Question ID
2013_493
Legal act
Regulation (EU) No 575/2013 (CRR)
Topic
Supervisory reporting - Large Exposures
Article
99
COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations
Regulation (EU) No 680/2014 - ITS on supervisory reporting of institutions (repealed)
Article/Paragraph
Annex IX
Name of institution / submitter
Austrian Federal Economic Chamber, Division Bank and Insurance
Country of incorporation / residence
Austria
Type of submitter
Industry association
Subject matter
Format of NACE code to be reported (Annex IX, 5. LE1 template identification of the counterparty, instruction to column 060 NACE code)
Question

Shall we report only the NACE code (e.g. F) or shall we report the NACE code together with the description (e.g. F - Construction)?

Background on the question

Annex IX, 5. LE1 template Identification of the counterparty, instruction to column 060 NACE code says: "NACE codes shall be used for "Non-financial corporations" with one level detail (e.g. "F - Construction") and for "Other financial corporations" with a two level detail, which provides separate information on insurance activities (e.g. "K65 - Insurance, reinsurance and pension funding, except compulsory social security")."

Submission date
Final publishing date
Final answer

In case the National Competent Authority applies a national specific IT solution for requiring data to institutions (first level reporting), the information about NACE can be differently managed according to recital 98 of the Regulation (EU) No 680/2014 13 ITS on supervisory reportingITS.

Where EBA taxonomy is used for the first level reporting between institutions and national banking supervisors, only the NACE code has to be reported. This means, in technical terms, the reporter has to use the values from the code list NACE code defined in definition link role: (http://www.eba.europa.eu/-/eba-publishes-xbrl-taxonomy-for-remittance-of...) inside the EBA taxonomy.

 

*As of 1/8/2014 the content of this answer was modified to reflect the publication of the final ITS on supervisory reporting of institutions in the Official Journal of the European Union. As a result, the references to the ITS were updated and the disclaimer deleted. For reasons of transparency, revisions are highlighted in track changes.

Status
Final Q&A
Answer prepared by
Answer prepared by the EBA.

Disclaimer

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