior to the date of adoption of this Decision).
- Review, revisions, and withdrawal
  - Reviews of the SDDS will be conducted by the Fund at intervals determined by the Executive Board of the Fund.
  - At the completion of these reviews, revisions of the SDDS may be adopted.
  - A member may withdraw its subscription to the SDDS at any time by sending a notification to the Managing Director of the Fund.
  - The relevant metadata would be removed immediately from the DSBB.

### 5. Aggregate short and long positions of options in foreign currencies vis-à-vis the domestic currency — Template structure and memo items
- Aggregate positions (template structure)
  - 10
  - (a) Short positions
    - (i) Bought puts
    - (ii) Written calls
  - (b) Long positions
    - (i) Bought calls
    - (ii) Written puts
- PRO MEMORIA: In-the-money options (stress-test scenarios)
  - 11
  - (1) At current exchange rates
    - (a) Short position
    - (b) Long position
  - (2) +5% (depreciation of 5%)
    - (a) Short position
    - (b) Long position
  - (3) -5% (appreciation of 5%)
    - (a) Short position
    - (b) Long position
  - (4) +10% (depreciation of 10%)
    - (a) Short position
    - (b) Long position
  - (5) -10% (appreciation of 10%)
    - (a) Short position
    - (b) Long position
  - (6) Other (specify)
    - (a) Short position
    - (b) Long position
- IV. Memo items (reporting guidance and required items)
  - 30
  - (1) To be reported with standard periodicity and timeliness:
    - 12
    - (a) short-term domestic currency debt indexed to the exchange rate
    - (b) financial instruments denominated in foreign currency and settled by other means (for example, in domestic currency)
      - 13
      - —derivatives (forwards, futures, or options contracts)
      - —short positions
      - —long positions
      - —other instruments
    - (c) pledged assets
      - 14
      - —included in reserve assets
      - —included in other foreign currency assets
    - (d) securities lent and on repo
      - 15
      - —lent or repoed and included in Section I
      - —lent or repoed but not included in Section I
      - —borrowed or acquired and included in Section I
      - —borrowed or acquired but not included in Section I
    - (e) financial derivative assets (net, marked to market)
      - 16
      - —forwards
      - —futures
      - —swaps
      - —options
      - —other
    - (f) derivatives (forward, futures, or options contracts) that have a residual maturity of greater than one year.
      - —aggregate short and long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency (including the forward leg of currency swaps)
        - (a) short positions (-)
        - (b) long positions (+)
      - —aggregate short and long positions of options in foreign currencies vis-à-vis the domestic currency
        - (a) short positions
          - (i) bought puts
          - (ii) written calls
        - (b) long positions
          - (i) bought calls
          - (ii) written puts
  - 31
  - (2) To be disclosed at least once a year:
    - (a) currency composition of reserves (by groups of currencies)
      - —currencies in SDR basket
      - —currencies not in SDR basket
      - —by individual currencies (optional)

### Notes to Table 2 (subtables I–IV) — Reporting guidance highlights
- 1 In principle, only instruments denominated and settled in foreign currency (or those whose valuation is directly dependent on the exchange rate and that are settled in foreign currency) are to be included in categories I, II, and III of the template. Financial instruments denominated in foreign currency and settled in other ways (for example, in domestic currency or commodities) are included as memo items under Section IV.
- 2 Netting of positions is allowed only if they have the same maturity, are against the same counterparty, and a master netting agreement is in place. Positions on organized exchanges could also be netted.
- 3 Monetary authorities defined according to the IMF Balance of Payments Manual, fifth edition.
- 4 In cases of large positions vis-à-vis institutions headquartered in the reporting country, in instruments other than deposits or securities, they should be reported as separate items.
- 5 The valuation basis for gold assets should be disclosed; ideally this would be done by showing the volume and price.
- 6 Including interest payments due within the corresponding time horizons. Foreign currency deposits held by nonresidents with central banks should also be included here. Securities referred to are those issued by the monetary authorities and the central government (excluding social security).
- 7 In the event that there are forward or futures positions with a residual maturity greater than one year, which could be subject to margin calls, these should be reported separately under Section IV.
- 8 Only bonds with a residual maturity greater than one year should be reported under this item, as those with shorter maturities will already be included in Section II, above.
- 9 Reporters should distinguish potential inflows and potential outflows resulting from contingent lines of credit and report them separately in the specified format.
- 10 In the event that there are options positions with a residual maturity greater than one year, which could be subject to margin calls, these should be reported separately under Section IV.
- 11 These “stress-tests” are an encouraged, rather than a prescribed, category of information in the IMF’s Special Data Dissemination Standard (SDDS). Results of the stress-tests could be disclosed in the form of a graph. As a rule, notional value should be reported. However, in the case of cash-settled options, the estimated future inflow/outflow should be disclosed. Positions are “in the money” or would be, under the assumed values.
- 12 Distinguish between assets and liabilities, where applicable.
- 13 Identify types of instrument; the valuation principles should be the same as in Sections I–III. The notional value of derivatives should be shown in the same format as for the nominal/notional values of forwards/futures in Section II and of options in Section III.
- 14 Only assets included in Section I that are pledged should be reported here.
- 15 Assets that are lent or repoed should be reported here, whether or not they have been included in Section I of the template, along with any associated liabilities (in Section II). However, these should be reported in two separate categories, depending on whether or not they have been included in Section I. Similarly, securities that are borrowed or acquired under repo agreements should be reported as a separate item and treated symmetrically. Market values should be reported and the accounting treatment disclosed.
- 16 Identify types of instrument. The main characteristics of internal models used to calculate the market value should be disclosed.

### Table 3. Gross External Debt Position by Sector — Template headings and key items
- Gross External Debt Position End Period
  - General Government
    - Short-term
      - Money market instruments
      - Loans
      - Trade credits
      - Other debt liabilities*
    - Long-term
      - Bonds and notes
      - Loans
      - Trade credits
      - Other debt liabilities*
  - Monetary Authorities
    - Short-term
      - Money market instruments
      - Loans
      - Currency and deposits**
      - Other debt liabilities*
    - Long-term
      - Bonds and notes
      - Loans
      - Currency and deposits**
      - Other debt liabilities*
  - Banks
    - Short-term
      - Money market instruments
      - Loans
      - Currency and deposits**
      - Other debt liabilities*
    - Long-term
      - Bonds and notes
      - Loans
      - Currency and deposits**
      - Other debt liabilities*
  - Other Sectors
    - Short-term
      - Money market instruments
      - Loans
      - Currency and deposits**
      - Trade credits
      - Other debt liabilities*
    - Long-term
      - Bonds and notes
      - Loans
      - Currency and deposits**
      - Trade credits
      - Other debt liabilities*
  - Direct Investment: Intercompany Lending***
    - Debt liabilities to affiliated enterprises
    - Debt liabilities to direct investors
  - Gross External Debt
- Notes to Table 3:
  - *Other debt liabilities are other liabilities in the International Investment Position (IIP) statement.
  - **It is recommended that all currency and deposits be included in the short-term category unless detailed information is available to make the short-term/long-term attribution.
  - ***Direct investment intercompany lending should preferably be disseminated separately from the four sectors. Alternatively, direct investment intercompany lending should be reported under its relevant sector.
  - **** Based on BPM5 categories; BPM6 basis data should be presented in equivalent detail.

### Table 4. Gross Outstanding External Debt — Template headings
- Principal and Interest Payments Due in One Year or Less (In millions of currency units)
- By Sector
  - General Government
    - Principal
    - Interest
  - Monetary authorities
    - Principal
    - Interest
  - Banks
    - Principal
    - Interest
  - Other Sectors
    - Principal
    - Interest
  - Direct Investment—Intercompany Lending
    - Principal
    - Interest
  - Total
    - Principal
    - Interest
- *Based on BPM5 categories; BPM6 basis data should be presented in equivalent detail.

*Source: pp4708-revisions-to-the-special-data-dissemination-standard-and-establishment (extracted content).*

### 1. Coverage, periodicity, and timeliness of data

### 1. Coverage, periodicity, and timeliness of data

### (A) Definitions and general considerations
- Comprehensive economic and financial statistical data, disseminated on a timely basis, are essential to the transparency of macroeconomic performance and policy.
- Coverage
  - SDDS focuses on basic data most important for economic performance and policy across four sectors: real, fiscal, financial, and external.
  - Focus is the minimum coverage necessary; subscribers are encouraged to disseminate additional data voluntarily (examples in source): core inflation measurement practices, forward-looking indicators, sectoral balance sheets, general government gross debt, interest rates used as operating targets, financial soundness indicators, gross outstanding external debt by remaining maturity.
  - Subscribers are encouraged to adopt the latest internationally accepted methodologies.
- For each of the four sectors the SDDS provides:
  - (a) a comprehensive statistical framework—national accounts for the real sector, government operations for fiscal data, depository corporations survey for financial data, and balance of payments accounts for external transactions;
  - (b) data that permit tracking of the principal measures in the comprehensive frameworks; and
  - (c) other data relevant to the sector (often prices, including interest rates and exchange rates).
- Periodicity and timeliness
  - Periodicity = frequency of compilation.
  - Timeliness = lapse of time between a reference date (or close of a reference period) and dissemination.
  - Dissemination forms include formal publications (including news releases), data on request, electronic databases, diskettes/tapes/CD-ROM, recorded telephone messages, facsimile services.

### (B) Specifications (coverage, periodicity, timeliness)
- SDDS specifications are summarized in attached Table 1; further specifications for international reserves and foreign currency liquidity are in Table 2; external debt in Tables 3 and 4.
- "As relevant" designation:
  - If staff consider a data category/component not relevant to a subscribing country, the country is deemed in observance for that category/component even if it does not produce/disseminate those data.
  - The “as relevant” provision is not to be invoked when the specifications apply, the markets exist, or instruments/arrangements are in use.
- "Encouraged" designation:
  - Features designated as “encouraged” are not binding but countries are encouraged to develop and disseminate such categories in the indicated periodicity and timeliness.
- Real sector
  - Prescribed comprehensive framework: national accounts (nominal levels, real (price-adjusted) levels, associated prices—deflators or price indices).
  - Tracking GDP more frequently: a single production index or a selection of production indices.
  - Price statistics prescribed: consumer price indices and producer or wholesale price indices.
- Fiscal sector
  - Prescribed comprehensive framework: general (central plus state or provincial and local) government or public sector (depending on focus of policy/analysis).
  - More frequent/timely tracking indicators: central government indicators.
  - Government debt data prescribed in terms of central government debt.
- Financial sector
  - Prescribed comprehensive framework: depository corporations survey (DCS), covering all depository corporations including central bank and all other depository corporations (ODCs).
  - ODCs cover resident financial corporations and quasi-corporations that mainly engage in financial intermediation and issue liabilities included in the national definition of broad money.
  - Tracking category: central bank survey for banking system data on a more timely basis.
  - Interest rates should include short- and long-term government securities as appropriate.
  - Financial soundness indicators with quarterly periodicity and timeliness are encouraged.
- External sector
  - Prescribed comprehensive framework: balance of payments data.
  - Tracking categories (more frequent/timely): official reserve assets, international reserves and foreign currency liquidity, and merchandise trade.
  - Dissemination requirement: monthly official reserve assets (total and key components covering foreign currency reserves, IMF reserve position, SDRs, gold, and other reserve assets) within one week is prescribed.
  - Dissemination of the data template on international reserves and foreign currency liquidity (Table 2) is prescribed with monthly periodicity and timeliness; weekly periodicity and timeliness are encouraged.
  - Countries wishing inclusion in the Fund’s database and re-dissemination must report in the format of Table 2.
  - International investment position (IIP):
    - Until end-September 2014: annual data to be disseminated within three quarters after the end of the reference year; quarterly periodicity and timeliness encouraged.
    - Beginning with IIP observations for the first and second quarters of 2014 (and subsequent periods), quarterly IIP data with quarterly timeliness are prescribed, for dissemination starting at the end of September 2014.
  - Exchange rates: disseminate on a daily basis; forward exchange rates (three and six month rates) on an “as relevant” basis if a robust forward market exists.
  - External debt category: four sectors—(1) general government, (2) monetary authorities, (3) banking sector, (4) all other sectors—disseminated with quarterly periodicity and timeliness.
    - Disaggregation required by maturity—short- and long-term—on an original maturity basis and by instrument (Table 3).
    - Simplified set encouraged: gross outstanding external debt by remaining maturity (Table 4) with principal and interest payments due in one year or less, disaggregated by sector, with quarterly periodicity and quarterly timeliness.
    - Encouraged: more detailed supplementary information on future debt service payments on gross outstanding external debt, separately identifying principal and interest, twice yearly for the first four quarters and the following two semesters ahead, with a lag of one quarter.
    - Encouraged: dissemination of external debt data disaggregated by currency (domestic and foreign) with quarterly periodicity and timeliness.

### (C) Flexibility
- "As relevant" coverage flexibility reiterated: a member not producing categories designated “as relevant” is deemed in observance, but provision cannot be invoked when conditions no longer apply.
- Two flexibility options for periodicity and timeliness:
  - First: For national accounts and balance of payments, quarterly periodicity must be met, but specified data may be issued on a less timely basis than prescribed if tracking categories are disseminated with the periodicity and timeliness prescribed for those tracking categories.
  - Second: For any other two prescribed data categories, except international reserves and external debt, periodicity may be less frequent and/or timeliness less than prescribed.
- Limits on flexibility:
  - Extra allowance is usually not to exceed one reference period, and the data are to be disseminated no later than the next due date, unless separately indicated for specific categories/components.
- Targeted flexibility option for monthly central government operations timeliness:
  - Available for subscribers disseminating, with a one-quarter lag, quarterly accrual-based general government operations (GGO) data in line with the Fund’s Government Finance Statistics Manual 2001 or equivalent.
  - Allowed for the last month of the fiscal year (up to three months lag) and the first month of the new fiscal year (up to two months lag).
  - To use this option, a subscriber must begin disseminating quarterly GGO data for at least the last quarter of the fiscal year in which the option is exercised.

### 2. Access by the public
- Principles: Dissemination of official statistics is a public good; ready and equal access is a principal requirement.
- SDDS prescribes:
  - (a) advance dissemination of release calendars, with flexibility for distribution of release dates allowed until end-2017 for up to two data categories; and
  - (b) simultaneous release to all interested parties.

### 3. Integrity
- Confidence in statistics depends on objectivity and professionalism of the producing agency.
- SDDS prescribes dissemination of:
  - (a) the terms and conditions under which official statistics are produced, including confidentiality of individually identifiable information;
  - (b) identification of internal government access to data before release;
  - (c) identification of ministerial commentary on the occasion of statistical release; and
  - (d) provision of information about revision and advance notice of major changes in methodology.

### 4. Quality
- Subscribers encouraged to adopt and implement internationally accepted statistical methodologies (specified list posted on the DSBB).
- To assist users in assessing quality, SDDS prescribes dissemination of:
  - (a) documentation on methodology and sources used in preparing statistics;
  - (b) component detail, reconciliations with related data, and statistical frameworks supporting cross-checks and reasonableness; and
  - (c) deviations from internationally accepted statistical methodologies in the metadata (specified in relevant indicators posted on the DSBB).
- If clear metadata on deviations is not provided, SDDS nonobservance procedures (Section III.4) apply.
- Encouraged: undertake and publish a data quality assessment using a recognized tool (examples in source): the Fund’s Data Module of the Report on the Observance of Standards and Codes using the Data Quality Assessment Framework, or Eurostat/European Central Bank frameworks.
  - Reassessments should take place at no more than seven-to-ten-year intervals.
  - Assessments/reassessments could be conducted by Fund staff, another subscriber, or an external agency.

### III. Implementation of the SDDS — key operational elements
- 1. Subscription
  - Subscription is voluntary.
  - Members wishing to subscribe should communicate intention to the Director of the Statistics Department with an undertaking to provide metadata, a draft national summary data page (NSDP), and an advance release calendar (ARC).
  - Fund staff will review practices with the member and identify needed changes. When staff determines practices meet all SDDS requirements, the member informs the Secretary of the Fund of readiness to subscribe.
  - A member becomes a subscriber on the date of posting of its metadata on the DSBB.
- 2. Dissemination Standards Bulletin Board (DSBB)
  - The DSBB identifies subscribing members and provides access to metadata.
  - Responsibility for accuracy of metadata and underlying statistics rests with subscribers.
  - Subscribers are required to establish an NSDP on the Internet, linked to the DSBB.
    - NSDP must contain the most recent observation and the next most recent observation for prescribed data categories.
    - NSDP should contain hyperlinks to longer time series and more detailed data by end-2012; NSDP can include additional information.
    - Responsibility for data on the NSDP rests with subscribers.
  - Annual metadata certification requirement:
    - Subscribers must certify annually the accuracy of metadata on the DSBB within one month after the end of each calendar year, indicating either full accuracy or specifying inaccuracies and providing corrected metadata.
    - The date of last certification will be posted on the DSBB.
  - If changes affecting metadata occur between certification dates, subscribers should inform Fund staff and amend affected metadata expeditiously (within the calendar quarter when changes occurred). A note may be posted indicating metadata are being updated.
- 3. Automated monitoring arrangements
  - Subscribers required to use standardized electronic reporting procedures established by Fund staff in consultation with subscribers to allow monitoring of observance.
  - Under these procedures subscribers are required to:
    - (1) report advance release calendars to Fund staff;
    - (2) adopt NSDP formats that allow Fund staff to electronically capture information including date of release and reference period of most recently disseminated data for each prescribed data category;
    - (3) certify annually the accuracy of metadata posted on the DSBB; and
    - (4) report updated metadata to Fund staff.
- 4. Observance, detection, and nonobservance procedures
  - Fund staff will monitor observance and assess deviations.
  - A deviation is considered a “serious deviation” when required data are not publicly disseminated, incomplete data are publicly disseminated, or there are frequent delays. For Reserves Template and External Debt categories, any delays relative to periodicity or timeliness constitute a serious deviation.
  - Serious deviations could also arise when other compliance issues are not resolved through technical discussions within six months.
  - SDDS nonobservance procedures (summary of steps and timeframes as specified):
    - If a deviation is detected, Fund staff determines whether it constitutes nonobservance and promptly notifies the SDDS coordinator.
    - Technical discussions between staff and the SDDS coordinator start immediately after notification; non-serious deviations expected to be addressed through these discussions.
    - If a deviation is considered serious and not resolved through technical discussions within three months (for monthly data) or six months (for quarterly and annual data), the SDDS coordinator is notified of initiation of nonobservance procedures and requested to undertake necessary steps to resolve the deviation to Fund staff’s satisfaction.
    - Fund staff will communicate with the subscriber’s Executive Director if the nonobservance remains unresolved after three months following notification of the SDDS coordinator, seeking assistance to resolve the nonobservance.
    - If unresolved three months after communication with the Executive Director, the Managing Director will send a letter to the subscriber’s Governor for the Fund describing the facts and requesting assistance to solve the nonobservance satisfactorily to Fund staff.
    - If unresolved up to three months after the Managing Director’s letter, a note on the nonobservance will be posted on the DSBB indicating Fund staff’s determination, type of nonobservance, period unresolved, and authorities’ reactions/plans, if any.
    - If the nonobservance remains unresolved after a period of twelve months from posting the note on the DSBB, the Managing Director will bring the case to the attention of the Executive Board explaining the facts, procedures followed, responses from the subscriber’s authorities, and a proposal to address the nonobservance, including a recommendation to delete the subscriber’s metadata from the DSBB, effectively terminating the subscription.
    - The Executive Board will decide on means to address the nonobservance, which could include deletion of the subscriber’s metadata from the DSBB.
    - Once metadata are deleted and subscription is terminated, the member can re-apply for subscription by following the procedures for new subscribers (Section III).
  - Annual report: Fund staff will issue and post on the DSBB an annual report assessing each subscriber’s observance of its undertakings under the SDDS.

*pp4708-revisions-to-the-special-data-dissemination-standard-and-establishment - 1. Coverage, periodicity, and timeliness of data*

### 5. Transitional Arrangements for the Observance Procedures

### 5. Transitional Arrangements for the Observance Procedures

### Nonobservance cases initiated before September 1, 2012
- Notwithstanding any other provision of this Decision, any case of nonobservance for which the SDDS Coordinator for the relevant member was notified by Fund staff of the initiation of the nonobservance procedures before September 1, 2012 will be dealt with under the procedures set out in Section III.4 in the instrument on the Scope and Operational Characteristics of the Special Data Dissemination Standard annexed to the Summing up of the Acting Chairman of April 12, 1996 (the procedures that were in effect immediately prior to the date of adoption of this Decision).

### Review, revisions, and withdrawal
- Reviews of the SDDS will be conducted by the Fund at intervals determined by the Executive Board of the Fund.
- At the completion of these reviews, revisions of the SDDS may be adopted.
- A member may withdraw its subscription to the SDDS at any time by sending a notification to the Managing Director of the Fund.
- The relevant metadata would be removed immediately from the DSBB.

*Source: pp4708-revisions-to-the-special-data-dissemination-standard-and-establishment - 5. Transitional Arrangements for the Observance Procedures*

### 5. Aggregate short and long positions of

### 5. Aggregate short and long positions of options in foreign currencies vis-à-vis the domestic currency

### Aggregate positions (template structure)
- 10
- (a) Short positions
  - (i) Bought puts
  - (ii) Written calls
- (b) Long positions
  - (i) Bought calls
  - (ii) Written puts

### PRO MEMORIA: In-the-money options (stress-test scenarios)
- 11
- (1) At current exchange rates
  - (a) Short position
  - (b) Long position
- (2) +5% (depreciation of 5%)
  - (a) Short position
  - (b) Long position
- (3) -5% (appreciation of 5%)
  - (a) Short position
  - (b) Long position
- (4) +10% (depreciation of 10%)
  - (a) Short position
  - (b) Long position
- (5) -10% (appreciation of 10%)
  - (a) Short position
  - (b) Long position
- (6) Other (specify)
  - (a) Short position
  - (b) Long position

### IV. Memo items (reporting guidance and required items)
- 30
- (1) To be reported with standard periodicity and timeliness:
  - 12
  - (a) short-term domestic currency debt indexed to the exchange rate
  - (b) financial instruments denominated in foreign currency and settled by other means (for example, in domestic currency)
    - 13
    - —derivatives (forwards, futures, or options contracts)
    - —short positions
    - —long positions
    - —other instruments
  - (c) pledged assets
    - 14
    - —included in reserve assets
    - —included in other foreign currency assets
  - (d) securities lent and on repo
    - 15
    - —lent or repoed and included in Section I
    - —lent or repoed but not included in Section I
    - —borrowed or acquired and included in Section I
    - —borrowed or acquired but not included in Section I
  - (e) financial derivative assets (net, marked to market)
    - 16
    - —forwards
    - —futures
    - —swaps
    - —options
    - —other
  - (f) derivatives (forward, futures, or options contracts) that have a residual maturity of greater than one year.
    - —aggregate short and long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency (including the forward leg of currency swaps)
      - (a) short positions (-)
      - (b) long positions (+)
    - —aggregate short and long positions of options in foreign currencies vis-à-vis the domestic currency
      - (a) short positions
        - (i) bought puts
        - (ii) written calls
      - (b) long positions
        - (i) bought calls
        - (ii) written puts
- 31

- (2) To be disclosed at least once a year:
  - (a) currency composition of reserves (by groups of currencies)
    - —currencies in SDR basket
    - —currencies not in SDR basket
    - —by individual currencies (optional)

### Notes to Table 2 (subtables I–IV)
- 1 In principle, only instruments denominated and settled in foreign currency (or those whose valuation is directly dependent on the exchange rate and that are settled in foreign currency) are to be included in categories I, II, and III of the template. Financial instruments denominated in foreign currency and settled in other ways (for example, in domestic currency or commodities) are included as memo items under Section IV.
- 2 Netting of positions is allowed only if they have the same maturity, are against the same counterparty, and a master netting agreement is in place. Positions on organized exchanges could also be netted.
- 3 Monetary authorities defined according to the IMF Balance of Payments Manual, fifth edition.
- 4 In cases of large positions vis-à-vis institutions headquartered in the reporting country, in instruments other than deposits or securities, they should be reported as separate items.
- 5 The valuation basis for gold assets should be disclosed; ideally this would be done by showing the volume and price.
- 6 Including interest payments due within the corresponding time horizons. Foreign currency deposits held by nonresidents with central banks should also be included here. Securities referred to are those issued by the monetary authorities and the central government (excluding social security).
- 7 In the event that there are forward or futures positions with a residual maturity greater than one year, which could be subject to margin calls, these should be reported separately under Section IV.
- 8 Only bonds with a residual maturity greater than one year should be reported under this item, as those with shorter maturities will already be included in Section II, above.
- 9 Reporters should distinguish potential inflows and potential outflows resulting from contingent lines of credit and report them separately in the specified format.
- 10 In the event that there are options positions with a residual maturity greater than one year, which could be subject to margin calls, these should be reported separately under Section IV.
- 11 These “stress-tests” are an encouraged, rather than a prescribed, category of information in the IMF’s Special Data Dissemination Standard (SDDS). Results of the stress-tests could be disclosed in the form of a graph. As a rule, notional value should be reported. However, in the case of cash-settled options, the estimated future inflow/outflow should be disclosed. Positions are “in the money” or would be, under the assumed values.
- 12 Distinguish between assets and liabilities, where applicable.
- 13 Identify types of instrument; the valuation principles should be the same as in Sections I–III. The notional value of derivatives should be shown in the same format as for the nominal/notional values of forwards/futures in Section II and of options in Section III.
- 14 Only assets included in Section I that are pledged should be reported here.
- 15 Assets that are lent or repoed should be reported here, whether or not they have been included in Section I of the template, along with any associated liabilities (in Section II). However, these should be reported in two separate categories, depending on whether or not they have been included in Section I. Similarly, securities that are borrowed or acquired under repo agreements should be reported as a separate item and treated symmetrically. Market values should be reported and the accounting treatment disclosed.
- 16 Identify types of instrument. The main characteristics of internal models used to calculate the market value should be disclosed.

### Table 3. Gross External Debt Position by Sector (template headings and items)
- Gross External Debt Position End Period
  - General Government
    - Short-term
      - Money market instruments
      - Loans
      - Trade credits
      - Other debt liabilities*
    - Long-term
      - Bonds and notes
      - Loans
      - Trade credits
      - Other debt liabilities*
  - Monetary Authorities
    - Short-term
      - Money market instruments
      - Loans
      - Currency and deposits**
      - Other debt liabilities*
    - Long-term
      - Bonds and notes
      - Loans
      - Currency and deposits**
      - Other debt liabilities*
  - Banks
    - Short-term
      - Money market instruments
      - Loans
      - Currency and deposits**
      - Other debt liabilities*
    - Long-term
      - Bonds and notes
      - Loans
      - Currency and deposits**
      - Other debt liabilities*
  - Other Sectors
    - Short-term
      - Money market instruments
      - Loans
      - Currency and deposits**
      - Trade credits
      - Other debt liabilities*
    - Long-term
      - Bonds and notes
      - Loans
      - Currency and deposits**
      - Trade credits
      - Other debt liabilities*
  - Direct Investment: Intercompany Lending***
    - Debt liabilities to affiliated enterprises
    - Debt liabilities to direct investors
  - Gross External Debt

- Notes to Table 3:
  - *Other debt liabilities are other liabilities in the International Investment Position (IIP) statement.
  - **It is recommended that all currency and deposits be included in the short-term category unless detailed information is available to make the short-term/long-term attribution.
  - ***Direct investment intercompany lending should preferably be disseminated separately from the four sectors. Alternatively, direct investment intercompany lending should be reported under its relevant sector.
  - **** Based on BPM5 categories; BPM6 basis data should be presented in equivalent detail.

### Table 4. Gross Outstanding External Debt (template headings)
- Principal and Interest Payments Due in One Year or Less (In millions of currency units)
- By Sector
  - General Government
    - Principal
    - Interest
  - Monetary authorities
    - Principal
    - Interest
  - Banks
    - Principal
    - Interest
  - Other Sectors
    - Principal
    - Interest
  - Direct Investment—Intercompany Lending
    - Principal
    - Interest
  - Total
    - Principal
    - Interest

- *Based on BPM5 categories; BPM6 basis data should be presented in equivalent detail.

*Source: pp4708-revisions-to-the-special-data-dissemination-standard-and-establishment (extracted content).*

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_Source: https://www.imf.org/-/media/files/publications/pp/pp4708-revisions-to-the-special-data-dissemination-standard-and-establishment.pdf_