CP26/34: Preparing for the new transaction reporting regime

Read CP26/34 (PDF)[2]

Why we are consulting

We are consulting on proposals to help firms implement our new transaction reporting rules[3].

These include: 

• Guidance focused on the changes we made in our new rules. 
• Provisions to give firms clarity on the transition to the future transaction reporting regime.
• Amendments to our Handbook and Technical Standards to reference MAR 13, MAR 14 and MAR 15.
• A proposed approach to carrying across relevant parts of existing guidance from the 'Level 3 Materials' section of our Handbook into a new Transaction Reporting User Pack.

These proposals aim to enable firms to report consistently during and after the implementation of our new rules, ensuring we maintain effective oversight of UK financial markets.

We welcome feedback on whether the proposed guidance provides enough clarity on the new regime, and where firms may need further guidance or examples.

We have published our draft schema and validation rules to help firms prepare for 3 April 2028. These are available on the Market Data Processor (MDP) webpage[4].

Who this is for

This consultation will be of interest to:

• Investment firms
• Operators of trading venues
• Approved reporting mechanisms
• Trade associations
• Other market participants involved in submitting transaction reports, instrument reference data or order book data

Next steps

Online response form[5]

Please send us your comments by 6 November 2026.

You can respond:

• Through our online response form[5].
• By emailing [email protected].
• By writing to the Transaction & Position Reporting Team, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN.

Background

UK Markets in Financial Instruments Regulation (MiFIR) transaction reports are critical for our work to monitor financial markets, conduct market abuse surveillance and support supervisory activities.

The Treasury plans to repeal UK MiFIR transaction reporting legislation, enabling us to deliver a new, streamlined framework.

PS26/15[3] sets out our new rules for transaction reporting. These will come into force on 3 April 2028.

We will consult on a new Transaction Reporting User Pack in Q1 2027 and publish a final version of the User Pack by 3 April 2027.