UK regulators seek members for transaction reporting taskforce
The Financial Conduct Authority and the Bank of England are seeking industry stakeholders to join their new Taskforce for Transaction and Post-trade Reporting Harmonisation. The initiative aims to streamline and harmonise reporting across UK MiFIR, UK EMIR, and UK SFTR regimes.
Unifying UK Reporting Standards
The Financial Conduct Authority (FCA) and the Bank of England (BoE) aim to create a streamlined framework for transaction reporting across UK MiFIR, UK EMIR, and UK SFTR regimes.
This long-term harmonisation approach seeks to reduce duplication and ensure proportionate reporting requirements, while maintaining regulatory insight.
The initiative will be informed by a cross-authority and industry taskforce.
This Taskforce will engage a wide range of industry stakeholders to gather input on proposals.
It comprises three working groups: a Policy group to identify harmonisation opportunities and simplify data reporting; a Strategy group to provide industry insights and explore benefits for firms; and an Architecture group to leverage modern technologies for streamlining reporting processes.
The Taskforce itself has no decision-making responsibilities, and its outputs are not binding on the Authorities.
Assembling the Reporting Experts
The Taskforce is structured around a Steering Committee, co-chaired by senior FCA and Bank of England representatives.
This committee selects chairs and appoints up to 50 members for the three working groups.
Members are chosen for their expertise, resources, and diversity, ensuring a broad range of perspectives from wholesale markets.
Each working group, co-chaired by a Bank and FCA representative, will meet approximately every two months, with the Authorities acting as the secretariat for coordination.
Members serve an initial 18-month term, providing technical and business insights.
The Steering Committee can terminate memberships or dissolve the Taskforce, ensuring its continued alignment with objectives and adherence to conduct standards.
Collaboration for Smarter Regulation
This taskforce offers a critical avenue for industry to shape UK transaction reporting, addressing long-standing calls for simplification.
While advisory, direct engagement from diverse stakeholders is essential for developing a practical, harmonised framework.
Its true impact depends on the Authorities' ability to translate collaborative input into meaningful regulatory reforms.