Division 64: Financial service activities, except insurance and pension funding

Section L, Financial and insurance activities. 13 subcategories with ISTAT's explanatory notes and the ATECO 2022 codes they come from.

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  1. 64Financial service activities, except insurance and pension funding

    This division includes the activities of obtaining and providing funds other than for the purpose of insurance or pension funding or compulsory social security.

    This division also includes activities of holding financial assets (such as the activities of holding companies and financing conduits and the activities of trusts, funds and similar financial entities), which are not activities according to the NACE/ATECO principle in covering economic production.

    Units classified in groups 64.2 and 64.3 usually do not have any revenue from the sale of products, nor employ any staff (see NACE/ATECO introductory guidelines); they are integrated in NACE/ATECO to facilitate the classification of units in statistical business registers.

    Excludes

    • activities of promotional institutions for economic development through long-term investments at local, regional and national level provided that they act as the government's arm for the execution of their public policy mandate, see 84.1384.13
  2. 64.1Monetary intermediation
    ISTAT explanatory notes ›

    This group includes obtaining and providing funds in the form of transferable deposits or close substitutes, in other words funds that are fixed in money terms, obtained on a day-to-day basis and distributing these funds.

  3. 64.11Central banking
    ISTAT explanatory notes ›

    Excludes

    • operation and supervision of financial markets other than by central banks and public authorities, see 66.1166.11
    • financial supervisory activities for insurance and pension funding (not by the central bank), see 66.2966.29
    • financial regulation relating to the conduct of business and consumer protection and other wider financial regulatory activities, see 84.1384.13
    • activities of international organisations (e.g. the World Bank), see 99.0099.00
  4. 64.11.0Central banking
  5. 64.11.00Central banking
    From ATECO 2022: 64.11.00 Attività della Banca Centrale (all from here)
    ISTAT explanatory notes ›

    Includes

    • issuing and managing banknotes and digital currency
    • conducting monetary policy, including monitoring and control of the money supply
    • promoting financial stability
    • taking deposits that are used for clearance between monetary intermediaries
    • supervising banking or non-banking monetary operations, unless performed by some other entity
    • holding the country's international reserves
    • acting as banker to the government

    Also includes

    • activities of central banks, currency boards and central monetary agencies
  6. 64.19Other monetary intermediation
    ISTAT explanatory notes ›

    This class includes the receiving of deposits and/or close substitutes for deposits and extending of credit or other forms of lending funds. The granting of credit can take a variety of forms (for example, loans, mortgages, consumer credit cards, and so on).

    These activities are generally carried out by monetary institutions other than central banks.

    Excludes

    • credit granting by specialised non-depository institutions (e.g. for house purchases), see 64.9264.92
    • credit card transaction processing and settlement activities, see 66.1966.19
  7. 64.19.1Other monetary intermediation provided by monetary institutions other than central banks
  8. 64.19.10Other monetary intermediation provided by monetary institutions other than central banks
    From ATECO 2022: 64.19.10 Intermediazione monetaria di istituti monetari diverse dalle Banche centrali (in part) · 66.19.40 Attività di Bancoposta (in part)
    ISTAT explanatory notes ›

    Includes

    • activities of:
      • banks
      • savings banks
      • credit cooperatives and unions

    Also includes

    • activities of postal banks (e.g. for giro (current) and saving accounts)
    • other monetary intermediation provided by the central post
    • credit granting by specialised deposit-taking institutions (e.g. for house purchases, agriculture)
    • money order activities
  9. 64.19.2Other monetary intermediation provided by electronic money issuers
  10. 64.19.20Other monetary intermediation provided by electronic money issuers
    From ATECO 2022: 64.19.30 Istituti di moneta elettronica (Imel) (all from here)
  11. 64.19.3Other monetary intermediation provided by Cassa Depositi e Prestiti (CDP)
  12. 64.19.30Other monetary intermediation provided by Cassa Depositi e Prestiti (CDP)
    From ATECO 2022: 64.19.40 Cassa Depositi e Prestiti (all from here)
  13. 64.2Activities of holding companies and financing conduits
    ISTAT explanatory notes ›

    This group includes the activities of holding companies and financing conduits. These are corporate groups' captive financial entities, in other words, units created by a financial or non-financial group to fulfil specific financial activities and whose main activity is, respectively, to own the group or to act as a vehicle to arrange and channel funds within the group.

    Excludes

    • captive factoring and invoicing companies, see 64.9264.92
    • own account investment activities (e.g. by venture capital companies, private equity firms), see 64.9964.99
    • active management of companies and enterprises, strategic planning and decision-making of the company, see 70.1070.10
    • other activities of corporate groups' captive financial entities, which are captured under the relevant activity classes
  14. 64.21Activities of holding companies
    ISTAT explanatory notes ›

    This class includes the activities of holding companies, in other words, units that hold the assets (owning controlling levels of equity) of one or more subsidiaries and whose only purpose is owning subsidiaries.

    The holding companies in this class do not provide any other service to the enterprises in which the equity is held, in other words, they do not administer or manage other units.

    Excludes

    • activities of shareholding companies, not owning controlling levels of equity, see 64.3264.32
    • dealing in financial markets on own account, see 64.9964.99
    • activities of asset management, on a fee or contract basis, see 66.3066.30
    • provision of managerial services (e.g. strategic planning, decision-making and administrative services of a head office), see 70.1070.10
    • active management of companies and enterprises, strategic planning and decision-making of the company, see 70.1070.10
  15. 64.21.0Activities of holding companies
  16. 64.21.00Activities of holding companies
    From ATECO 2022: 64.20.00 Attività delle società di partecipazione (holding) (all from here)
    ISTAT explanatory notes ›

    Includes

    • activities of holding companies not engaged in head office activities
  17. 64.22Activities of financing conduits
    ISTAT explanatory notes ›

    This class includes the activities of financing conduits, in other words, units created by a financial or non-financial group to raise or borrow funds (often on the open market) and to remit those funds to their parent or another entity within the group.

    This class also includes:

    • activities of captive financial institutions involved in intragroup lending
    • activities of brass plate companies engaged in raising funds and remitting those funds to their parent, i.e. units that are owned (directly or indirectly) by a non-resident unit, of which a large part of the balance sheet consists of claims and liabilities towards non-resident units, and that have few or no employees and little or no physical presence in the jurisdiction of incorporation

    Excludes

    • management services of public funds and public debt, see 84.1184.11
  18. 64.22.0Activities of financing conduits
  19. 64.22.00Activities of financing conduits
    From ATECO 2022: 64.20.00 Attività delle società di partecipazione (holding) (in part) · 64.99.60 Altre intermediazioni finanziarie n.c.a. (in part)
  20. 64.3Activities of trusts, funds and similar financial entities
    ISTAT explanatory notes ›

    This group includes legal entities organised to pool securities or other financial assets, without managing or administrating them, on behalf of shareholders or beneficiaries. The portfolios are customised to achieve specific investment characteristics (for example, diversification, risk, rate of return, price volatility). These entities earn interest, dividends and other property income, but have little or no employment and no revenue from the sale of services.

    Excludes

    • activities of entities that earn revenue from the sale of goods or services. These types of entities are therefore classified according to their principal activity in other parts of NACE/ATECO (like in division 66 for fund management, division 68 for rental and operating of real estate, or in division 77 for rental and leasing of ships or airplanes)666877
    • carrying out securitisation transactions by issuing of financial instruments, see 64.9264.92
    • securitisation transactions of assets other than loans by issuing financial instruments, see 64.9964.99
    • trust, estate and agency accounts, that earn revenue from the sale of goods or services, see relevant NACE classes according to their principal activity
  21. 64.31Activities of money market and non-money market investments funds
    ISTAT explanatory notes ›

    This class includes activities of money market and non-money market investment funds, in other words, collective investment schemes that raise funds by issuing shares or units to the public, of which the proceeds are invested primarily in financial assets (including short-term assets).

    Excludes

    • activities of holding companies, see 64.2164.21
    • activities of non-majority shareholding companies, not owning controlling levels of equity, see 64.3264.32
    • trusts, estate and agency accounts not acting as collective investment schemes, see 64.3264.32
    • activities of venture capital companies, see 64.9964.99
    • pension funding, see 65.3065.30
    • management of funds, see 66.3066.30
  22. 64.31.0Activities of money market and non-money market investments funds
  23. 64.31.00Activities of money market and non-money market investments funds
    From ATECO 2022: 64.19.20 Fondi comuni di investimento monetario (in part) · 64.30.10 Fondi comuni di investimento (aperti e chiusi, immobiliari, di mercato mobiliare) (in part) · 64.30.20 Sicav (Società di investimento a capitale variabile) (in part)
    ISTAT explanatory notes ›

    Includes

    • open-end investment funds
    • closed-end investment funds
    • unit and investment trusts
  24. 64.32Activities of trust, estate and agency accounts
    ISTAT explanatory notes ›

    This class includes legal entities, not acting as collective investment schemes, organised to pool securities, estates and other financial assets, without managing, on behalf of shareholders or beneficiaries. The portfolios are customised to achieve specific investment characteristics (for example, diversification, risk, rate of return, price volatility). These entities earn interest, dividends and other property income but have little or no employment and no revenue from the sale of services.

    Excludes

    • raising funds by issuing shares or units and acting as collective investment schemes, see 64.3164.31
  25. 64.32.0Activities of trust, estate and agency accounts
  26. 64.32.00Activities of trust, estate and agency accounts
    From ATECO 2022: 64.20.00 Attività delle società di partecipazione (holding) (in part) · 64.30.10 Fondi comuni di investimento (aperti e chiusi, immobiliari, di mercato mobiliare) (in part) · 64.30.20 Sicav (Società di investimento a capitale variabile) (in part) · 64.99.60 Altre intermediazioni finanziarie n.c.a. (in part)
    ISTAT explanatory notes ›

    Includes

    • trusts, estates and agency accounts, administered on behalf of multiple beneficiaries under the terms of a trust agreement, will or agency agreement

    Also includes

    • activities of shareholding companies, not owning controlling levels of equity
    • venture capital companies where the only financing is by shares and no fee is received
  27. 64.9Other financial service activities, except insurance and pension funding
    ISTAT explanatory notes ›

    This group includes financial service activities (except insurance and pension funding activities), other than those conducted by monetary institutions, holding companies and financing conduits, trusts, funds and similar entities.

    Excludes

    • insurance and pension funding activities, see division 6565
  28. 64.91Financial leasing
    ISTAT explanatory notes ›

    This class includes the activities of financial leasing, a contract under which the lessor as legal owner of an asset conveys the risks and benefits of ownership of the asset to the lessee. Under a financial lease, the lessor is deemed to make, to the lessee, a loan with which the lessee acquires all the economic benefits and risks of the lease. Thereafter, the leased asset is shown on the balance sheet of the lessee and not the lessor; the corresponding loan is shown as an asset of the lessor and a liability of the lessee.

    Excludes

    • operating leasing, according to type of goods leased, see division 7777
  29. 64.91.0Financial leasing
  30. 64.91.00Financial leasing
    From ATECO 2022: 64.91.00 Leasing finanziario (all from here)
    ISTAT explanatory notes ›

    Includes

    • financial leasing of durable goods (e.g. vehicles)
  31. 64.92Other credit granting
    ISTAT explanatory notes ›

    This class includes financial service activities primarily concerned with making intermediation by incurring liabilities - in forms other than currency, deposits or close substitutes for deposits - where the granting of credit can take a variety of forms (e.g. loans, mortgages, credit cards), providing the following types of services.

    Excludes

    • credit granting by specialised deposit-taking institutions, see 64.1964.19
    • financial leasing, see 64.9164.91
    • securitisation of assets other than loans, see 64.9964.99
    • operating leasing according to type of goods leased, see division 7777
    • grant-giving activities by membership organisations, see 94.9994.99
  32. 64.92.1Factoring activities
  33. 64.92.10Factoring activities
    From ATECO 2022: 64.99.20 Attività di factoring (all from here)
    ISTAT explanatory notes ›

    Includes

    • factoring and supply chain financing activities
  34. 64.92.9Other credit granting n.e.c.
  35. 64.92.91Other credit granting provided by loan guarantee consortia
    From ATECO 2022: 64.92.01 Attività dei consorzi di garanzia collettiva fidi (all from here)
  36. 64.92.99Other various credit granting n.e.c.
    From ATECO 2022: 64.92.09 Altre attività creditizie n.c.a. (in part) · 64.99.40 Attività delle società veicolo (in part)
    ISTAT explanatory notes ›

    Includes

    • granting of consumer credit by non-depository institutions
    • international trade financing
    • provision of long-term finance to industry
    • provision of banking-like services without a banking license, in cooperation with a licensed bank
    • money lending outside the banking system
    • credit granting by specialised non-depository institutions (e.g. for house purchases)
    • loan securitisation
    • activities of pawnbrokers
  37. 64.99Other financial service activities, except insurance and pension funding n.e.c.
    ISTAT explanatory notes ›

    Excludes

    • issuing of crypto-assets without a corresponding liability (not by a monetary authority), see 63.1063.10
    • financial leasing, see 64.9164.91
    • loan securitisation, see 64.9264.92
    • security and commodity contracts dealing on behalf of others (brokerage), see 66.1266.12
    • exchange of currency on a fee basis (e.g. bureaux de change), see 66.1266.12
    • brokerage of crypto-assets with liabilities that qualify as securities, see 66.1266.12
    • mortgage brokerage, see 66.1966.19
    • management of investment funds, see 66.3066.30
    • trade, leasing and rental of real estate property, see division 6868
    • bill collection without debt buying up, see 82.9182.91
    • grant-giving activities by membership organisations, see 94.9994.99
  38. 64.99.0Other financial service activities, except insurance and pension funding n.e.c.
  39. 64.99.00Other financial service activities, except insurance and pension funding n.e.c.
    From ATECO 2022: 64.99.30 Attività di merchant bank (in part) · 64.99.40 Attività delle società veicolo (in part) · 64.99.50 Attività di intermediazione in cambi (in part) · 64.99.60 Altre intermediazioni finanziarie n.c.a. (in part)
    ISTAT explanatory notes ›

    Includes

    • other financial service activities primarily concerned with distributing funds other than by granting loans:
      • writing of swaps, options and other hedging arrangements
      • activities of viatical settlement companies
    • own account investment and trading activities (e.g. by venture capital companies, investment clubs)
    • acting as a counterparty for the clearing and settlement of transactions

    Also includes

    • dealing in financial markets on own account
    • trade of receivables on own account
    • security and derivate dealers (operating on own account)
    • activities of financial vehicle corporations other than securitisation
    • securitisation transactions of assets other than loans by issuing financial instruments
    • trade of swaps or options on own account
    • trade of commodity contracts on own account
    • issuing of crypto-assets with a corresponding liability (not by a monetary authority)
    • trading of crypto-assets with a corresponding liability on own account
    • exchange of currency on own account

Source and disclaimer

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Data: ISTAT, ATECO 2025 classification, CC BY 4.0 licence. We reorganised the files for search without changing the text of codes and notes, except for the capitalisation of section titles. CC BY 4.0

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