PS26/15: Improving the UK transaction reporting regime

Read PS26/15 (PDF)

Why we are changing

The Markets in Financial Instruments Regulation (MiFIR) transaction reporting rules were implemented in 2018. The Treasury has committed to repealing and replacing these rules with a more proportionate, streamlined and agile framework in our Handbook.

This Policy Statement sets out our final rules and guidance along with feedback to the proposals we set out in consultation CP25/32 (PDF).

What we are changing

These final rules make changes to the scope, content and operation of the transaction reporting regime. The rules are designed to simplify firms’ reporting obligations, reduce duplicative or low-value reporting and improve consistency in how key fields are populated.

We expect these changes to reduce firms’ reporting costs by more than £100m annually. These changes include:

• Reducing the number of transaction reporting fields from 65 to 52.
• Removing reporting obligations for 7 million financial instruments which are only tradeable on European Union (EU) trading venues.
• Removing foreign exchange (FX) derivatives from the scope of reporting requirements, reducing costs for over 400 UK firms.
• Reducing the default back reporting period from 5 to 3 years. This will lower the number of transaction reports that need to be resubmitted to us by a third.

Who this is for

• Investment firms.
• Operators of trading venues.
• Approved reporting mechanisms (ARMs).
• Other market participants involved in submitting transaction reports, instrument reference data and order book data.

Next steps

If your firm is affected by these changes, you should begin planning now. This includes:

• Reviewing your reporting logic.
• Considering the impact of changes to the scope of reporting requirements and data fields.
• Preparing for the revised schema, validation rules and guidance.

We will publish a draft schema, validation rules and new guidelines for consultation in October 2026. This consultation will also cover transitional provisions and consequential amendments to our Handbook.

The new regime will come into force on 3 April 2028. We will take a flexible supervisory approach to some areas from 3 August 2026 until this date.

Background

Transaction reports submitted under UK MiFIR are critical for our work to monitor financial markets, conduct market abuse surveillance and support supervisory activities. We make extensive use of the data every day.