Application of exemption from monthly reporting frequency for AMML templates

Does the exemption from monthly reporting as mentioned in Article 16b(2) of Commission Implementing Regulation (EU) 2016/313, refer to the remittance frequency only or also to the reference dates/periods to be reported on?

According to Article 16b (1) of Commission Implementing Regulation (EU) 2016/313 of 1 March 2016, 'In order to report information on additional liquidity monitoring metrics according to Article 415(3)(b) of Regulation (EU) No 575/2013 on an individual and consolidated basis, institutions shall submit' the AMML templates 'with a monthly frequency'. However, in accordance with Article 16b (2) of the same regulation, subject to 3 conditions being met, an 'institution may report the information on additional liquidity monitoring metrics with a quarterly frequency'. If the exemption refers to the remittance date only, then the institutions subject to this exemption will still have to report on all the periods, with the difference being that these institutions should perform three remittances (corresponding to the three months of the quarter) at once over the quarter in accordance with the quarterly reporting remittance. The benefit of the exemption would then only be in terms of remittance, and may not substantially alleviate reporting burden. However if the exemption also refers to the reference date/period, then the institutions subject to this exemption will only have to report on months March, June, September and December. Reporting on the other eight months will not be covered then.