FCA introduces new MiFIR rules to cut reporting costs by 拢100m
04 August 2026 UK
Image: Alamin/stock.adobe.com
The UK Financial Conduct Authority has finalised rules to cut firms' transaction reporting costs by over 拢100 million a year in an effort to simplify reporting obligations.
Following the implementation of the Markets in Financial Instruments Regulation (MiFIR) transaction reporting rules in 2018, the Treasury has committed to repealing and replacing these rules with a more proportionate, streamlined, and agile framework.
The key changes include reducing the number of transaction reporting fields from 65 to 52; and removing FX derivatives from reporting requirements, reducing costs for over 400 firms.
In addition, the FCA will remove reporting requirements for 7 million financial instruments including equities, bonds, and certain derivatives that are only traded on EU trading venues 鈥� saving firms approximately 拢32 million annually.
Further, reducing the period for correcting historical reporting errors from five to three years, aims to lower the number of transaction reports required for resubmission by a third.
The new regime will come into force on 3 April 2028, with a flexible supervisory approach to some areas from 3 August 2026 until this date.
Therese Chambers, joint executive director of enforcement and market oversight, says: 鈥淭ransaction reports are the backbone of our market oversight work 鈥� they help us catch financial crime, monitor market stability, and supervise firms effectively.
鈥淏y taking a smarter, streamlined approach to reporting, we're giving firms meaningful cost relief while ensuring we continue to receive the accurate, high-quality data that keeps UK markets clean and competitive.鈥�
The new rules are designed to ensure the FCA continues to receive accurate, high-quality data while eliminating duplicative or low-value reporting.
By removing unnecessary reporting, the changes will reduce regulatory burden and support growth and competitiveness, the authority says.
Mark Steadman, managing director and head of Report Hub at Delta Capita, believes the reforms represent a significant step towards a more proportionate reporting framework.
He adds: 鈥淭he FCA has focused on removing reporting requirements that deliver limited supervisory value while preserving the integrity of the transaction reporting regime.
鈥淭he exclusion of FX derivatives and the reduction in reportable fields should materially reduce operational complexity and compliance costs for firms, while giving the industry a clear runway to prepare ahead of implementation in 2028.鈥�
Following the implementation of the Markets in Financial Instruments Regulation (MiFIR) transaction reporting rules in 2018, the Treasury has committed to repealing and replacing these rules with a more proportionate, streamlined, and agile framework.
The key changes include reducing the number of transaction reporting fields from 65 to 52; and removing FX derivatives from reporting requirements, reducing costs for over 400 firms.
In addition, the FCA will remove reporting requirements for 7 million financial instruments including equities, bonds, and certain derivatives that are only traded on EU trading venues 鈥� saving firms approximately 拢32 million annually.
Further, reducing the period for correcting historical reporting errors from five to three years, aims to lower the number of transaction reports required for resubmission by a third.
The new regime will come into force on 3 April 2028, with a flexible supervisory approach to some areas from 3 August 2026 until this date.
Therese Chambers, joint executive director of enforcement and market oversight, says: 鈥淭ransaction reports are the backbone of our market oversight work 鈥� they help us catch financial crime, monitor market stability, and supervise firms effectively.
鈥淏y taking a smarter, streamlined approach to reporting, we're giving firms meaningful cost relief while ensuring we continue to receive the accurate, high-quality data that keeps UK markets clean and competitive.鈥�
The new rules are designed to ensure the FCA continues to receive accurate, high-quality data while eliminating duplicative or low-value reporting.
By removing unnecessary reporting, the changes will reduce regulatory burden and support growth and competitiveness, the authority says.
Mark Steadman, managing director and head of Report Hub at Delta Capita, believes the reforms represent a significant step towards a more proportionate reporting framework.
He adds: 鈥淭he FCA has focused on removing reporting requirements that deliver limited supervisory value while preserving the integrity of the transaction reporting regime.
鈥淭he exclusion of FX derivatives and the reduction in reportable fields should materially reduce operational complexity and compliance costs for firms, while giving the industry a clear runway to prepare ahead of implementation in 2028.鈥�
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