On July 27th there will be a few minor RBICS changes from FactSet. The effects will be transparent to most users.
Two new sub-industries were added:
25151525 Gathering and Processing Services GATHERPROCESSSVCE
Gathering and processing services of natural gas and crude oil.
We don't know which companies will be moved to this sub-industry.
40152515 Specialty Contracting Services CONTRACTINGSVCE
Specialty Contracting Services include installation, maintenance, and repair services, including electrical and mechanical, HVAC, piping, masonry, painting, flooring, and structural and chemical coating.
Some companies will be moved here from 40152510 Infrastructure Construction/Contracting Services INFCONSTRSVCE.
One industry was discontinued:
601015 Wireless and Wireline Telecommunications Services TELECOMWIRE
Companies will be moved to 601010 General Telecommunications Services TELECOMGEN.
If you used the RBICS code TELECOMWIRE, or the 2 sub-industries under it (WIRELESS, WIRELINE), in the RBICS() function in screens or strategy buy rules then you should add TELECOMGEN.
For data after 7/27/24, companies currently in the TELECOMWIRE industry will be moved to the TELECOMGEN industry. You can see the new RBICS structure under the TELECOM sector on the Detailed Description page for the RBICS() function, but the companies have not been moved yet. We do not know which sub-industry each company will be moved to.
The announcement seemed to imply companies will be moved from TELECOMWIRE to TELECOMAMEREXUS, TELECOMASIA, TELECOMEUROPE, and TELECOMMIDEAST sub-industries specifically. Next week, I'll share here how many companies moved where on account of this year's RBICS revision. The bulk of the update is expected to be available on the platform by Sunday, though residual company reassignments may trickle in on subsequent days.
The main changes that came in on Saturday were as follows:
16 companies moved from 25151515 Other Pipeline and Energy Storage Services to new sub-industry 25151525 Gathering and Processing Services, leaving 28 remaining in 25151515.
412 companies moved from 40152510 Infrastructure Construction/Contracting Services to new sub-industry 40152515 Specialty Contracting Services, leaving 1394 remaining in 40152510.
248 companies moved from 601015 Wireless and Wireline Telecommunications Services sub-industries to 601010 General Telecommunications Services sub-industries, leaving 54 remaining in 601015.
In 2018, it took an additional 2 months for RBICS to depopulate Wholesale Power Generation and Marketing completely, so there is some precedent for there to be 54 remaining in these discontinued sub-industries. As such, the industry will be marked as discontinued in the documentation as of 2024-07-27 for the time being.