NACE 66.1 – Activities Auxiliary to Financial Services | Public Tenders

Definition: NACE 66.1 covers activities auxiliary to financial services such as the operation of financial market infrastructure (exchanges, trading platforms), securities trading and administration, foreign exchange trading as well as financial consultancy for institutional investors. In the public sector, treasury services and debt management are the most relevant fields of application.

Legal basis: NACE Rev. 2 (Regulation (EC) No 1893/2006) · Last updated: January 2026

What does NACE 66.1 cover?

NACE 66.1 (Activities auxiliary to financial services) classifies companies that provide supporting services for financial markets and institutional investors — without themselves being financial institutions.

Group 66.1 within Section K (Financial and insurance activities) and Division 66 is broken down into the following classes:

Public contracting authorities in the NACE 66.1 area are finance ministries (debt management), Bundesbank/OeNB, public promotional banks (KfW, OeKB), municipal treasuries and holding companies as well as public pension funds.

Public Tenders: Sector NACE 66.1

Public institutions procure financial services for treasury management, the administration of public debt and the investment of reserves — areas with high contract values and a particular regulatory framework.

Typical types of contract

• Debt management consultancy: Consultancy for territorial authorities on optimising the debt portfolio, refinancing strategies, use of derivatives
• Treasury services: Liquidity management, cash pooling, interest rate hedging for public enterprises
• Credit rating: Commissioning of rating agencies for municipal bonds, sovereign ratings, public corporate bonds
• Financial data services: Bloomberg, Refinitiv or similar database licences for public financial institutions
• Custody bank services: Custody and administration of securities of public pension funds or foundations
• Issuance services: Support in the issuance of municipal bonds (green bonds, social bonds)

Thresholds and procedure types

Financial services are partially privileged under public procurement law. Pursuant to Annex XIV of Directive 2014/24/EU, certain financial services are subject to a simplified regime (Article 74 services). Credit transactions and financial instruments themselves are excluded from the scope of public procurement law (section 116(1) no. 6 GWB). Consultancy services, by contrast, are subject to public procurement law from a contract value of EUR 221,000.

Relevant CPV codes for NACE 66.1

Current tenders can be found on TED (Tenders Electronic Daily) as well as on national procurement platforms.

Who is NACE 66.1 relevant for in public procurement?

Public contracting authorities

The Federal Ministry of Finance and the Deutsche Finanzagentur GmbH (as debt administrator of the federal government) are the most significant contracting authorities in debt management. At the regional level, state debt administrations and treasuries are active. Municipal utilities, transport companies and other public enterprises require treasury services. Public pension schemes and pension funds are important contracting authorities for custody bank and investment advisory services.

Companies and bidders

Financial service providers in public procurement must meet the following requirements:

• Regulation: Authorisation as an investment services firm under MiFID II, banking licence under KWG/BWG
• Conflicts of interest: Evidence of compliance structures to avoid conflicts of interest
• Reference evidence: Comparable mandates from public institutions
• Creditworthiness requirements: Minimum rating or evidence of financial stability

NACE 66.1 in context: Section K and Division 66

• NACE K – Financial and insurance activities: Parent section
• NACE 64.1 – Monetary intermediation: Banking services
• NACE 66.2 – Activities auxiliary to insurance and pension funding: Insurance brokerage
• NACE 66.3 – Fund management activities: Investment funds, asset management

Frequently Asked Questions on NACE 66.1 and public tenders

Are loans raised by municipalities subject to tendering?
No. Financial services in connection with the issuance, sale, purchase or transfer of securities as well as loan agreements are exempt from public procurement law pursuant to section 116(1) no. 6 GWB. Advisory services concerning these transactions are, however, subject to public procurement law.

What applies to the commissioning of rating agencies?
The commissioning of rating agencies for municipal bonds is in principle subject to tendering where the contract value exceeds the threshold. The market is oligopolistic (S&P, Moody's, Fitch), so a negotiated procedure with competition often takes place.

How are financial database licences awarded?
As with other database licences: in principle subject to tendering from the threshold. Bloomberg or Refinitiv licences are often awarded in the negotiated procedure — evidence of a sole-supplier position must, however, be strictly examined.

Do special procurement rules apply to financial services?
Yes. Certain financial services (including central bank services, pension benefits) fall under the simplified regime of Articles 74–77 of Directive 2014/24/EU (so-called Article 74 services or "light regime"), which involves less stringent procedure requirements.

Last updated: January 2026
All information is provided without guarantee. For legally binding advice, please consult a law firm specialising in public procurement law.