Nace Codes Pdf

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NACE Codes to Qualify Auditors

NACE (Nomenclature des Activits conomiques dans la Communaut Europenne) is a European industry standard classification system similar in function to Standard Industry Classification (SIC) and North American Industry Classification System (NAICS) for classifying business activities. This classification scheme allows economists and others to compare companys' economic activities on a statistics basis similar to how TL 9000 product categories allow TL 9000 performance data (PDRs) to be compared.

TL 9000 registrants select the NACE code that best describes their business in the hardware, software, and service registration option as appropriate and enters the NACE classification code on their TL 9000 private registration profile. These codes are then used to qualify auditors for TL 9000 registrations.

Download the appropriate tables to determine the hardware, software, or service NACE codes for the TL 9000 registration. If the TL 9000 registration does not have a hardware, software, or service option then None is entered.

To contribute to the stability and effectiveness of the European financial system, the EBA develops harmonised rules for financial institutions, promotes convergence of supervisory practices, monitors, and advises on the impact of financial innovation and the transition to sustainable finance.

To ensure the orderly functioning and stability of the financial system in the European Union, we monitor and analyse risks and vulnerabilities relevant for the regulation of banks and investment firms. We also facilitate information sharing among authorities and institutions through supervisory reporting and data disclosure.

Communicating to all our audiences in the most effective way and using the most appropriate channels is crucial for us. Through our publications, announcements, and participation in external events, we are committed to reaching out to all our stakeholders to report about our policies, activities, and initiatives.

It is not mandatory to include all of these NACE sectors listed under Template 3, nevertheless these shall be all taken into account, when determining the final subsectors to be disclosed in column (b).

The level of the NACE codes used for a particular subsector shall be determined by its materiality, based on the related exposures to be disclosed in column (c). In case a subsector represented by a level 4 NACE code considered to be material on its own, then the institution shall disclose that level 4 NACE code in the template for that alignment metric. In case a subsector only considered to be material once the related exposures are aggregated under the level 2 NACE code, the institution shall use that level of NACE code for that particular subsector.

When determining the relevant subsectors for the template, taking into account the abovementioned materiality approach for the metrics, institutions are not required to allocate exposures exclusively to only one NACE code or only to one specific level of NACE code within the same sector. For example, if NACE code 6 considered to be material, but at the same time NACE code 610 also considered to be material on its own, they shall be disclosed in separate rows and exposures under NACE code 610 shall be also included under NACE code 6. The institution may use such a graphic expression in column (b), from which it is clear, that exposures under NACE code 610 are subordinated to exposures under NACE code 6.

The Q&A refers to the provisions in force on the day of their publication. The EBA does not systematically review published Q&As following the amendment of legislative acts. Users of the Q&A tool should therefore check the date of publication of the Q&A and whether the provisions referred to in the answer remain the same.

Our mission is to contribute to the stability and effectiveness of the European financial system through simple, consistent, transparent, fair regulation and supervision that benefits all EU citizens.

The EU Taxonomy is a classification system that defines which economic activities or investments are considered sustainable and provides a common language for non-financial and financial stakeholders to measure and compute their sustainability progress. Adopted in June 2020, the EU Taxonomy aims to fast-track the transition to a sustainable economy and meet the goals set out in the European Green Deal.

More concretely, the EU Taxonomy outlines whether an economic activity is Taxonomy eligible and enables companies to understand, define and report on their EU Taxonomy eligibility. Companies under the Non-Financial Reporting Directive (NFRD) scope have had to report on their eligibility since the start of 2022. Those that will be covered by the new Corporate Sustainability Reporting Directive (CSRD), which will replace the NFRD, will have to report starting in 2025.

The EU Taxonomy outlines six environmental objectives that determine the eligibility of the various NACE codes. Activities are considered eligible if they can significantly contribute to one of the six environmental objectives:

To implement the EU Taxonomy, companies will first need to identify their Taxonomy-eligible economic activities. This can be challenging the first time around depending on the circumstances of the company. The most straightforward situation is one where a company is already making use of the NACE codes and has an understanding of the NACE category and code that relates to its business activities.

If this is not the case, companies will need to map out which classification system, if any, it is using and match or cross-reference its business activities with the list of eligible activities covered by the EU Taxonomy. Identifying the right activities is vital to ascertaining the relevant technical screening criteria for each activity (a crucial step in determining the EU Taxonomy alignment of the activities).

Once the company has identified which of its business activities are EU Taxonomy eligible, it will need to determine how much of its turnover, capital expenses, and operating expenses are associated with each of these activities. These financial metrics are what will allow the company to calculate its total EU Taxonomy eligibility in each of these categories.

Now that the company has identified which of its activities are EU Taxonomy eligible and determined the corresponding turnover, CapEx, and OpEx associated with these activities, it can calculate its total EU Taxonomy eligibility.

Note: The financials of a single activity should never be double counted when summing up the numerator of these calculations. For example, if an activity is eligible for contribution to more than one environmental objective, its turnover/CapEx/OpEx should still only be included once in these KPIs.

Assessing your eligibility and implementing the EU Taxonomy can be challenging, time-consuming and costly. Greenomy helps companies to determine both their eligibility and alignment scores by digitizing and automating the data capturing, screening, assessment and reporting process.

Greenomy helps companies, credit institutions and asset managers to comply with the new EU Sustainable Finance Regulations (EU Taxonomy, SFDR, NFRD/CSRD) and redirect finance flows towards sustainable activities in line with the EU Green Deal. Our innovative SaaS solution establishes an all-encompassing sustainability data and analytics ecosystem that connects all critical stakeholders, so that companies, banks and investors have access to a market infrastructure and a one-stop-shop solution for their operations.

Those who work within a company might not be familiar with the NAICS and NACE codes. Yet these are very important elements for analysing new markets.

It was introduced in 1970 by Eurostat, the statistical body of the European Commission. Since then, the system has undergone several revisions, including a major one in 2006, which came into force the following year.

The need that led to its creation was to harmonise the classification of economic activities across European countries, adopting a common reference framework. On the basis of this, the single countries then adopted conversion tables for the codes.

The need to reflect the evolution of the market and its complexity led to the revision of this system to the current six-digit NAICS codes. The image shows the six levels into which the system is divided.

One factor that distinguishes them is their specificity: even the smallest market niches have their own NAICS or NACE code, and the example of citrus production demonstrates this. This makes it possible to carry out very accurate analyses, identifying even companies that a shallow search might miss.

Knowing the industry codes and related activities allows you to focus on the target of your search, concentrating only on specific market segments. Business data providers usually offer databases based on these divisions.

To do this, it might choose to purchase a database of citrus producers in a specific country, or it might carry out online searches without the certainty of finding all producers. Either way, it would be a time-consuming process to manually select those who grow the variety of fruit.

But digital technologies offer an alternative: the possibility of automating this task, reducing the time and cost of identifying companies that meet the goals of our distributor.

This makes it possible to analyse markets using industry codes, but going beyond them. AI makes it possible to classify companies in real time on the basis of products offered, certifications held and much more.

So NAICS and NACE are the starting point for a fast and accurate process, where the opportunity to focus on specific sectors is combined with the chance to identify the best companies within them.

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