UK FCA consults on preparing for new transaction reporting regime

The UK Financial Conduct Authority (FCA) has published consultation paper CP26/34 on guidance to help firms implement the new transaction reporting rules set out in PS26/15. The rules will come into force on 3 April 2028 and form part of a new, streamlined framework that follows HM Treasury’s planned repeal of the UK Markets in Financial Instruments Regulation (MiFIR) transaction reporting legislation.

The consultation also covers:

• the FCA’s approach to carrying across relevant parts of the transaction reporting, instrument reference data and record-keeping related Level 3 materials on its Handbook website into a new transaction reporting user pack
• provisions to give firms clarity on the transition between the current and future transaction reporting regime
• consequential amendments to its Handbook and technical standards to reflect the repeal of the relevant parts of UK MiFIR and technical standards and their replacement by MAR 13, MAR 14 and MAR 15.

The FCA will publish a further consultation on the user pack in Q1 2027, with a final version due by 3 April 2027. As the current “Level 3 materials” section of the FCA’s Handbook does not cover all reporting scenarios, the FCA is also asking where further guidance may be needed, and the responses will help shape the development of additional guidance to be included in the user pack. The deadline for comments on the consultation is 6 November. Alongside the consultation, the FCA published its draft schema and validation rules on the Market Data Processor webpage, to help firms prepare for the implementation of the final rules.

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