FCA Unveils New Transaction Reporting Regime Amid Harmonization Efforts

The Financial Conduct Authority (FCA) has published its policy statement in relation to improving the UK transaction reporting regime, dubbed PS26/15. The FCA considers UK Markets in Financial Instruments Regulation (UK MiFIR) transaction reports crucial for monitoring financial markets and conducting market abuse surveillance.

The new regime will come into force on 3 April 2028, but the FCA will take a flexible supervisory approach from 3 August 2026 until this date to help firms adapt before then. The authority has launched an industry taskforce with the Bank of England to develop a harmonized approach to transaction and post-trade reporting.

The FCA is narrowing transaction reporting to instruments tradeable on UK venues only, starting from 3 April 2028. It will also remove Foreign Exchange (FX) derivatives from UK transaction reporting, relying instead on UK EMIR data as a more effective monitoring tool.