FCA consults on improvements to transaction reporting regime

The FCA has published its consultation on improving the UK transaction reporting regime. HM Treasury has committed to repealing and replacement rules set out in the MiFIR transaction reporting rules implemented in 2018, and the consultation sets out changes the FCA proposes to make in order to reduce regulatory burden.

Key changes include:

• Reducing reporting fields in a number of transaction report types;
• Excluding instruments which are only tradeable in EU trading venues from reporting obligations;
• Removing FX derivatives from the scope of reporting obligations, and using UK EMIR to cover market abuse and monitoring provisions;
• Reducing the default back reporting period from 5 to 3 years;
• Removing the obligation on systematic internalises to submit instrument reference data;
• Replacing technical standards (RTS 22 – 24) with new rules in the Market Conduct Sourcebook.

The consultation also proposed to clarify specific reporting requirements in order to improve reporting efficiency and support better data quality.

The consultation closes on 20 February 2026.