FIA has responded to the Financial Conduct Authority’s consultation paper on improving the UK Transaction Reporting Regime.
The response broadly supports the FCA’s objective to streamline and harmonise the UK Transaction Reporting Regime, emphasising the need for a holistic, technology-enabled reform approach that avoids unnecessary divergence from international standards and reduces the need for repeated system change.
The response welcomes proposals such as an 18-month implementation period, reduced back-reporting timelines and the removal of low-value reportable fields. At the same time, FIA highlights operational risks and complexity across several areas, particularly in relation to proposals on conditional single-sided reporting. FIA members believe this is unlikely to deliver meaningful efficiency gains and could instead increase the burden and liability for some firms.
FIA’s response also calls for clearer guidance and supervisory flexibility across multiple proposals – for example, around schema changes, back-reporting applicability and the treatment of EU-only instruments. Overall, FIA stresses that successful reform depends on coordinated sequencing, timely publication of technical standards and practical rules that reduce, rather than shift, reporting burdens while improving data quality and supervisory usability.
