SNI 64.220—Activities of financing conduits

Where 64.220 sits

1. L Financial and Insurance Activities
2. 64 Financial service activities, except insurance and pension funding
3. 64.2 Activities of holding companies and financing conduits
4. 64.22 Activities of financing conduits
5. 64.220 Activities of financing conduits

What 64.220 includes

• Conduit activities, i.e. companies created by a financial or non-financial group to raise or borrow money (often on the open market) and transfer the money to their parent company or another entity within the group.
• Letterbox companies that are formed to collect and transfer money to the parent company, i.e. companies that are (directly or indirectly) owned by a foreign entity, whose balance sheet consists largely of receivables from and payables to foreign companies, and which have few or no employees and little or no physical presence in the jurisdiction in which they are incorporated.

What 64.220 excludes

• Public funds and public debt management services, see 84.110

Example activities

• financing channels (conduit operations)

64.220 in other systems