DAC8 Nil Reporting: When and How to File

Nil reporting — submitting a report that declares no reportable transactions — is an important but often overlooked aspect of DAC8 compliance. This article explains when nil reports are required and how to file them.

When Is Nil Reporting Required?

A CASP may need to file a nil report in several scenarios. The CASP is registered or licensed in an EU Member State but had no reportable users or transactions during the reporting period. The CASP temporarily suspended operations but maintained its registration. The CASP is newly established and had no reportable activity during its first partial reporting period. Or all users were below the reporting threshold — though under DAC8, there are no thresholds, so this scenario is unlikely.

Is Nil Reporting Mandatory?

Whether nil reporting is mandatory depends on each Member State's transposition legislation. Some jurisdictions require all registered CASPs to file a report regardless of whether they had reportable activity, while others only require filing when there is data to report.

CASPs should verify the specific requirements in their home jurisdiction. In the absence of explicit guidance, it is generally safer to file a nil report than to risk penalties for failure to file.

How to File a Nil Report

A nil report follows the same XML schema as a regular report but contains an empty or minimal ReportingGroup element. The MessageSpec header should indicate that the report covers the applicable reporting period, and the body should either contain an explicit nil indicator (if supported by the schema) or simply contain no AccountReport elements.

The specific technical requirements for nil reports will be defined by each Member State's implementation guidance.

Conclusion

Nil reporting is a compliance safeguard that CASPs should not overlook. Even in the absence of reportable activity, filing a nil report demonstrates ongoing compliance and avoids potential penalties for non-filing.