Question
The upcoming changes to the NACE (Nomenclature of Economic Activities) codes in 2025 are going to have certain implications for banks, particularly in relation to the ITS on supervisory reporting of institutions. For bank supervisory reports in 2025 in which data on NACE activity are requested, should the applicable NACE classification be based on the current NACE classification, or should the NACE activity codes be based on the NACE 2025 (which will be officially enacted on 1 January 2025)?
Background on the question
According to the Commission Delegated Regulation (EU) 2023/137, for reference periods starting from 1 January 2025, NACE 2025 classification is to be applied. NACE Regulation is amended with an annex containing new breakdown and new codes for economic activities. Since the supervisory reporting ITS refers to the NACE regulation (in Annex V, Part 1, point 5d), the question arises whether the reference to the NACE regulation is aligned with the technical specifications in the DPM.
Answer
This question has been rejected because the matter it refers to has been answered inQ&A 7158.