UK Transaction Reporting under MiFIR and RTS 22: Obligations, FCA Guidance, Operational Processes, and Reforms under FSMA 2023 (CP 25/32)

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Practice notes

The Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR)

MiFIR established a transaction reporting framework so competent authorities can spot and probe suspected market abuse, and oversee the proper, orderly operation of markets and the business of investment firms, thereby strengthening supervision and investigatory capabilities in particular.

Because MiFIR and the relevant regulatory technical standards on transaction reporting — Commission Delegated Regulation (EU) 2017/590 (RTS 22) — had direct applicability in the UK while it remained an EU member, and applied in full, they generally did not need to be transposed into domestic legislation or rulebooks to take effect in practice. At 11 pm (GMT) on 31 December 2020 (IP completion day), the Brexit transition/implementation period concluded following the UK’s exit from the EU. From IP completion day, core transitional measures ceased and major changes started to apply across the UK legal framework as a whole.

Article 26 of Assimilated Regulation (EU) No 600/2014 (UK MiFIR) and Assimilated Regulation (EU) 2017/590 (UK RTS 22) were brought into UK law through on-shoring, with only ‘quick-fix’ modifications made at that stage. The UK government is currently reforming the as part of the Smarter Regulatory Framework. For further details, see: Proposed reform...

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Web page updated on 22/05/2026

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