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1993 SNA Update Information - Country comments for issue:
Change of economic ownership (as term)

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The principle of ownership is central to the determination of the timing of recording of transactions in financial and non-financial assets (including transaction in goods). However, the 1993 SNA does not explicitly define ownership. Does the term “economic ownership” better reflect the underlying economic reality by reflecting risks and rewards of ownership? Should the SNA draw a distinction between legal, physical, and economic ownership?
Country comments
Number of country comments for selected issue:42
  Date postedSourceComment
 9/15/2006United KingdomWe agree with all the recommendations made by the AEG.
 9/15/2006LatviaAfter deep discussions and expert consultations we basically support the 1993 SNA Update Issues.
 9/14/2006Bank of LithuaniaWe agree with the AEG recomendations.
 8/18/2006ItalyWe are in favour of the recommendations, but it would be better to clarify and check their consistency with respect to ownership in the context of leases, originals and subsoil assets.
 7/28/2006LithuaniaIn general we support the recommendations.
 11/30/2005Slovak RepublicSO SR agree with AEG recommendations.
 11/29/2005TadjikistanМы считаем возможным добавление к названию термина слова "экономический", что требует, однако, более четкого определения этого термина (например, разъяснения его взаимосвязи с термином "интеллектуальная собственность" и т.п.).
 6/30/2005Slovak RepublicWe fully agree with change in terminology of “change of ownership” to “change of economic ownership” as well as with the necessity of clarifying the meaning of the term ”economic ownership” in detail.
 6/30/2005Serbia and MontenegroWe agree with the recommendations made at the December 2004 meeting of the AEG.
 5/19/2005Bank of IndonesiaBI supports the proposal since it is also concerned in the BOPM 5th edition that the classification of resident or non-resident of an economic entity is also based on 'economic interest'.
 5/19/2005Swiss National BankWe support the proposal to clarify the principle of change of ownership by adding 'economic'. It will also be necessary to define the meaning of 'economic' to decide on such cases as repo operations and security lending/borrowing transactions.
 5/16/2005Jordan DOS agree with all AEG recommendations regarding this issue and emphasis that further clarifications are needed.
 5/13/2005National Bank of KazakhstanUse of the term “economic ownership” is more acceptable for determination of the time of recording of transaction.
 5/13/2005National Bank of VietnamWe agree with the experts groups recommendations.
 5/12/2005Bank of ThailandWe agree with the proposed change of terminology to "change of economic ownership", and that further clarification is still needed.
 5/11/2005IndiaIndia agrees with the decisions of AEG. The issues that would require clarification are the distinction between economic ownership and temporary or long-term leasing of assets, the expenditures made in these cases, whether they are one time payments or regular payments and whether these expenditures will be of capital or current in nature; and to whom the CFC will be charged.
 5/10/2005USAThe U.S. Bureau of Economic Analysis endorses the recommendations made by the AEG.
 5/9/2005AustraliaAustralia agrees with the AEG recommendations
 5/9/2005MaldivesOwnership of assets could mean legal, economic and physical. The background paper from the IMF states that a change in ownership from an economic point of view means that all risk, rewards, and rights and responsibilities of ownership in practice are transferred. Economic ownership does not always mean legal ownership although legal ownership would also mean economic ownership. Hence we wish to agree with the AEG recommendation.
 5/9/2005MalaysiaWe support the use of the term “change in economic ownership”; however a clear meaning of economic ownership need to established.
 5/9/2005United KingdomWe agree with the recommendation to insert the word 'economic' to qualify ownership.
 5/9/2005Central Bank of IranWe agree with the AEG recommendations especially the proposed clarification of the terminology of “economic ownership” rather than other concepts such as legal ownership or possession.
 5/9/2005ItalyWe agree with the recommendations of the AEG.
 5/6/2005TurkeyWe agree with the recommendations made by the Advisory Expert Group on National Accounts at its second meeting in December 2004.
 5/6/2005Commonwealth of Independent States We consider adding the word “economic” in the term as relevant which require, however, more clear definition (for example, to clarify its interconnection with “intellectual ownership”, etc.).
 5/6/2005Macao, SAR ChinaWe agree with the recommendations.
 5/4/2005DenmarkStatistics Denmark supports the proposed clarification of the terminology.
 4/29/2005NorwayStatistics Norway supports the views of the AEG.
 4/28/2005Trinidad and TobagoWe agree with the recommendations of the AEG.
 4/25/2005Bank of Sierra LeoneWith reference to the above subject we agree with the recommendations of the Expert Group on National Accounts (AEG) especially where there is harmonization of definitions and other concepts between the Balance of Payments (BOP) and system of National Accounts (SNA).
 4/12/2005GreeceWe agree with the recommendations of the AEG on the issues for which a decision has been taken, at the December 2004 meeting of the group.
 4/12/2005Central Bank of Cote d`IvoireEn l`absence d`informations d`étaillées, il nous est difficile de donner un avis sur la proposition visant à adjoindre l`adjectif “economique” au terme “changement de propriéte”. Toutefois, nous voudrions nous interroger sur les différents contours du concept de “propriété economique”.
 4/11/2005The NetherlandsWe agree with the recommendations made at the December 2004 meeting of the Advisory Expert Group on National Accounts.
 4/11/2005Hong Kong, ChinaWe support the elaboration of the term as “change in economic ownership” and agree that a clear meaning of economic ownership should be worked out for the proposed elaboration to be meaningful.
 4/11/2005Germany m2(c)de38a;
 4/11/2005MalawiI fully endorse the recommendations of the Expert Group on National Accounts.
 4/11/2005Philippines The use of the terminology “change in economic ownership” is recommended since it will clarify some areas regarding changes in ownership. It must be clear that change in legal ownership is synonymous to change in economic ownership. There are cases wherein there is no legal change in ownership but another entity is utilizing the asset and gaining from it. The scope of the term “economic” should be clear.
 4/11/2005Russian FederationWe think it is very important to work out a comprehensive definition of the category «economic ownership» and to secure its further implementation in other systems of macroeconomic statistics.
 4/11/2005South African Reserve Bank We agree with the recommendations.
 4/11/2005South AfricaSouth Africa agrees with the recommendations.
 3/18/2005Palestinian Central Bureau of StatisticsPCSB finds it difficult to comment on this item without having more details such as:
1. More explanation of the concept (Economic Ownership).
2. Determination of the boundaries of this economic concept.
3. Justification of the expected benefits from adopting this concept.
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