The UK Financial Conduct Authority has finalised revised rules to simplify transaction reporting requirements for investment firms, trading venue operators and approved reporting mechanisms.
The revised rules will:
- Reduce the number of transaction reporting fields from 65 to 52
- Remove foreign exchange derivatives from reporting requirements
- Remove reporting requirements for 7m financial instruments
- Reduce the period for correcting historical reporting errors from 5 years to 3 years
The FCA stated: “The rules are designed to simplify firms’ reporting obligations, reduce duplicative or low-value reporting and improve consistency in how key fields are populated.”
It estimates that the revisions will reduce firms’ overall reporting costs by over £100m a year.
The revised rules will take effect from 3 April 2028. The FCA will consult on new guidelines in October.