FCA Market Watch 82: UK MiFID transaction reporting

The UK Financial Conduct Authority (FCA) has published Market Watch 82, outlining supervisory findings on transaction reporting under the UK's Markets in Financial Instruments regime. The FCA focuses on three key areas: (i) remedial timelines, where the FCA observed persistent inefficiencies in firms' operational frameworks, including delays in remediation caused by weak governance, fragmented internal processes and insufficient resourcing; (ii) back reporting, with case studies illustrating common causes of delayed back reporting, such as poor data governance and adverse impacts on business-as-usual operations; and (iii) breach notifications, where the FCA provides a table, summarising its supervisory observations of issue descriptions, root cause analysis and governance disclosures while also setting out best practices. The FCA confirms it will continue to monitor the quality of breach notifications closely.

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