The Financial Conduct Authority has published proposals to help investment firms, trading venues, approved reporting mechanisms and other market participants implement the streamlined transaction reporting regime taking effect on April 3, 2028. Following the final rules in Policy Statement 26/15, the consultation provides draft practical guidance, transitional provisions and consequential amendments, alongside a draft reporting schema and validation rules. The guidance covers seven areas, including client indicators, conditional single-sided reporting, derivative lifecycle events, branch execution, equity swaps, strike prices and package transactions. A new Transaction Reporting User Pack would consolidate relevant existing EU materials with the new guidance and replace those materials when the regime begins. Transitional measures explain how to report transactions around the system changeover, allow pre-implementation records to remain in their existing format and require later corrections to use the new formats without adding information that was not required originally. The FCA is also considering removing instruments traded only on EU venues from its Financial Instrument Reference Data System before implementation, subject to legislative changes, and proposes related Handbook and technical standards amendments. A further consultation on the Transaction Reporting User Pack is planned for the first quarter of 2027, with the final pack due by April 3, 2027. The FCA will announce when the draft schema and validation rules become available for industry testing.

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