FCA Overhauls UK Reporting Rules, but Firms Face More Work
By Quinn Perrott
AI summary of the source article
The FCA has finalised changes to UK MiFIR transaction reporting, reducing reportable fields and removing FX derivatives. The reforms are estimated to save more than £100 million annually and take full effect on 3 April 2028.
Why it matters
The regulator expects the reforms to save more than £100 million a year, reduce costs for more than 400 UK firms, and remove duplicate reporting as part of a broader effort to simplify regulatory reporting.
Key facts
- The number of reportable fields will fall from 65 to 52, and the error-correction period will drop from five years to three.
- FX derivatives are removed from MiFIR reporting and around seven million EU-only tradable instruments are removed from UK requirements.
- The new regime becomes fully effective on 3 April 2028, with flexible supervision starting 3 August 2026.
Source excerpt · Finance Magnates
The FCA has finalised changes to the UK's transaction reporting regime following a consultation last year. The regulator estimates that the industry currently spends £493 million annually on transaction reporting and expects the reforms to save more than £100 million a year. These are arguably the most significant changes to UK MiFIR transaction reporting since MiFID II came into force in 2018. Lo…