The Financial Conduct Authority (FCA) has introduced significant reforms through Policy Statement PS26/15 to modernise the UK MiFIR transaction reporting framework. The changes aim to reduce unnecessary reporting obligations, improve data quality, eliminate duplication across regulatory regimes, and support greater harmonisation with UK EMIR and SFTR reporting requirements.
The reforms are designed to address longstanding industry challenges, including complex reporting logic, inconsistent data quality, high compliance costs, duplicate reporting requirements, and significant operational effort associated with validation, reconciliation, and remediation activities. By streamlining reporting obligations and simplifying technical requirements, the FCA seeks to enhance the effectiveness of market oversight while reducing the overall compliance burden on regulated firms. The regulator expects these measures to improve reporting consistency across the industry and deliver annual cost savings exceeding GBP100 million.
