FCA Finalises Simplified UK Transaction Reporting Regime (PS26/15)

The FCA published final rules reforming the UK's MiFIR-derived transaction reporting regime, cutting the number of required data fields from 65 to 52 and restricting scope to UK-tradeable instruments while removing certain forex derivatives from reporting. The FCA estimates the changes will cut industry's annual transaction reporting costs from around £493 million to about £385 million, a saving of roughly £108 million a year. The new regime takes effect on 3 April 2028, giving firms a multi-year window to update reporting systems.

• Reduces mandatory transaction reporting fields from 65 to 52
• Restricts the regime's scope to UK-tradeable instruments
• Removes certain forex derivatives from the reporting obligation
• Projected to cut industry-wide annual compliance costs by approximately £108 million