FCA, BoE Unite on Harmonization Task Force

The Financial Conduct Authority (FCA) and Bank of England have established a task force to harmonize transaction reporting requirements across various UK regulations.

The 'harmonisation' task force will consist of 50 industry representatives who will work over the next 18 months to align reporting requirements under the UK Markets in Financial Instruments Regulation, the UK European Market Infrastructure Regulation, and the UK Securities Financing Transactions Regulation.

This effort aims to reduce duplicate and low-value submissions without compromising regulators' ability to detect misconduct.