CP25/32: Improving the UK transaction reporting regime

Read CP25/32 (PDF)[2]

Why we are consulting

The Markets in Financial Instruments Regulation (MiFIR) transaction reporting rules were implemented in 2018. The Treasury has committed to repealing and replacing these rules with a more proportionate, streamlined and agile framework in our Handbook. This Consultation Paper outlines the changes we are proposing to make as part of the work.

Our proposals aim to reduce the regulatory burden on firms, support sustained economic growth in the UK, enhance our ability to fight financial crime and protect market integrity. 

We are also outlining a cross-authority vision with the Treasury and Bank of England on a new long-term, strategic approach to streamlining transaction reporting requirements across multiple regimes. These include requirements in the UK European Market Infrastructure Regulation (EMIR) and the UK Securities Financing Transactions Regulation (SFTR).  

Who this applies to  

You should read this Consultation Paper if you are:  

• A Markets in Financial Instruments Directive (MiFID) investment firm or credit institution with transaction reporting obligations.
• A UK branch of a third country investment firm with transaction reporting obligations.
• The operator of a UK trading venue (recognised investment exchange (RIE), multilateral trading facility (MTF) or an organised trading facility (OTF).
• A systematic internaliser (SI).
• An approved reporting mechanism (ARM) or an approved publication arrangement (APA).
• A trade repository (TR) registered or recognised under UK EMIR.
• A firm authorised under the Alternative Investment Fund Manager Directive (AIFMD) or the Undertakings for Collective Investment in Transferable Securities (UCITS).
• Counterparties subject to Article 9 of UK EMIR or Article 4 of UK SFTR.
• A market data service provider.
• An individual working within an investment firm responsible for making investment or execution decisions.
• A trade association representing any of the groups listed above.
• A professional advisor to the groups listed above. 

Next steps  

We are asking for comments on this Consultation Paper by 20 February 2026.

Online response form[3]

You can also submit your responses in writing to: 
Markets Reporting Team 
Financial Conduct Authority 
12 Endeavour Square 
London E20 1JN. 
    
Or by email: [email protected]

We will consider the consultation feedback when formulating our final rules and in developing our approach for a new long-term streamlined framework for transaction reporting across regimes.
    
We plan to publish our Policy Statement finalising our new rules in the second half of 2026. 

Background  

Transaction reports submitted under UK MiFIR are critical for the work we do to enhance market integrity. We use the data to detect and investigate market abuse, prevent financial crime, monitor the functioning of financial markets, supervise firms, shape effective policies and support our response to crises.  

In November 2024 we published DP24/2: Improving the UK transaction reporting regime[4] which sought feedback on potential options for evolving the transaction reporting and instrument reference data requirements.

Our proposals have been developed in response to feedback from our discussion paper and with our cross-authority vision to streamlining transaction reporting requirements in mind.