What changed in finance real estate and professional services?

Finance, real estate and professional service changes in NACE Rev. 2.1 are listed in the manual passages on Sections L, M and N in the new lettering, corresponding to former Sections K, L and M. The foreword to the manual notes additional categories in financial services so that holding companies, financing conduits, trusts and funds can be better identified, as one of three examples of the update.

What changed in finance, Section L?

Section L for financial and insurance activities is the former Section K, renamed by the shift. Inside the section, group 64.2 for activities of holding companies and financing conduits was split into classes 64.21 for activities of holding companies, and 64.22 for activities of financing conduits. Group 64.3 for trusts, funds and similar financial entities was split into classes 64.31 for activities of money market and non money market investment funds, and 64.32 for activities of trust, estate and agency accounts. The manual gives those numbers and headings in the Section L passage.

The splits separate categories that were previously grouped together at group level, and give each a class of its own. The correspondence table will show the relationship for each group as a one to many relationship, where the old group scope is divided between the new classes, subject to the notes. A reader comparing financial statistics over time must check the notes for the new classes, because the split does not, on its own, state which activities from the old group fall in each new class. The notes state the inclusions and exclusions, and the index entries point detailed activities to the classes.

New section	Former section	Split stated in the manual
L finance and insurance	K	Groups 64.2 and 64.3 split into classes 64.21, 64.22, 64.31, 64.32
M real estate	L	Class 41.10 moved in as class 68.12
N professional, scientific and technical	M	Group 74.1 split into four classes, class 74.90 split, research classes merged

What changed in real estate, Section M?

Section M for real estate activities is the former Section L, renamed by the shift. The substantive change listed in the manual is the move of class 41.10 for development of building projects from group 41.1 in construction, to group 68.1 for real estate activities with own property and development of building projects, as the new class 68.12 for development of building projects. The passage for Section F states the move from the construction side, and the passage for Section M states it from the real estate side, with the new class number. The move crosses a section boundary, from construction to real estate, and it must be traced in the correspondence table as a move between sections, not as a change inside one section.

No other major change for real estate is listed in the Section M passage beyond the renaming and the move. That does not mean that no minor change occurred inside the section. Minor changes, as defined in the manual, include heading changes, renumbering, recoding and partial transfers, and they are not listed in the major changes passage. A real estate class that is not listed must still have its note compared across versions before a time series is read, because a minor change can affect the scope of a class without changing the section count.

What changed in professional services, Section N?

Section N for professional, scientific and technical activities is the former Section M, renamed by the shift. Inside the section, class 70.21 for public relations and communication activities was moved to a new group 73.3 for public relations and communication activities, containing a single class 73.30 with the same heading. Classes 72.11 and 72.19 for research and experimental development were merged into class 72.10 for research and experimental development on natural sciences and engineering. Group 74.1 for specialised design activities was split into four new classes: 74.11 for industrial product and fashion design, 74.12 for graphic design and visual communication, 74.13 for interior design, and 74.14 for other specialised design activities. Class 74.90 was split into class 74.91 for patent brokering and marketing services, and a residual class 74.99 for all other professional, scientific and technical activities not elsewhere classified.

Those changes combine a move, a merger, and two splits, all inside one section. Each must be traced separately. The move of public relations activities changes the group and division for the activity, from division 70 to division 73. The merger of research classes is a many to one relationship. The design split is a one to many relationship, with four new classes. The split of class 74.90 separates a named activity, patent brokering, from the residual remainder. A reader who summarises the section change as a single restructuring will miss the different correspondence types, and will misread the table rows for the classes concerned.

What does the finance and professional changelog not show?

The changelog passages for Sections L, M and N list major changes only. They do not list every heading change, renumbering, or partial transfer, and they do not state the effect on statistics. The correspondence table gives the detailed relationship for each class, with a type for each row, and the explanatory notes state the scope of each new class. The institute or register that holds the record confirms an entry, using those sources. A code in finance or professional services must not be read from the changelog alone, because the changelog states that a change happened, while the table and the notes state what the change means for a particular class.

Read the manual passages for Sections L, M and N for the major changes, check the correspondence table for the class, and confirm any entry with the national statistical institute or the business register that holds the record.