NACE Rev. 2.1: What the 2026 Update Means for Your Reporting
- by Orlagh on 09/02/2026
From 1 January 2026, EU authorities require institutions to report counterparty economic activity using the updated NACE Rev.2.1 classification. This update replaces older NACE standards and will directly affect regulatory reporting, risk modelling, portfolio analysis, and internal data governance. Organisations still operating on legacy classifications will need to update their sector data to remain compliant and maintain reporting accuracy.
What is NACE Rev. 2.1?
NACE Rev. 2.1 is the updated EU statistical classification of economic activities. It replaces older versions of the NACE standard, ensuring consistent categorisation of businesses and sectors across regulatory reporting, risk modelling, and economic analysis.
What is changing in 2026?
EU authorities have confirmed a coordinated transition across reporting frameworks:
- NACE Rev. 1.1 is now obsolete and will no longer be accepted for mandated reporting.
- NACE Rev. 2.1 has become the required code list for all reporting reference dates since 1 January 2026.
- Reporting frameworks are aligning so institutions do not have to work across multiple NACE standards.
- Impact for Ireland: All Irish banks, lenders, credit providers, and reporting entities must update their sector classifications to avoid regulatory errors.
Why does this matter?
NACE codes are used directly in regulatory templates and data validation. If sector data is outdated or inconsistent, it can:
Which reporting frameworks use NACE codes?
NACE classification is referenced across key EU reporting frameworks, including:
Who will be affected?
Any institution reporting to the Central Bank of Ireland or the ECB, including:
What should institutions in Ireland do now?
How Can We Help?
CRIFVision-net supports institutions with NACE batch enrichment and upgrades, enabling you to fulfil your regulatory reporting requirements:
Support your business in mitigating risks and staying compliant and call us on 01 903 2660 or email us at solutions.vision-net@crif.com.
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