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On July 30, 2026, the Financial Conduct Authority (FCA) published the Markets in Financial Instruments (Record Keeping, Transaction Reporting and Financial Instrument Reference Data) Instrument 2026 (FCA 2026/52), which amends the FCA Handbook to consolidate and update regulatory technical standards for transaction reporting, record keeping, and financial instrument reference data requirements. The instrument comes into force on April 3, 2028. The FCA introduced three new chapters to the Market Conduct sourcebook (MAR). MAR 13 establishes record-keeping requirements for transaction reporting firms and operators of qualifying trading venues, requiring maintenance of order and transaction records for at least five years. MAR 14 sets out comprehensive transaction reporting obligations, requiring transaction reporting firms to report complete and accurate details of transactions in reportable financial instruments to the FCA no later than 23:59:59 UTC of the following working day. MAR 15 imposes obligations on operators of qualifying trading venues to submit financial instrument reference data to the FCA on or before 20:00 UTC each day the venue is open for trading. The instrument updates definitions in the Glossary, including new terms such as "financial instrument reference data," "negotiated transaction," "qualifying trading venue," "reportable financial instrument," and "transaction reporting firm." It establishes detailed requirements for identifying relevant parties in orders, recording trading capacity and liquidity provision activities, maintaining date and time records with specified accuracy levels, and assigning unique identification codes for orders and transactions. Transaction reports must include standardised fields covering trader and algorithm identification, client details, trading venue information, and instrument specifications, submitted in electronic, machine-readable form using ISO 20022 methodology. The amendments also amend the Supervision manual (SUP) chapter 17A to align with the new transaction reporting and reference data requirements, clarifying application to transaction reporting firms, qualifying trading venues, and third country investment firms, and establishing connectivity requirements with FCA systems.

On August 3, 2026, the Financial Conduct Authority (FCA) published policy statement (PS26/15) on improving the UK transaction reporting regime. PS26/15 confirms the final rules which make changes to the scope, content and operation of the transaction reporting regime. The rules are designed to simplify firms’ reporting obligations, reduce duplicative or low-value reporting and improve consistency in how key fields are populated. These changes include: Reducing the number of transaction reporting fields from 65 to 52. Removing reporting obligations for seven million financial instruments which are only tradeable on European Union (EU) trading venues. Removing foreign exchange (FX) derivatives from the scope of reporting requirements, reducing costs for over 400 UK firms. Reducing the default back reporting period from five to three years; lowering the number of transaction reports that need to be resubmitted to the FCA by a third. PS26/15 is relevant to investment firms, operators of trading venues, approved reporting mechanisms (ARMs) and other market participants involved in submitting transaction reports, instrument reference data and order book data. The FCA will publish a draft schema, validation rules and new guidelines for consultation in October 2026. The new regime will come into force on April 3, 2028. The FCA take a flexible supervisory approach to some areas from August 3, 2026 until that date.

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United Kingdom Financial Conduct Authority Amends Markets in Financial Instruments Record Keeping and Transaction Reporting Rules

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UK's Financial Conduct Authority Publishes Policy Statement on the Transaction Reporting Regime