Transaction reporting – positive moves

The FCA realises that the burden on firms outweighs the benefits and has issued a new policy statement to address this.

The good news is that the FCA has decided to reduce what needs to be reported and will exempt or remove some of the obligations.
 

So what does it mean for your firm?

• The number of fields in existing reports will be reduced by 20%

• Reporting on instruments only appearing in EU venues will be removed

• FX derivatives will be removed

• Most corporate actions will be excluded

• Resubmissions should become less burdensome as the back-reporting period will be reduced to 3 years

However, this only comes into effect in April 2028, but there will be a period of transition from August 2026.
 

What you can do in the interim

As firms that either use an in-house automated approach or outsource transaction reporting, you will need to review and amend certain technical aspects such as:

• Reviewing reporting logic

• Reviewing reporting requirements and relevant data fields

• Revising schema, validation and refreshed guidance to users

How Ocorian can help

We can help you by clarifying the details of the forthcoming changes which are contained in the appendices to the policy statement and how they are likely to impact you.

We can advise how the transition starting in August 2026 will affect you and the steps to take to benefit from it.

About the authors

Ian Morton is a Managing Consultant at Ocorian’s Regulatory and Compliance team. He provides specialist advice on prudential regulation, including capital, liquidity, credit, operational and market risk, regulatory reporting and operational resilience. With over 30 years’ experience in financial services, Ian has held senior roles across capital markets firms, Tier 1 banks and challenger banks, giving him significant experience in helping firms navigate complex prudential and regulatory requirements.

Abi Reilly is a Partner at Ocorian. She advises a broad range of regulated firms, including asset managers, on regulatory compliance and governance. With over 20 years holding senior in-house risk and compliance roles and 40 years in financial services, Abi has significant experience in helping firms navigate complex regulatory requirements with practical commercial advice.