Regulations
By Dan Saada
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What's Actually Changing in the Rulebook. The field reduction is the headline, but it's not the whole story.
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The Bank of England Taskforce and What Comes Next. There's a broader coordination effort running alongside the rule changes.
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The FCA just made life cheaper for roughly 400 financial firms. New rules cutting transaction reporting requirements are set to save the industry more than £100 million every…
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That's a net saving of £108 million. Per year. For an industry that's spent years groaning under the weight of post-crisis reporting obligations, that's not a small number.
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The FCA is also cutting the correction window for historical transaction reporting errors — down from five years to three.
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Firms won't all flip the switch at the same time. The FCA says it'll take a flexible approach for firms that are ready to implement early — meaning those who move fast won't get…
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Therese Chambers, joint executive director of enforcement and market oversight at the FCA, was direct about the trade-off the regulator is trying to strike.
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There's a broader coordination effort running alongside the rule changes. The FCA has set up a new taskforce with the Bank of England — the Transaction and Post-trade Reporting…
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See also: FCA and Bank of England Name 30-Plus Experts to UK Reporting Taskforce
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The Treasury is also in the room. The three-way collaboration between the FCA, the Bank of England, and the Treasury is aimed at reducing the complexity that comes when different…
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And it's worth being clear about what the FCA says it's not doing here. It's not lowering the bar on data quality.
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Industry stakeholders were consulted during the process. The FCA gathered feedback to check that the new rules are workable in practice, not just tidy on paper.
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The removal of the EU-venue instrument requirement is probably the most pointed change from a competitive standpoint.
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Read also: Blue Motor Finance Collapses Into Administration as Compensation Liabilities Overwhelm the Firm
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Four hundred firms affected. £108 million saved annually. Fields cut from 65 to 52. Error correction window shrunk from five years to three. Resubmission volume down by a third.
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