Question ID: 52
Regulation Reference: Guidelines on submission of information to NCAs (Preparatory phase)
Article: 35
Template: S.06.02
Status: Final
Date of submission: 15 Apr 2014
Question
QRT Assets AS-D1-S.06.02 Cell A9 Issuer Sector:
Do you agree that the latest NACE classification should be used (Rev. 2.0), dating from 2008?
The 4-digit NACE code should be used for category K - FINANCIAL AND INSURANCE ACTIVITIES (and not J - Financial intermediation as from NACE Rev 1.1). Could you please confirm?
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…”.