What is CPV Code 66?
CPV Code 66 in the Common Procurement Vocabulary stands for Financial & Insurance Services. Banking, financial, insurance and pension services. This code is part of the EU's standardized classification system for public procurement, enabling consistent description of contract subjects across all member states.
Typical Products and Services
CPV Code 66 covers the following areas among others:
- Banking services
- Insurance
- Investment consulting
- Leasing
- Pension insurance
The full CPV nomenclature includes numerous sub-groups under the main code 66, allowing for precise classification of specific goods and services. Contracting authorities typically use more detailed sub-codes to accurately describe the subject of their contracts.
Who Procures Under CPV 66?
Public contracting authorities at all levels use CPV Code 66 when publishing tenders:
- Municipal administrations regularly award contracts in this area
- Regional authorities and ministries tender larger projects
- Federal agencies use this code for central procurement
- EU institutions employ the code for Europe-wide procurement procedures
- Public enterprises such as utilities also award contracts under this code
Contract volumes vary significantly - from smaller municipal procurements below EU thresholds to large-scale European projects worth tens of millions of euros.
Procurement Procedures
Depending on the contract value and type of service, different procurement procedures apply:
| Procedure | Typical Application |
|---|---|
| Open procedure | Standard procedure above EU thresholds |
| Restricted procedure | When pre-selection of suitable bidders is needed |
| Negotiated procedure | For complex or innovative services |
| Direct award | Below thresholds or in cases of urgency |
| Framework agreement | For recurring needs over longer periods |
Above EU thresholds, tenders with CPV Code 66 must be published in the Official Journal of the EU (TED - Tenders Electronic Daily).
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