UK Financial Conduct Authority Publishes Discussion Paper on Improving the UK Transaction Reporting Regime

The U.K. Financial Conduct Authority has issued a discussion paper on potential options for improving the U.K. transaction reporting regime. The FCA has two primary objectives: to improve the usefulness of transaction reporting data through better data quality and to support the competitiveness of U.K. markets by ensuring requirements remain proportionate for firms. The discussion paper asks firms to consider: (i) the overall shape of the transaction reporting regime, seeking feedback on the relative merits of simplification against the cost of change. The FCA is also seeking feedback on areas of the regime that are most burdensome for firms, as well as the role it could play in accommodating the development of new and existing technologies; (ii) the scope of firms subject to transaction reporting obligations and the scope of financial instruments captured by the requirements. The FCA considers the scope of reporting obligations for over-the-counter derivatives and identifiers for these instruments; and (iii) potential changes to the fields contained in RTS 22 to improve data quality. The FCA considers where it could add new fields to improve use of data, where existing fields could be removed to streamline reporting, and trading scenarios where clearer guidance may be needed to improve outcomes. The deadline for comments is February 14, 2025.

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