The UK’s Financial Conduct Authority (FCA) is putting in place further temporary measures for the reporting of certain fields in UK MiFIR transaction reports.
In January 2022, the FCA implemented temporary measures for the reporting of the short selling indicator under UK RTS 22 under MiFID II/MiFIR transaction reporting requirements. Until the future of the short selling indicator field had been determined, the FCA will not take action against firms which did not meet requirements for this field.
The FCA are now putting in place additional temporary measures for the reporting of certain other fields in transaction reports. These are:
- Waiver indicator (field 61)
- OTC post-trade indicator (field 63)
- Commodity derivative indicator (field 64)
- Securities financing transaction indicator (field 65)
Until the FCA’s reviews of these fields are determined, they will not take action against firms which fail to populate these fields in accordance with requirements. The regulator will be disabling transaction reporting validation rules CON-610 and CON-640 from September 2023 to ensure that transaction reports are not rejected as a result of a failure to populate these fields accurately.