Question ID: 2931 - NACE 2.1
Regulation Reference: (EU) 2019/1238 - Pan-European Personal Pension Product (PEPP), (EU) 2022/2454 - ITS with regard to supervisory reporting of risk concentrations and intra-group transactions (FICOD, (EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision, EIOPA-BoS-23-030 - Regular information requests regarding provision of occupational pensions information
Topic: Reporting (Art. 40 PEPP), Reporting by IORPs, Reporting templates on risk concentrations and intra-group transactions for conglomerates (FICOD), Reporting Templates
Template: FC.06, FC.07, PF.06.02, PP.06.02, S.06.02, S.06.04, S.11.01, S.37.01, S.37.02, SE.06.02
Status: Revised
Date of submission: 12 Dec 2023
Question
A new NACE classification (2.1) has been officially published in February 2023. For statistical purposes it will come into effect as per Jan 1st, 2025. Will it also be mandatory to use this revised classification scheme as per that date for regulatory reporting purposes, like the Solvency II QRTs?
Background of the question
The change log between NACE 2.0 and NACE 2.1 shows that's not an easy 1-to-1 mapping from the current to the new scheme. Preparation time is needed to apply to the new scheme.
EIOPA answer
The answer to this question has been completed on 25/08/2025 to include reference dates from 31/12/2025:
Until the reference dates of 30/12/2025, undertakings must continue to report using the NACE 2.0 codes (for all EIOPA reporting frameworks). If these codes are not available from the data provider, NACE 2.1 codes must be mapped to NACE 2.0 codes on a best-effort basis, as it is not possible to report NACE 2.1 codes under the current taxonomy releases.
For reference dates from 31/12/2025:
When NACE Rev. 2.0 is available for all reporting lines, it must continue to be reported in the same column as before. No changes or use of the taxonomy optional hotfix is required for these undertakings.
- When NACE Rev 2.0 is not available for some or all lines, undertakings shall report NACE 2.0 for the lines where it is available, and NACE 2.1 for the lines where it is not. Optionally, undertakings may report both NACE 2.0 and NACE 2.1 for all or some lines. In all these cases, undertakings will need to apply the taxonomy optional hotfix to access the new NACE 2.1 columns and report as detailed in the Annex 1 of the respective taxonomy release notes.
To assist with NACE implementation planning, please be informed that EIOPA plans to complete the transition by the next taxonomy release 2.10 (likely for the reference date 31/12/2026), at which point reporting will exclusively require NACE 2.1 codes.
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The answer to this question has been revised on 21/02/2025:
For Q1/Q2/Q3 2025 reporting reference periods undertakings must continue to report according to the NACE 2.0 classification for all reporting frameworks (SII, IORPs, FICOD, PEPP Prudential). If not available by the data provider, the NACE 2.1 codes must be mapped to the 2.0 codes as it is not possible to report the NACE 2.1 codes under the current taxonomy releases.
EIOPA is currently assessing the issue and will publish further guidance from Q4/annual 2025 reporting reference periods onwards.
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Old answer published until 21/02/2025
The implementation of new NACE code requires amendments in the ITS (e.g. whenever there is a reference to specific letter). Therefore, EIOPA will consider in the future ITS amendments.