UK Regulators Form Taskforce to Harmonize Transaction Reporting
The UK Financial Conduct Authority (FCA) and the Bank of England (BoE) have formed a taskforce to harmonize transaction and post-trade reporting requirements across various regulations. The Transaction and Post-trade Reporting Harmonisation Taskforce aims to inform a long-term approach to harmonizing requirements under the Markets in Financial Instruments Regulation (MiFIR), European Market Infrastructure Regulation (EMIR), and Securities Financing Transactions Regulation (SFTR).
The taskforce consists of three working groups: a policy group, strategy group, and architecture group. The Policy Working Group is chaired by Helen Packard from FCA and Julia Giese from BoE, while the Strategy Working Group is led by Dominic Holland and Nicholas Butt.
The members of each group come from various institutions, including banks, regulatory bodies, and industry associations. Their goal is to provide recommendations for harmonizing reporting requirements, which will ultimately benefit market participants and improve transparency in financial markets.