How did group 64.3 split?

Group 64.3, trusts, funds and similar financial entities, split into two classes in NACE Rev. 2.1: class 64.31, activities of money market and non money market investment funds, and class 64.32, activities of trust, estate and agency accounts. Paragraph 176 of the manual states the split. Section 4 does not reproduce the explanatory notes for the two classes, and this guide does not state inclusion lists that it has not verified from the notes. The split does not determine a code for a specific reader.

What does the split separate?

The split separates investment funds from trust, estate and agency accounts. The first class covers funds, divided in its title into money market funds and non money market investment funds. The second class covers trust, estate and agency accounts, three kinds of account based arrangement grouped under one title. The titles state the dividing line in heading form, and the explanatory notes state the contents in full. The notes state, in general terms, what counts as an investment fund for the first class, and what counts as a trust, estate or agency account for the second, including the treatment of arrangements that combine fund and trust features, where the notes for the neighbouring classes govern the boundary.

The split sits in division 64, financial service activities, except insurance and pension funding, in Section L, financial and insurance activities, in NACE Rev. 2.1. The section letter is L in the new version, where the same activities sat in Section K in NACE Rev. 2. The letter shift, covered in the Section J split cluster, applies to the whole division, and a code from the old Section K must not be restated in the new version by keeping its letter. The version must be stated, the correspondence table must be checked, and the notes for the new classes must be read, before the split is quoted for any purpose.

What is the register context for the group?

The group note for division 64, quoted in the guide on group 64.2, states that units in groups 64.2 and 64.3 usually do not have revenue from the sale of products, nor employ staff, and that they are integrated in the classification to facilitate the classification of units in statistical business registers. The same register context applies to group 64.3. The classes in the group exist so that statistical business registers can record units that hold assets, funds and accounts, even where the units have no sales and no staff in the ordinary sense. The classification purpose is statistical, and the existence of a class does not state anything about the legal form, authorisation or supervision of the arrangement it describes, which are questions for other instruments and authorities.

The register context also explains why the split matters for statistics even though the units concerned may have no employees. A register that records only one class for all trusts, funds and similar entities cannot distinguish funds from trust and estate accounts in its counts. Two classes allow the register to show the two kinds of arrangement apart, where the data allow it. The distinction is a distinction in the kind of financial entity, as the titles state, and it is drawn by the notes, not by the size, value or performance of the arrangement, about which the manual states nothing in section 4.

How is the split shown?

| NACE Rev. 2.1 class | Title in the manual |

|---|---|

| 64.31 | Activities of money market and non money market investment funds |

| 64.32 | Activities of trust, estate and agency accounts |

The table follows paragraph 176. It lists the two classes and their titles, and nothing more, because section 4 states nothing more about the split. The explanatory notes for the two classes, and the correspondence table, supply the content and the mapping. The table summarises the manual summary only, and quoting it as a statement of the content of either class would go beyond what it shows.

What does a split not decide?

Eurostat manual titles, in section 4 and in the detailed structure, are the titles used in this cluster. A title gives a heading, not a category content. Content, including inclusions, exclusions and borderline cases, is governed by the explanatory note. Resemblance of a service name to a new title alone does not place the service in the new class. A check is complete only when the note has been read, the correspondence table has been checked, and the entry for a specific unit has been confirmed with the national statistical institute or business register holding the record.

Where is a split class confirmed?

Three checks make a confirmation: the note, the table, and the holder of the record. The note states what the new class contains. How the old category relates to the new classes is stated in the table. The entry held for a specific unit is stated by the institute or register. No step replaces another.

Separate funds from trust, estate and agency accounts by the notes, remember the section letter shift to L, and confirm the entry with the institute or register that holds it.