The UK Financial Conduct Authority has finalised rules to cut firms' transaction reporting costs by over £100 million a year in an effort to simplify reporting obligations. Following the implementation of the Markets in Financial Instruments Regulation (MiFIR) transaction reporting rules in 2018, the Treasury has committed to repealing and replacing these rules with a more proportionate, streamlined, and agile framework. The key changes include reducing the number of transaction reporting fields from 65 to 52; and removing FX derivatives from reporting requirements, reducing costs for over 400 firms. The new rules are designed to ensure the FCA continues to receive accurate, high-quality data while eliminating duplicative or low-value reporting. He adds: “The FCA has focused on removing reporting requirements that deliver limited supervisory value while preserving the integrity of the transaction reporting regime.