Policy

CP26/34: FCA consults on guidance and transitional rules for new transaction reporting regime ahead of April 2028 go-live

Investment firms, trading venue operators, and approved reporting mechanisms have until 6 November 2026 to respond to FCA proposals on guidance and transitional rules for the April 2028 go-live.

Eleanor Vance
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CP26/34: FCA consults on guidance and transitional rules for new transaction reporting regime ahead of April 2028 go-live
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Action required. Deadline: 6 November 2026. Affected: investment firms, trading venue operators, approved reporting mechanisms.

The FCA opened CP26/34 on 2 October 2026, consulting on the practical implementation of its new transaction reporting regime. Responses close 6 November 2026, leaving firms five weeks to respond.

The new framework, established by PS26/15 and published on 3 August 2026, replaces the existing UK MiFIR transaction reporting rules, which HM Treasury plans to repeal to allow the FCA to operate a purpose-built domestic regime designed to simplify reporting obligations, cut duplicative or low-value reporting, and improve consistency in how key fields are populated. The FCA Board formally inserted the new Handbook chapters MAR 13, 14 and 15 on 30 July 2026; they come into force on 3 April 2028.

CP26/34 covers three immediate areas: guidance focused on the changes introduced by the new rules; transitional provisions to give firms clarity on the switchover; and consequential amendments to the Handbook and Technical Standards to reference MAR 13, 14 and 15. The FCA has also published draft schema and validation rules on the Market Data Processor (MDP) webpage to help firms building technical solutions prepare ahead of the 2028 deadline.

The FCA also proposes migrating relevant existing guidance from the current Level 3 Materials into a new Transaction Reporting User Pack. That User Pack will be consulted on separately in Q1 2027, with a final version due by 3 April 2027, giving firms a year to absorb it before go-live.

If you are an investment firm or broker with transaction reporting obligations, this consultation is directly relevant. The transitional provisions and the User Pack approach are the areas where industry input will most directly shape the final rules. If you have no transaction reporting obligations, there is nothing here for you.

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