Regulatory reporting is entering a new phase as the era of large-scale refits and rewrites across G20 regimes comes to an end but the pressure on firms has not let up.
In our recent webinar, The Regulatory Reporting Landscape in 2026, our regulatory specialists explored what this shift means in practice and where firms should be focusing their attention now.
Below are some of the key themes discussed during the session.
From regulatory change to regulatory scrutiny
Following several years of extensive refits and rewrites across G20 reporting regimes, regulators are now entering a period of reassessment. While proposals for change are on the table including the Financial Conduct Authority’s (FCA) MiFID transaction reporting consultation and ESMA’s Call for Evidence on reporting simplification, firms are operating in a landscape where scrutiny is increasing.
Across jurisdictions, regulators are placing increased emphasis on the quality, consistency and usability of reported data. But firms should be aware that ‘simplification does not mean deregulation’. Regulatory data remains key to market abuse detection, financial stability monitoring and risk-based supervision and has an increasing number of other uses, making the quality of reported data even more important. Regulators are actively using today’s data to assess risk and exposure, so firms cannot take their eyes off the ball.
Diverging timelines but shared direction of travel
One of the central themes of the webinar discussion was the differing pace of change between the UK and the EU.
In the EU, the European Markets and Markets Authority (ESMA) is currently in a period of reflection following its Call for Evidence on transaction reporting, with no immediate changes to reporting expected in the short term. By contrast, the UK’s FCA is already moving forward with proposals to simplify MiFID transaction reporting, including descoping certain instruments, removing reporting fields and revisiting existing guidelines.
Despite these different timelines, the underlying direction of travel is the same: simpler frameworks, fewer data points and reduced costs of reporting, but higher expectations around data quality and controls.
Data quality is the focus for all regulators and firms
Live polling during the webinar revealed that improving reporting accuracy is the top priority for firms heading into 2026, ahead of preparing for future regulatory change or investing in new reporting platforms.
Common reporting errors highlighted in the webinar included:
- Inconsistent counterparty data
- Collateral and valuation reporting
- Reference data quality
- Repeated or overlapping data fields that do not reconcile cleanly.
These issues can occur even in mature reporting environments and often only come to light through deeper data quality analysis.
EMIR and other G20 regimes – expanded requirements
Although EMIR and other OTC derivative reporting regimes are no longer in rewrite mode, the webinar highlighted that 2026 will still bring operational challenges. There are expanded reconciliation requirements for EMIR, evolving guidance and increased supervisory focus. This means that firms cannot afford to treat these regimes as ‘business as usual’.
Regulators in North America and APAC are also shifting attention towards data governance, control frameworks, UTI and UPI usage, and delegated reporting oversight. A recent report from ASIC that reviewed the CFD sector, shows how reporting quality is increasingly being used as a proxy for governance.
What does this mean for firms?
A consistent message throughout the webinar was the importance of knowing your current state. Firms that have a clear understanding of their reporting processes, data lineage and controls will be far better placed to respond to both supervisory scrutiny and future regulatory change.
Rather than waiting for what comes next, firms should use this period to stabilise business-as-usual reporting, remediate known data issues and strengthen governance foundations.
Watch the on-demand webinar to hear the full discussion, including regulator-focused insights, live polling results, and audience Q&A with our regulatory reporting specialists.
Read the original article here.
