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NACE Rev. 2.1: What the 2026 Update Means for Your Reporting.

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 If sector data is outdated or inconsistent, it can:

  • Cause submission errors or rejected files.
  • Create manual remediation workload late in the reporting cycle.
  • Create manual remediation workload late in the reporting cycle.

    • Which reporting frameworks use NACE codes?

    NACE classification is referenced across key EU reporting frameworks, including:

  • AnaCredit: Used to classify counterparty economic activity for granular credit data reporting.
  • FINREP: Used for sector breakdowns of exposures by NACE code sections.
  • EBA ESG disclosures / Pillar 3 reporting: Used for climate-related and environmental risk metrics linked to counterpart activity.

    • Who will be affected?

  • Retail and commercial banks
  • Credit unions reporting under specific templates
  • Alternative lenders
  • Leasing and finance providers
  • Institutions preparing ESG disclosures
  • Firms analysing sectoral exposure (e.g., agriculture, hospitality, property-related sectors)

    • What should institutions in Ireland do now?

  • Review customer and counterparty records for obsolete or missing NACE codes.
  • Update internal mapping tables to NACE Rev. 2.1.
  • Validate sector allocation across regulatory, risk, and ESG systems.
  • Plan test submissions ahead of 2026 to reduce error risk.

    • How Can We Help?

    CRIFVision-net supports institutions with NACE batch enrichment and upgrades, enabling you to fulfil your regulatory reporting requirements:

  • Cleanse and update customer/portfolio datasets to the latest NACE standard.
  • Ensure consistent sector tagging across regulatory submissions.
  • Reduce reporting risk while improving portfolio insight and analytics.

    • 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

      By Business Barometer.

    Issue 718 (Week Ending 06/02/2026)

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