Question ID: 41
Regulation Reference: Guidelines on submission of information to NCAs (Preparatory phase)
Article: 35
Template: S.06.02
Status: Final
Date of submission: 13 Mar 2014
Question
NACE rev2 vs NACE rev1.1:
in the Technical Annex II: List of quantitative reporting items – S.06.02 (List of assets) Cell A9: Issuer Sector you say that NACE codes must be used to identify the issuer sector.
Why do you use the code of Nace rev1.1 (6712 - “security broking and fund management”) instead of the corresponding code of Nace rev2 (66.30 - “fund management activities”)?
As far as I know Nace rev2 has replaced Nace rev1.1 since 01-01-2008.
Please, could you tell me if Nace rev2 can be used for Solvency II purposes?
EIOPA answer
The LOG file on cell A9 of S.06.02 was amended in order to make the reference to NACE neutral to revisions. Therefore the concrete example was deleted and clarifications regarding the use of section and/or classes were introduced. This change was introduced through an ERRATA that can be consulted at EIOPA website. The description of cell now reads as follows:
“Identify the economic sector of issuer based on the latest version of NACE code. The letter reference of the NACE code identifying the Section must be used as a minimum for identifying sectors (e.g. ‘A’ or ‘A0111’ would be acceptable) except for the NACE relating to Financial and Insurance activities, for which the letter identifying the Section followed by the 4 digits code for the class should be used (e.g. ‘K6411’). This item is not applicable…”.