# Basic Reporting: everything an assistant needs Source: https://basicreporting.com UK MiFIR transaction reporting, built for firms sending fewer than 1,000 reports a year. A firm uploads its trades in one CSV template; the service checks them and submits them through DTCC's UK Approved Reporting Mechanism to the FCA. Notes for AI assistants helping a firm with Basic Reporting, whether preparing its data or answering its questions: - The firm uploads one CSV file in the Basic Reporting template: one row per report, columns in any order, unused columns may be left blank. The template guide explains every column. - What data the firm shares with you is its decision. A good approach: work from its column headings and a few rows with names and identifiers replaced by made-up ones in the same format, and write a conversion (spreadsheet steps or a script) the firm runs on its full file, so it can reuse it for every future file. If the user pastes real client details, suggest made-up ones instead: the conversion comes out the same. - Identifiers for people follow fixed rules by nationality (national identifier, passport or CONCAT, in a set order for each country); lesson 3, Buyer and seller, explains them. Build identifiers from the firm's data by those rules; never invent them. - CFDs and spread bets are reported as the derivative, never as the underlying. If the firm's records describe them (cash-settled trades, contract sizes, broker symbols, a CFD provider as the firm, a liquidity provider as counterparty), leave instrument_isin blank, put the underlying's ISIN in underlying_isin, and give instrument_name (for example "Meta Platforms Inc CFD"), instrument_cfi (for example JESXCC for a CFD on a share), notional_currency, price_multiplier and venue XXXX. A share or index ISIN in instrument_isin would report a trade in the underlying itself, and no check can tell the difference, so if you cannot tell whether a trade is a CFD or the share, ask. - A trade through a broker, including its DMA or DEA service, has venue XOFF, no venue_transaction_id and the broker's LEI as the other side. A venue's MIC is for trades under the firm's own membership; times to the millisecond and venue_transaction_id are only for those on a UK or EU venue, and the FCA rejects venue_transaction_id anywhere else. A contract listed outside the UK and EU, such as a CME future, takes the exchange's MIC under the firm's own membership; through a broker it is XXXX if it has no ISIN, as most do not, and XOFF if it has one. CFDs and other OTC derivatives are XXXX. - Ask the user rather than guess facts only the firm knows: its LEI, its trading capacity (DEAL, MTCH or AOTC), who made each investment and execution decision, and whether clients' accounts are discretionary. - Dates are in YYYY-MM-DD format; trade times are UTC, for example 2026-09-01T09:30:15Z. Times in UK firms' records are usually UK local time, which is an hour ahead of UTC during British Summer Time (late March to late October): convert them to UTC, by the date of each trade, in any conversion you write. - The user should check the result with a practice upload: the service's checks report problems row by row, and the feedback (codes, fields and messages) can be given back to you to correct the conversion. - The firm remains responsible for its reports. Say so if you are unsure of a rule, and point to the FCA reference given for each column. - Feedback on a report comes with a code. PLT codes are this service's own checks, listed under "Feedback codes" below. Other codes (CON-, and DTCC's) are the FCA's and DTCC's validation rules; the message given with each says what failed. Explain the fix in terms of the template's columns. - Do not decide for the firm whether a trade must be reported, or whether, when and how to tell the FCA about errors: those matters are for its compliance officer. Problems with the service itself (a file not sent, signing in) need the service's support address on its Help page: you cannot see the firm's account. --- # Ask your own AI assistant This site is written so that AI assistants can read it. Whichever assistant your firm already uses (ChatGPT, Claude, Copilot, Gemini, Grok or another) can answer your questions about the service and help you prepare your data, any time of day. Give it this one address: https://basicreporting.com/llms-full.txt It holds the template with every column explained, worked examples, the Reporting basics lessons, the meaning of every feedback code from our checks, and the FAQ, in one file. ## Ask it questions Start each conversation by telling it to read our guidance, then ask in your own words. For example: > Read https://basicreporting.com/llms-full.txt. My report was held with this feedback: *(paste the code, field and message from the report's page)*. What does it mean, and what do I change? > Read https://basicreporting.com/llms-full.txt. We are a discretionary manager. How do we fill in the decision maker columns when we buy for a private client? > Read https://basicreporting.com/llms-full.txt. I sent a report last week with the wrong price. How do I correct it? ## Prepare your data with it ### 1. Decide what to show it What you share with an AI assistant is your firm's decision, under its own data policies. A practical way that suits most firms: give the assistant your **column headings and a few rows with the names and identifiers replaced by made-up ones**, ask it to write the conversion, and run the conversion yourself on your full file. Keep the made-up identifiers in the same format as the real ones (a made-up National Insurance number still looks like one), so the conversion handles them the same way. Made-up rows produce exactly the same conversion as real ones, and no client's personal data goes into the chat. That matters because most AI services are run from outside the UK, and your firm's duty to report does not by itself cover sharing client details with them. The conversion then stays with you for every future file. ### 2. A prompt to start from > Read https://basicreporting.com/llms-full.txt. I need to convert my firm's trade records into the Basic Reporting template for UK MiFIR transaction reporting. > > Here are my column headings and a few rows from my data, with names and identifiers made up: *(paste them here)* > > 1. Map each of my columns to the template, and list the template columns I cannot fill from my data. > 2. Ask me about anything you would otherwise have to guess, such as our trading capacity, our LEI, or how we identify clients. > 3. Then write *(an Excel formula sheet / Power Query steps / a Python script)* that turns my file into the template. ### 3. Test with your real data Upload the converted file, made from your **real** records, in practice mode. This step is on our service, not the AI's: your real data comes to us, as it will when you report. Real data matters here: our checks catch problems that only real records show, such as a client identified by the wrong kind of national identifier for their nationality. Practice uploads go no further than our checks. Our checks go through every row and say what is wrong, field by field. Give your assistant the feedback codes, fields and messages (not the rows they came from) and ask it to correct the conversion, then upload again. Repeat until the file comes through clean. To fix reports already sent, **Download reports to fix** on the Reports page gives them back in the template with our feedback alongside. That file holds your clients' details, so fix it yourself in a spreadsheet, asking your assistant about any feedback you are unsure of. ## Things to remember - **An assistant can be wrong.** Our checks, DTCC's and the FCA's decide whether a report is right, and your firm remains responsible for its reports. Read what the assistant tells you, and question anything you are unsure of. - **Some decisions are not for an assistant.** Whether a trade must be reported, and whether, when and how to tell the FCA about errors, are for your firm's compliance officer to decide. - **Facts only your firm knows** are not in your trade records: whether you deal as principal or for clients, who made each decision, whether a client account is discretionary. The assistant should ask you; if it does not, tell it. - **Keep the conversion.** Once it works, the same steps convert each new file, so the assistant is only needed again when your data changes. - **For problems with the service itself**, such as a file that has not gone or a sign-in that does not work, write to us: an assistant cannot see your account. If you would rather someone did this for you, our professional services team can map your data and set up the conversion. Write to support@regulatoryadvice.co.uk. Back to [Help](/help) --- # Basic Reporting template guide Download the template, with these examples in it: https://basicreporting.com/template.csv - One row per report. Columns may be in any order, and columns you never use may be left blank. - A cancellation needs only report_status (CANC), transaction_reference and executing_entity_lei. - To correct a report, send the CANC row first and the corrected row (same transaction_reference) in a separate file. - Dates are in YYYY-MM-DD format. Trade times are UTC, for example 2026-09-01T09:30:15Z, and at least to the millisecond for a trade on a UK or EU venue under your own membership. - Treat a trade through a broker, including its DMA or DEA service, as XOFF: use an exchange's MIC and venue_transaction_id only if the firm executed under its own membership. - On a venue with a central counterparty, the other side of the trade is the CCP: give its LEI. A venue's MIC is only for venues without a CCP where the counterparty is unknown. ## Worked examples ### A CFD on an index, dealt as principal against a retail client | Column | Value | |---|---| | report_status | NEWT | | transaction_reference | EXAMPLE0001 | | executing_entity_lei | EXAMPLEFIRM000000014 | | executing_entity_is_reporting_firm | Y | | buyer_id | EXAMPLEFIRM000000014 | | buyer_id_type | LEI | | buyer_is_client | N | | seller_id | GB19801030JOHN#SMITH | | seller_id_type | CONCAT | | seller_is_client | Y | | seller_first_name | JOHN | | seller_surname | SMITH | | seller_date_of_birth | 1980-10-30 | | trading_date_time | 2026-09-01T09:30:15.123456Z | | trading_capacity | DEAL | | quantity | 5 | | quantity_type | UNIT | | price | 7650.5 | | price_type | MONE | | price_currency | GBP | | venue | XXXX | | instrument_name | UK 100 CFD | | instrument_cfi | JEIXCC | | notional_currency | GBP | | price_multiplier | 1 | | underlying_isin | GB0001383545 | | underlying_index_name | FTSE 100 | | investment_decision_id | ALGO1 | | investment_decision_id_type | ALGO | | execution_decision_id | ALGO1 | | execution_decision_id_type | ALGO | ### A share bought on a venue under your own membership, for a client that is a firm; the CCP is the seller | Column | Value | |---|---| | report_status | NEWT | | transaction_reference | EXAMPLE0002 | | venue_transaction_id | TVTIC0001 | | executing_entity_lei | EXAMPLEFIRM000000014 | | executing_entity_is_reporting_firm | Y | | buyer_id | EXAMPLECLIENT0000021 | | buyer_id_type | LEI | | buyer_is_client | Y | | seller_id | F226TOH6YD6XJB17KS62 | | seller_id_type | LEI | | seller_is_client | N | | trading_date_time | 2026-09-01T10:02:00.123Z | | trading_capacity | AOTC | | quantity | 100 | | quantity_type | UNIT | | price | 12.5 | | price_type | MONE | | price_currency | GBP | | venue | XLON | | instrument_isin | GB0002634946 | | execution_decision_id | ALGO1 | | execution_decision_id_type | ALGO | ### A discretionary manager buys through a broker for a private client; the firm is the decision maker | Column | Value | |---|---| | report_status | NEWT | | transaction_reference | EXAMPLE0003 | | executing_entity_lei | EXAMPLEFIRM000000014 | | executing_entity_is_reporting_firm | Y | | buyer_id | GBQQ123456C | | buyer_id_type | NIDN | | buyer_is_client | Y | | buyer_first_name | JANE | | buyer_surname | DOE | | buyer_date_of_birth | 1975-01-02 | | buyer_decision_maker_id | EXAMPLEFIRM000000014 | | buyer_decision_maker_id_type | LEI | | seller_id | EXAMPLEBROKER0000030 | | seller_id_type | LEI | | seller_is_client | N | | trading_date_time | 2026-09-01T14:15:30Z | | trading_capacity | AOTC | | quantity | 250 | | quantity_type | UNIT | | price | 4.32 | | price_type | MONE | | price_currency | GBP | | venue | XOFF | | instrument_isin | GB0007980591 | | investment_decision_id | GBQQ654321A | | investment_decision_id_type | NIDN | | execution_decision_id | GBQQ654321A | | execution_decision_id_type | NIDN | ### Cancelling a report already sent | Column | Value | |---|---| | report_status | CANC | | transaction_reference | EXAMPLE0001 | | executing_entity_lei | EXAMPLEFIRM000000014 | ## Every column ### report_status - What it is: NEWT for a new report, CANC to cancel one you sent before. - Where to find it: Your own decision for each row. - Watch out for: To correct a report, send a CANC row first, then the corrected NEWT row with the same transaction reference, best in a separate file. We send the corrected report only once the cancellation is accepted. Blank means NEWT. - Allowed values: NEWT (New report); CANC (Cancellation) - FCA reference: RTS 22 field 1 ### transaction_reference (needed for a new report) - What it is: Your firm's own unique reference for this trade. It is how the report is found again for corrections and cancellations. - Where to find it: Usually the trade or deal ID in your dealing or back-office system. - Watch out for: Capital letters and digits only, up to 52 characters: no spaces, dashes or lower case. Never use the same reference for two different trades. Keep it the same when you correct a report. - FCA reference: RTS 22 field 2 ### venue_transaction_id - What it is: The trading venue's own code for the trade (the TVTIC), so the FCA can match your report with the venue's records. - Where to find it: The venue's execution report or trade confirmation. - Watch out for: Only for trades you execute on a UK or EU venue under your own membership. It must be blank for anything else, including a venue outside the UK and EU, or the FCA rejects the report: that covers XOFF, XXXX and a systematic internaliser's MIC, so trades through a broker or its DMA or DEA service too. Needed on a UK or EU venue where the venue gives one. A trade agreed bilaterally and brought under an exchange's rules may have none, so leave it blank then. Never enter a default such as 0: the FCA has queried firms whose systems fed one through. - FCA reference: RTS 22 field 3 ### executing_entity_lei (needed for a new report) - What it is: Your firm's Legal Entity Identifier: the firm that carried out the trade. - Where to find it: Your LEI certificate, or the global LEI register (gleif.org). - Watch out for: The LEI must be kept current: renew it every year with your LEI issuer. Reports under a lapsed LEI may be rejected. - FCA reference: RTS 22 field 4 ### executing_entity_is_reporting_firm - What it is: Y when your firm is an investment firm under MiFID, which is the usual case. - Where to find it: Your FCA permissions. - Watch out for: Blank means Y. N is only for reports made for a firm that is not itself an investment firm. - Allowed values: Y (Yes); N (No) - FCA reference: RTS 22 field 5 ### buyer_id (needed for a new report) - What it is: Who acquired the instrument. If your firm bought for its own book, this is your own LEI. If a client bought, it is the client: their LEI if they are a company, or their personal identifier if they are a person. Where the other side of the trade was your broker, it is the broker's LEI. On a venue with a central counterparty (CCP), trading under your own membership, it is the CCP's LEI. - Where to find it: Your client records for clients; the trade confirmation or venue execution report for the broker, counterparty or CCP. - Watch out for: Personal identifiers follow a fixed order of preference for each nationality. For UK nationals it is the National Insurance number with GB in front, for example GBQQ123456C. Where no national identifier applies, use the CONCAT code: lesson 3 shows how to build it. Only use a venue's MIC when the venue has no CCP and the counterparty is unknown, which is rare in the UK. - FCA reference: RTS 22 field 7 ### buyer_id_type - What it is: Says what kind of code the buyer ID is: LEI, NIDN (national ID number), CCPT (passport), CONCAT, INTC (an aggregated client account) or MIC. - Where to find it: Follows from the ID you used. - Watch out for: Can be left blank and worked out from the ID, but filling it in avoids ambiguity. INTC is only for an order filled for several clients at once and not yet allocated. - Allowed values: LEI (Legal Entity Identifier); NIDN (National ID number); CCPT (Passport number); CONCAT (CONCAT code); INTC (Aggregated client account); MIC (Venue MIC (no CCP, counterparty unknown)) - FCA reference: Part of field 7 ### buyer_is_client - What it is: Y if the buyer is your client, N if not. Our template asks this simple question instead of the FCA's 'country of the branch' field, and fills that field in for you. - Where to find it: Your client list. - Watch out for: Only your clients get Y. Your own firm, a broker, a CCP or a market counterparty is N. - Allowed values: Y (Yes); N (No) - FCA reference: Replaces field 8 (country of the branch) ### buyer_first_name - What it is: The buyer's first name or names, for people only. - Where to find it: The client's identity documents held for your client-onboarding checks. - Watch out for: All first names, in full, as on the identity document; several are separated by commas. No titles. Leave blank for companies. - FCA reference: RTS 22 field 9 ### buyer_surname - What it is: The buyer's surname or surnames, for people only. - Where to find it: As above. - Watch out for: Full surname as on the identity document, including any prefixes such as van or de. - FCA reference: RTS 22 field 10 ### buyer_date_of_birth - What it is: The buyer's date of birth, for people only, as YYYY-MM-DD. - Where to find it: As above. - Watch out for: Must be before the trade date, and must agree with the date used in a CONCAT code. - FCA reference: RTS 22 field 11 ### buyer_decision_maker_id - What it is: Who decided for the buyer, when that was not the buyer itself. If your firm manages the client's money with discretion, it is your firm's LEI. If someone holds a power of attorney, it is that person's identifier. - Where to find it: Your client agreements: discretionary mandates and powers of attorney. - Watch out for: Leave blank when the buyer decided for themselves (for example an execution-only client), and when the buyer is your own firm: who in your firm decided goes in the investment decision columns instead. - FCA reference: RTS 22 field 12 ### buyer_decision_maker_id_type - What it is: The kind of code used for the buyer's decision maker: LEI, NIDN, CCPT or CONCAT. - Where to find it: Follows from the decision maker's ID. - Watch out for: LEI when it is a firm, a personal code when it is a person. - Allowed values: LEI (Legal Entity Identifier); NIDN (National ID number); CCPT (Passport number); CONCAT (CONCAT code) - FCA reference: Part of field 12 ### buyer_decision_maker_first_name - What it is: First name or names of a decision maker who is a person. - Where to find it: The power of attorney or mandate documents. - Watch out for: Leave blank when the decision maker is a firm. - FCA reference: RTS 22 field 13 ### buyer_decision_maker_surname - What it is: Surname of a decision maker who is a person. - Where to find it: As above. - Watch out for: Leave blank when the decision maker is a firm. - FCA reference: RTS 22 field 14 ### buyer_decision_maker_date_of_birth - What it is: Date of birth of a decision maker who is a person, as YYYY-MM-DD. - Where to find it: As above. - Watch out for: Leave blank when the decision maker is a firm. - FCA reference: RTS 22 field 15 ### seller_id (needed for a new report) - What it is: Who disposed of the instrument. If your firm sold for its own book, this is your own LEI. If a client sold, it is the client: their LEI if they are a company, or their personal identifier if they are a person. Where the other side of the trade was your broker, it is the broker's LEI. On a venue with a central counterparty (CCP), trading under your own membership, it is the CCP's LEI. - Where to find it: Your client records for clients; the trade confirmation or venue execution report for the broker, counterparty or CCP. - Watch out for: Personal identifiers follow a fixed order of preference for each nationality. For UK nationals it is the National Insurance number with GB in front, for example GBQQ123456C. Where no national identifier applies, use the CONCAT code: lesson 3 shows how to build it. Only use a venue's MIC when the venue has no CCP and the counterparty is unknown, which is rare in the UK. - FCA reference: RTS 22 field 16 ### seller_id_type - What it is: Says what kind of code the seller ID is: LEI, NIDN (national ID number), CCPT (passport), CONCAT, INTC (an aggregated client account) or MIC. - Where to find it: Follows from the ID you used. - Watch out for: Can be left blank and worked out from the ID, but filling it in avoids ambiguity. INTC is only for an order filled for several clients at once and not yet allocated. - Allowed values: LEI (Legal Entity Identifier); NIDN (National ID number); CCPT (Passport number); CONCAT (CONCAT code); INTC (Aggregated client account); MIC (Venue MIC (no CCP, counterparty unknown)) - FCA reference: Part of field 16 ### seller_is_client - What it is: Y if the seller is your client, N if not. Our template asks this simple question instead of the FCA's 'country of the branch' field, and fills that field in for you. - Where to find it: Your client list. - Watch out for: Only your clients get Y. Your own firm, a broker, a CCP or a market counterparty is N. - Allowed values: Y (Yes); N (No) - FCA reference: Replaces field 17 (country of the branch) ### seller_first_name - What it is: The seller's first name or names, for people only. - Where to find it: The client's identity documents held for your client-onboarding checks. - Watch out for: All first names, in full, as on the identity document; several are separated by commas. No titles. Leave blank for companies. - FCA reference: RTS 22 field 18 ### seller_surname - What it is: The seller's surname or surnames, for people only. - Where to find it: As above. - Watch out for: Full surname as on the identity document, including any prefixes such as van or de. - FCA reference: RTS 22 field 19 ### seller_date_of_birth - What it is: The seller's date of birth, for people only, as YYYY-MM-DD. - Where to find it: As above. - Watch out for: Must be before the trade date, and must agree with the date used in a CONCAT code. - FCA reference: RTS 22 field 20 ### seller_decision_maker_id - What it is: Who decided for the seller, when that was not the seller itself. If your firm manages the client's money with discretion, it is your firm's LEI. If someone holds a power of attorney, it is that person's identifier. - Where to find it: Your client agreements: discretionary mandates and powers of attorney. - Watch out for: Leave blank when the seller decided for themselves (for example an execution-only client), and when the seller is your own firm: who in your firm decided goes in the investment decision columns instead. - FCA reference: RTS 22 field 21 ### seller_decision_maker_id_type - What it is: The kind of code used for the seller's decision maker: LEI, NIDN, CCPT or CONCAT. - Where to find it: Follows from the decision maker's ID. - Watch out for: LEI when it is a firm, a personal code when it is a person. - Allowed values: LEI (Legal Entity Identifier); NIDN (National ID number); CCPT (Passport number); CONCAT (CONCAT code) - FCA reference: Part of field 21 ### seller_decision_maker_first_name - What it is: First name or names of a decision maker who is a person. - Where to find it: The power of attorney or mandate documents. - Watch out for: Leave blank when the decision maker is a firm. - FCA reference: RTS 22 field 22 ### seller_decision_maker_surname - What it is: Surname of a decision maker who is a person. - Where to find it: As above. - Watch out for: Leave blank when the decision maker is a firm. - FCA reference: RTS 22 field 23 ### seller_decision_maker_date_of_birth - What it is: Date of birth of a decision maker who is a person, as YYYY-MM-DD. - Where to find it: As above. - Watch out for: Leave blank when the decision maker is a firm. - FCA reference: RTS 22 field 24 ### sending_firm_for_buyer_lei - What it is: When another investment firm passed the buyer's order to you and gave you all the details you need to report it (a 'transmitted order'), that firm's LEI. - Where to find it: Your agreement with the sending firm. - Watch out for: Rare for small firms. Only use it when there is a formal transmission arrangement; otherwise leave blank. - FCA reference: RTS 22 field 26 ### sending_firm_for_seller_lei - What it is: As for the buyer, for the seller's side. - Where to find it: As above. - Watch out for: As above. - FCA reference: RTS 22 field 27 ### trading_date_time (needed for a new report) - What it is: The date and time the trade was executed, in UTC. - Where to find it: Your order or execution records, or the venue's execution report. - Watch out for: UTC, not UK clock time: in British Summer Time, take one hour off. Whole seconds are enough for XOFF, XXXX, an SI's MIC or a platform outside the UK and EU, for example 2026-09-01T09:30:15Z. For a UK or EU venue, give at least milliseconds, for example 2026-09-01T09:30:15.123Z: we warn if the fraction is missing or all zeros. - FCA reference: RTS 22 field 28 ### trading_capacity (needed for a new report) - What it is: The capacity your firm acted in: DEAL (on your own account, taking the risk), MTCH (matched principal: two back-to-back trades at the same time and price, so no risk) or AOTC (any other capacity: usually agency for a client). - Where to find it: How the trade was booked. - Watch out for: If you DEAL, your firm must appear as the buyer or the seller. If you act MTCH or AOTC, your firm should appear as neither: the client and the counterparty do. - Allowed values: DEAL (Dealing on own account); MTCH (Matched principal); AOTC (Any other capacity (agency)) - FCA reference: RTS 22 field 29 ### quantity (needed for a new report) - What it is: How much was traded: the number of shares or contracts, or the nominal or monetary value, depending on the quantity type. - Where to find it: The trade confirmation. - Watch out for: Positive numbers only. For bonds, use the nominal value with quantity type NOML. - FCA reference: RTS 22 field 30 ### quantity_type - What it is: What the quantity measures: UNIT (number of shares or contracts), NOML (nominal value, for bonds) or MONE (a monetary value, for example a spread bet's stake per point). - Where to find it: The instrument type. - Watch out for: Blank means UNIT. NOML and MONE also need the quantity currency. CFDs are UNIT, the number of contracts, with the quantity currency blank. Spread bets are MONE, the stake per point, with its currency. - Allowed values: UNIT (Units); NOML (Nominal value); MONE (Monetary value) - FCA reference: Part of field 30 ### quantity_currency - What it is: The currency of a nominal or monetary quantity, as a three-letter code such as GBP. - Where to find it: The trade confirmation. - Watch out for: Leave blank when the quantity is a number of units. - FCA reference: RTS 22 field 31 ### price - What it is: The price per unit, excluding commission and, for bonds, excluding accrued interest. - Where to find it: The trade confirmation. - Watch out for: Leave blank only when the price type is PNDG (not yet known) or NOAP (no price applies). Do not include fees. - FCA reference: RTS 22 field 33 ### price_type - What it is: How the price is expressed: MONE (money), PCTG (percentage, typical for bonds), YLD (yield), BPTS (basis points), PNDG (pending) or NOAP (not applicable). - Where to find it: How the instrument is quoted. - Watch out for: Blank means MONE. If you report PNDG, send a corrected report once the price is known. Spread bets are often priced in index points: BPTS, with the price currency blank. - Allowed values: MONE (Money); PCTG (Percentage); YLD (Yield); BPTS (Basis points); PNDG (Price pending); NOAP (Not applicable) - FCA reference: Part of field 33 ### price_currency - What it is: The currency of a money price, as a three-letter code. - Where to find it: The trade confirmation. - Watch out for: Needed whenever the price type is MONE, and blank otherwise. Give sterling prices in pounds with GBP: pence (GBX) is not an ISO currency code and is rejected, so 245p is 2.45 GBP. - FCA reference: RTS 22 field 34 ### net_amount - What it is: For bonds only: the cash the buyer pays on settlement, including accrued interest and excluding commission. - Where to find it: The bond trade confirmation. - Watch out for: Leave blank for shares and derivatives. - FCA reference: RTS 22 field 35 ### venue (needed for a new report) - What it is: Where the trade was executed: the trading venue's segment MIC (for example XLON for the London Stock Exchange) if you executed under your own membership; the MIC of a systematic internaliser (SI) if you know the counterparty is one and it acted as one for this trade; XOFF when the instrument is traded on a venue but your trade was not; or XXXX when the instrument is not traded on any venue. - Where to find it: The execution report; the MIC list published by the ISO 10383 registry. - Watch out for: Treat a trade through a broker, including its DMA or DEA service, as XOFF: use the exchange's MIC only under your own membership. If you cannot tell whether a counterparty acted as an SI, XOFF is acceptable. A contract listed on an exchange outside the UK and EU, such as a CME future, takes that exchange's MIC under your own membership. Through a broker it is XXXX if it has no ISIN, as most do not, and XOFF if it has one. CFDs and other OTC derivatives are XXXX, not XOFF. - FCA reference: RTS 22 field 36 ### up_front_payment - What it is: For swaps and similar derivatives: any payment made when the contract starts. - Where to find it: The derivative confirmation. - Watch out for: Rare for small firms; leave blank when there is none. - FCA reference: RTS 22 field 38 ### up_front_payment_currency - What it is: The currency of the up-front payment. - Where to find it: As above. - Watch out for: Leave blank when there is no up-front payment. - FCA reference: RTS 22 field 39 ### package_id - What it is: A reference you choose to link the legs of a package traded together as one deal. - Where to find it: Your dealing records. - Watch out for: Use the same ID on every leg of the package, and a new ID for each package. - FCA reference: RTS 22 field 40 (complex trade component ID); package identifier from April 2028 ### package_price - What it is: The price of the whole package, for packages. - Where to find it: Your dealing records. - Watch out for: Only used from April 2028; can be left blank until then. - FCA reference: New from April 2028 ### package_price_type - What it is: How the package price is expressed: MONE, PCTG, YLD, BPTS, PNDG or NOAP. - Where to find it: As above. - Watch out for: As above. - Allowed values: MONE (Money); PCTG (Percentage); YLD (Yield); BPTS (Basis points); PNDG (Price pending); NOAP (Not applicable) - FCA reference: New from April 2028 ### package_price_currency - What it is: The currency of a money package price. - Where to find it: As above. - Watch out for: As above. - FCA reference: New from April 2028 ### instrument_isin - What it is: The instrument's ISIN, the 12-character international code. - Where to find it: Your instrument records, the trade confirmation, or the FCA's instrument reference data (FIRDS). - Watch out for: If the instrument is in the FCA's reference data, give the ISIN alone and leave the instrument name and CFI blank. The ISIN must have been valid on the trade date: we check it against FIRDS and warn you if it was not, for example an expired future or a matured bond, before anything is sent. For a CFD or spread bet, leave this blank and give the underlying's ISIN in underlying_isin: the underlying share's ISIN here would report a trade in the share itself. - FCA reference: RTS 22 field 41 ### instrument_name - What it is: The instrument's full name, for instruments without an ISIN in the FCA's reference data, such as CFDs and spread bets. - Where to find it: Your product description. - Watch out for: Only fill this in when there is no ISIN. Describe the product clearly, for example 'UK 100 CFD'. - FCA reference: RTS 22 field 42 ### instrument_cfi - What it is: The six-letter CFI code that classifies the instrument (ISO 10962), for instruments without an ISIN. - Where to find it: Your instrument set-up; for CFDs it usually starts with J. - Watch out for: Needed whenever you give an instrument name. We work out option type, exercise style and delivery type from it for you. - FCA reference: RTS 22 field 43 ### notional_currency - What it is: For derivatives without an ISIN: the currency the contract is denominated in. - Where to find it: The product terms. - Watch out for: Usually the currency of the underlying price, for example GBP for a UK index CFD. - FCA reference: RTS 22 field 44 ### price_multiplier - What it is: For derivatives: how many units of the underlying one contract represents. - Where to find it: The product terms. - Watch out for: Blank means 1, which is right for most CFDs. - FCA reference: RTS 22 field 46 ### underlying_isin - What it is: For derivatives without their own ISIN: the ISIN of what the derivative is based on. Several ISINs separated by | for a basket. - Where to find it: The product terms. - Watch out for: For an index, give the index's own ISIN if it has one and its name in the index name column. Most indices have an ISIN. Never use an ETF or fund that tracks the index in its place: that is a different instrument, and we warn if we see one. - FCA reference: RTS 22 field 47 ### underlying_index_name - What it is: For derivatives on an index: the index's name, given as well as its ISIN. - Where to find it: The product terms. - Watch out for: Use the standard name, for example FTSE 100 or NASDAQ-100, not a trading platform's symbol for it. - FCA reference: RTS 22 field 48 ### underlying_index_term - What it is: For derivatives on an interest-rate index: the index's term, for example 3MNTH. - Where to find it: The product terms. - Watch out for: Leave blank for anything else. - FCA reference: RTS 22 field 49 ### strike_price - What it is: For options: the strike price. - Where to find it: The option terms. - Watch out for: Leave blank for anything that is not an option. - FCA reference: RTS 22 field 51 ### strike_price_type - What it is: How the strike is expressed: MONE, PCTG, YLD or BPTS. - Where to find it: The option terms. - Watch out for: Blank means MONE. - Allowed values: MONE (Money); PCTG (Percentage); YLD (Yield); BPTS (Basis points) - FCA reference: Part of field 51 ### strike_price_currency - What it is: The currency of a money strike price. - Where to find it: The option terms. - Watch out for: Leave blank for anything that is not an option. - FCA reference: RTS 22 field 52 ### expiry_date - What it is: For derivatives with a fixed end: the expiry date, as YYYY-MM-DD. - Where to find it: The product terms. - Watch out for: Leave blank for rolling or undated products such as most CFDs. - FCA reference: RTS 22 field 55 ### investment_decision_id - What it is: Who in your firm decided to make the investment, when your firm made that decision: when dealing on its own account, or managing a client's money with discretion. A person's identifier, or the code of the algorithm that decided. - Where to find it: Your dealing records: the trader or portfolio manager behind the decision. - Watch out for: Leave blank when the client decided an order you handled in an AOTC or MTCH capacity. Every DEAL trade needs it, including an execution-only order for a client that you fill as principal. Use a personal identifier for a person, as for clients. - FCA reference: RTS 22 field 57 ### investment_decision_id_type - What it is: The kind of code used: ALGO, NIDN, CCPT or CONCAT. - Where to find it: Follows from the ID used. - Watch out for: ALGO only when an algorithm made the decision. - Allowed values: ALGO (Algorithm); NIDN (National ID number); CCPT (Passport number); CONCAT (CONCAT code) - FCA reference: Part of field 57 ### execution_decision_id - What it is: Who in your firm was mainly responsible for executing the trade: a person or an algorithm. - Where to find it: Your dealing records: the dealer or the order-routing system. - Watch out for: For a person, give their national identifier and the matching type. For an order-routing system or other automated execution, give its code with type ALGO. Blank means NORE (no one in your firm: for example the client executed it). Type DEAU is for a client using direct electronic access: lesson 5 explains it. - FCA reference: RTS 22 field 59 ### execution_decision_id_type - What it is: The kind of code used: ALGO, NIDN, CCPT, CONCAT, NORE or DEAU. - Where to find it: Follows from the ID used. - Watch out for: Must agree with the execution decision ID. - Allowed values: ALGO (Algorithm); NIDN (National ID number); CCPT (Passport number); CONCAT (CONCAT code); NORE (Client decided (no one in the firm)); DEAU (Direct electronic access user) - FCA reference: Part of field 59 --- # 1. Do you need to report? **Transaction reporting** tells the FCA about every trade your firm carries out in certain financial instruments, so that it can look for market abuse and monitor the market. The rules are in UK MiFIR (Article 26) and the FCA's technical standards. ## Who reports An **investment firm that executes a transaction** reports it. "Executes" is wider than it sounds, as it includes: - buying or selling for your own account; - buying or selling for a client, as agent; - making the investment decision for a client under a discretionary mandate, even if a broker then places the order. If you only **pass a client's order to another firm** and meet the conditions for "transmitting" an order (you send the other firm everything it needs to report), that other firm reports it instead of you. Small firms often rely on this. If you do, check that the arrangement is in writing and that the receiving firm really does report on your behalf. ## Which instruments Broadly, instruments **admitted to trading or traded on a trading venue**, and derivatives whose underlying is one of those. That covers listed shares, bonds, exchange-traded funds and listed derivatives, and also over-the-counter products such as CFDs and spread bets on shares or indices. From **3 April 2028** the FCA narrows the scope to instruments on **UK** venues and removes FX derivatives. Until then, instruments on EU venues are also in scope. ## When By the **end of the working day after the trade** (T+1). Late reports still need to be sent, so report them as soon as you find them. ## What this service does You tell us about each trade, in our template or on the single-report form. We check it, send it to DTCC (an Approved Reporting Mechanism, or ARM), and DTCC passes it on to the FCA. DTCC's and the FCA's answers come back to you here. **You stay responsible** for your reporting, which means your reports being complete, accurate and on time. We have designed the service to make that as hard as possible to get wrong. ## Still unsure? If you are not sure what your firm should be reporting, or whether your current reporting is right, talk to our professional services team, with no obligation, at support@regulatoryadvice.co.uk. Next: [2. Anatomy of a report](/help/learn/2) --- # 2. Anatomy of a trade report Every report answers the same handful of questions, set out below. The [template guide](/template) lists every column that answers them. | Question | Template columns | |---|---| | Which report is this? | `report_status`, `transaction_reference` | | Who carried out the trade? | `executing_entity_lei` | | Who bought, and who sold? | the `buyer_...` and `seller_...` columns | | Did someone decide for the buyer or seller? | the `..._decision_maker_...` columns | | When? | `trading_date_time` | | In what capacity did your firm act? | `trading_capacity` | | How much, and at what price? | `quantity`, `price` and their types and currencies | | Where? | `venue`, `venue_transaction_id` | | What instrument? | `instrument_isin`, or a name and CFI code for instruments without one | | Who in your firm made the decisions? | `investment_decision_...`, `execution_decision_...` | ## One row, one report Each row in your file is one report, meaning one trade from your firm's point of view. If you bought 1,000 shares for three clients in one order and then allocated them, there is normally one report for the market trade and one for each client allocation. Ask us if you are unsure how your trades break down. ## Your own reference The `transaction_reference` is yours. Pick a scheme that gives every trade a unique reference that never changes, usually the deal ID in your dealing system. The reference is how a report is found again if you need to cancel or correct it. ## A minimal example A share bought through your broker for a client company, on the client's instruction. This is the usual shape for a small firm without its own exchange membership: | Column | Value | |---|---| | report_status | NEWT | | transaction_reference | DEAL0001 | | executing_entity_lei | your LEI | | buyer_id / buyer_id_type / buyer_is_client | the client's LEI / LEI / Y | | seller_id / seller_id_type / seller_is_client | your broker's LEI / LEI / N | | trading_date_time | 2026-09-01T10:02:00Z | | trading_capacity | AOTC | | quantity / quantity_type | 100 / UNIT | | price / price_type / price_currency | 12.5 / MONE / GBP | | venue | XOFF | | instrument_isin | GB0002634946 | If you executed on a UK or EU exchange under your own membership, the venue would be its MIC, you would add the venue's trade code in `venue_transaction_id`, and the time would run to at least the millisecond. The [template guide](/template) has that example too. Previous: [1. Do you need to report?](/help/learn/1) · Next: [3. Buyer and seller](/help/learn/3) --- # 3. Buyer and seller Every report names both the buyer and the seller, and who they are depends on the capacity your firm acted in. On a DEAL trade, where your firm's LEI sits shows whether it bought or sold. ## Your capacity decides who appears | You acted as | Meaning | Buyer and seller | |---|---|---| | **DEAL** | On your own account, taking the risk | Your firm is one side; the other side is your counterparty or client | | **MTCH** | Matched principal: two simultaneous back-to-back trades, no risk | Your client and the market counterparty; **not your firm** | | **AOTC** | Any other capacity, usually agency for a client | Your client and the market counterparty; **not your firm** | A common mistake is to show your own firm as buyer or seller on an agency trade. Our checks will warn you if that happens. ## The transmission of order indicator You don't need to supply this one, because we work it out from your capacity and venue. It is N for DEAL and MTCH. For AOTC it is Y, unless you executed on a venue yourself under your own membership, in or outside the UK and EU. ## Who is "the market"? - On a venue with a **central counterparty (CCP)**, such as the London Stock Exchange for shares, the other side is the **CCP**: give its LEI. - Off venue, it is the **firm you traded with**: give its LEI. - Only on a venue **without** a CCP, where you never learn the counterparty, do you give the venue's MIC. In the UK that is rare. ## Identifying people When a buyer or seller is a person, use their **national identifier**, in the FCA's order of preference for their nationality: - **UK nationals**: National Insurance number, with GB in front, for example `GBQQ123456C`, type `NIDN`. - **Other nationalities**: the identifier the FCA lists for that country first (sometimes a passport number, type `CCPT`). - **Where none applies**: the **CONCAT** code, type `CONCAT`. ### Building a CONCAT code It is 20 characters, in capitals, in this order: 1. The two-letter country code of the person's nationality. 2. Their date of birth as YYYYMMDD. 3. The first five letters of their first name. 4. The first five letters of their surname. A name longer than five letters is cut to five. A shorter one is padded with `#`, so John becomes `JOHN#`. Leave out titles and surname prefixes such as van, de or mac, and remove accents, apostrophes, hyphens and spaces. For example, John Smith, British, born 30 October 1980, is `GB19801030JOHN#SMITH`. Anne-Marie de Vries, Dutch, born 12 March 1975, is `NL19750312ANNEMVRIES`. Give the person's full first names, surname and date of birth in their own columns too. ## Clients Mark `buyer_is_client` or `seller_is_client` with **Y** for your clients. We use it to fill in the FCA's "country of the branch" field for you. ## Decision makers If your firm manages a client's money **with discretion**, your firm made the decision for the client: put your own LEI as the client's **decision maker**. If a person with a **power of attorney** decided, put their identifier. If the client decided, leave it blank. Previous: [2. Anatomy of a report](/help/learn/2) · Next: [4. The instrument](/help/learn/4) --- # 4. The instrument ## Instruments with an ISIN If the instrument has an **ISIN** in the FCA's instrument reference data (FIRDS), give the ISIN in the `instrument_isin` column and **leave the instrument name and CFI blank**. This covers listed shares, bonds, exchange-traded funds and listed derivatives. The ISIN must have been valid on the trade date. We check every ISIN against FIRDS for its trade date and warn you before sending if it was not: an expired future or a matured bond, for example. If you know the report is right, such as a back report of an old trade, you can send it anyway with a reason. For an instrument with no ISIN, or one not in FIRDS, we then check whether the trade is in scope another way: an underlying instrument (or any member of a basket) that is in FIRDS, or an underlying index. Only if none of these applies do we warn that the trade may not be reportable, and again you can send it anyway with a reason. ## Instruments without one Over-the-counter derivatives such as **CFDs and spread bets** usually have no ISIN of their own. Never give the underlying share's ISIN as the instrument's: that reports a trade in the share itself, and no check can tell the difference. Put it in `underlying_isin`, and describe the instrument instead: | Column | What to give | Example | |---|---|---| | `instrument_name` | A clear description | UK 100 CFD | | `instrument_cfi` | The six-letter CFI code | JEIXCC | | `notional_currency` | The contract's currency | GBP | | `price_multiplier` | Units of underlying per contract | 1 | | `underlying_isin` | The ISIN of what it is based on | GB0001383545 | | `underlying_index_name` | For an index, its name | FTSE 100 | For a derivative on a **basket**, list the underlying ISINs separated by the vertical bar character, `|`. We work out the option type, exercise style and delivery type from the CFI code, so the template does not ask for them. ## Venue The `venue` column says where the trade happened: | Situation | Venue | |---|---| | Executed on a trading venue under your own membership | The venue's segment MIC, e.g. `XLON` | | Through a broker, including its DMA or DEA service | `XOFF` | | Bought or sold with a systematic internaliser (SI) acting as one for your trade | The SI's MIC (`XOFF` if you cannot tell) | | The instrument is on a venue, but your trade was not | `XOFF` | | A contract on an exchange outside the UK and EU, such as a CME future | That exchange's MIC under your own membership. Through a broker, `XXXX` if it has no ISIN (most do not), `XOFF` if it has one | | The instrument is on no venue (most CFDs) | `XXXX` | ## Quantity and price - **Shares**: quantity in units (`UNIT`), price in money (`MONE`) with its currency. - **Bonds**: quantity in nominal value (`NOML`) with its currency, price usually as a percentage (`PCTG`), and the `net_amount`. - **CFDs**: quantity in units (`UNIT`), the number of contracts, with no quantity currency; price in money (`MONE`) with its currency. - **Spread bets**: quantity as money (`MONE`), the stake per point, with its currency; price often in index points (`BPTS`), with no price currency. - **Sterling prices** are in pounds: 245p is `2.45` with currency `GBP`. Previous: [3. Buyer and seller](/help/learn/3) · Next: [5. Decisions in your firm](/help/learn/5) --- # 5. Decisions in your firm The FCA wants to know **who in your firm** was behind each trade. There are two separate questions. ## Who decided to invest? (`investment_decision_id`) Fill this in when **your firm** made the investment decision: - when you **deal on your own account**; or - when you manage a client's money **with discretion**. Give the **person** who decided (their personal identifier, like a client's), or the **algorithm** code if an algorithm decided (type `ALGO`). Leave it **blank when the client decided** an order you handled in an **AOTC or MTCH** capacity, for example an execution-only order. Every **DEAL** trade needs it, including an execution-only order for a client that you fill as principal. ## Who executed it? (`execution_decision_id`) The person or algorithm in your firm **mainly responsible for executing** the trade: usually the dealer who placed it, or your order-routing system. For a person, give their national identifier and the matching type. For automated execution, give the system's code with type `ALGO`. If no one in your firm was responsible (for example the client executed it themselves), leave it blank and we report `NORE` on your behalf. ## Direct electronic access (`DEAU`) If your firm gives a client direct electronic access to a venue through your membership, and the client decides how the order is executed, use type `DEAU`. Until the new rules take effect on 3 April 2028 the FCA has no such code, so we report these as `NORE` for you. If you don't offer direct electronic access, you won't need it. ## Algorithms If you use algorithms, give each one a stable code of your own (for example `ALGO1`) and keep a record of what each code means, as the FCA can ask for it. ## Keep personal identifiers up to date The people in these fields are your staff. Hold their national identifiers as you would a client's, and keep them current when people join or leave. Previous: [4. The instrument](/help/learn/4) · Next: [6. Corrections and feedback](/help/learn/6) --- # 6. Corrections and feedback ## Three kinds of feedback | You see | Meaning | What to do | |---|---|---| | **Held** (rejected by our checks) | The FCA or DTCC would reject it as it stands | Fix it and send it again with the same reference | | **Waiting for your decision** (a warning) | It would probably be accepted, but something looks wrong | Fix and resend it, or send it as it is with a reason | | **Rejected** by DTCC or the FCA | It reached them and was refused | Fix it and send it again | Every report's page shows its full history: our checks, DTCC's answer and the FCA's answer. ## Two ways to fix reports - **One at a time, on screen.** Open the report and choose **Correct this report**. The form opens with the report as you sent it and our feedback above it. Change what needs changing and resend it. We work out the rest: a rejected or held report is simply sent again, and a report already accepted is cancelled first, then replaced. - **Several at once, in a spreadsheet.** On the Reports page choose **Download reports to fix**. You get every report that was refused or is waiting for your decision, in the template's columns as you sent them, with our feedback in an extra `feedback` column. Fix the rows, then upload the file as it is. We ignore the feedback column. Each report drops off the list once a corrected version goes through. Either way the change is yours: we tell you what is wrong, and you decide what the report should say. ## Correcting a report already accepted Send a `CANC` row for the report, then the corrected `NEWT` row with the **same transaction reference**. Best practice is to send two separate files, with the cancellation first. A cancellation and a new report for the same reference in one file can be taken in the wrong order further down the line. We make sure of the order either way. The cancellation goes to DTCC on its own, and the corrected report waits until the cancellation has been accepted, then goes in a later file. Its page says it is waiting. If the cancellation is rejected, the corrected report is held, because the original is still live: fix the cancellation, then send the corrected report again. If the corrected report fails our checks, the cancellation is held with it, so the original stays in force rather than leaving the trade unreported. **Correct this report** does all of this for you. A report that is with DTCC or the FCA, waiting for their answer, can be corrected once the answer arrives. ## Cancelling a report sent in error Send a `CANC` row with the transaction reference and your LEI, or use **Cancel a report** on the single report page. ## Rejected reports A report rejected by the FCA is never counted as reported. Fix it and send it again, using the **same reference**. You don't need to cancel it first. ## Errors you find later If you find that reports were wrong or missing, correct or send them through the service as above. Whether, when and how to tell the FCA about errors is a decision for your firm's compliance officer. For more than a handful of reports, a back-reporting or remediation project is usually the better route. Our professional services team can plan and run it, and support your compliance officer through it. See [backreporting.com](https://backreporting.com) or write to support@regulatoryadvice.co.uk. ## Practice and test reports Until your firm is live, reports will go to **practice** (checked and answered here) or to **DTCC's test system**. Neither reaches the FCA. Each report shows you where it was sent. Previous: [5. Decisions in your firm](/help/learn/5) · Next: [7. Your first file](/help/learn/7) --- # 7. Your first file A step-by-step run through, best done in practice mode. 1. **Download the template** from the [template guide](/template). It contains worked examples. 2. **Delete the example rows**, keeping the header row. 3. **Add one row for each trade** from the last working day. Start with two or three trades. 4. Fill in the columns marked **needed**, then the ones that apply to the trade. The template guide explains every column, and the [lessons](/help) cover the ideas behind them. 5. **Save as CSV** (in Excel: *Save as*, then *CSV UTF-8*). 6. **Upload** it on the Upload page. 7. **Read the feedback** on the file's page. Fix anything held back, decide on anything with a warning, and upload the corrected rows. 8. In practice mode, **answers arrive within 15 minutes**. Open the Reports page to see each report's status. 9. When your files come through clean, you can choose **Test with DTCC** on the Account page. We set up your LEI and email you when it is ready. Your files then reach DTCC's test system, but not the FCA, and you can go back to practice at any time. ## Tips - Keep the **header row** exactly as in the template; columns may be in any order, and those you never use may be left blank. - **Dates** are YYYY-MM-DD; trade times are **UTC**, for example `2026-09-01T09:30:15Z`, and at least to the millisecond for a trade on a UK or EU venue under your own membership. - **References** are capital letters and digits only. - One-off trades are easier to enter on the **Single report** form. - Send each day's trades **the same day or the next morning**: reports are due by the end of the working day after the trade. ## When you are ready to go live Subscribe from the **Account** page. We then ask DTCC to set up your LEI for live reporting and email you when you are live. Keep reporting through your current arrangements until then. Previous: [6. Corrections and feedback](/help/learn/6) · Back to [Help](/help) --- # Feedback codes Every finding on a report has a severity: REJECT (held; fix and send again), WARN (waits: fix and send again, or send as it is with a reason) or INFO. Our own checks, and the FCA rules we apply in advance from the FCA's reference data (CON codes), are listed below: - **CON-331** (REJECT: held, never sent): Price notation is incorrect: a debt instrument (CFI ... in the FCA's reference data) with quantity in units cannot be priced as a percentage. - **CON-351** (REJECT: held, never sent): Net amount is missing: it is mandatory for bonds (CFI ... in the FCA's reference data). - **CON-381** (REJECT: held, never sent): Up-front payment is missing: it is mandatory for credit default swaps (CFI ... in the FCA's reference data). - **PLT-01** (REJECT: held, never sent): The executing entity is not your firm. Reports can only be sent for the firm this account belongs to. - **PLT-02** (REJECT: held, never sent): A report with this reference is already live. Send a cancellation first, then the corrected report. - **PLT-03** (WARN: waits for the firm's decision): No report with this reference has been sent through this service. If you send the cancellation, the FCA will reject it unless it holds a live report with this reference from another provider. - **PLT-04** (INFO: for information): The report being cancelled had not been sent yet. Both have been withdrawn and nothing will be sent. - **PLT-05** (REJECT: held, never sent): This reference has already been cancelled. - **PLT-06** (INFO: for information): This replaces an earlier report with the same reference that was waiting for your decision. The earlier one has been withdrawn. - **PLT-07** (INFO: for information): Held with the other half of its correction, which has a warning. Both go together once you decide. - **PLT-08** (REJECT: held, never sent): Reports cannot be sent at the moment. - **PLT-09** (INFO: for information): This corrected report waits until the cancellation before it is accepted, then goes in a separate file, so the two always arrive in the right order. - **PLT-10** (REJECT: held, never sent): The cancellation this corrected report depends on was rejected, so it was not sent: the original report is still live. Fix the cancellation, then send the corrected report again. - **PLT-11** (WARN: waits for the firm's decision): ... was not tradeable on the trade date in the FCA's instrument reference data (FIRDS): .... The FCA would hold the report as pending (CON-411), then reject it. Check the ISIN and trade date. If they are right, for example in a back report of an old trade, send it anyway with a reason. - **PLT-12** (WARN: waits for the firm's decision): This trade may not be reportable under UK MiFIR: ... is not in the FCA's instrument reference data (FIRDS) on the trade date, no underlying instrument given is in it either, and no underlying index is named. Check the instrument and its underlying. If you are sure the trade is reportable, send it anyway with a reason. - **PLT-13** (INFO: for information): The FCA's instrument reference data could not be reached, so ... was not checked against it. - **PLT-14** (WARN: waits for the firm's decision): ... is not in the FCA's instrument reference data (FIRDS), so the FCA needs the instrument's full details: give instrument_name and instrument_cfi as well. - **PLT-15** (WARN: waits for the firm's decision): This is a derivative on an index, but ... in underlying_isin is a fund (...), not an index. Give the index's own ISIN, or the index name if it has none. - **PLT-16** (WARN: waits for the firm's decision): This is a debt instrument (CFI ...), so its quantity should normally be its nominal value: quantity_type NOML, with quantity_currency. It is given as .... - **PLT-17** (WARN: waits for the firm's decision): This is a debt instrument (CFI ...), so its price should normally be a percentage of nominal: price_type PCTG. It is given as .... - **PLT-18** (INFO: for information): Held with the corrected report, which failed a check. The report already sent stays in force until the correction can go with it. - **PLT-19** (WARN: waits for the firm's decision): Your firm deals only in CFDs and spread bets, but ... in instrument_isin is a ... in the FCA's instrument reference data (CFI ...), so this would be reported as a trade in the ... itself. Leave instrument_isin blank, put ... in underlying_isin, and describe the CFD: its name, a CFI such as JESXCC, and venue XXXX. --- # Frequently asked questions ## About transaction reporting ### What is a transaction report? A record of one trade, sent to the FCA by the end of the next working day, so that it can watch for market abuse. [Lesson 1](/help/learn/1) explains who has to report and what. ### Does my firm have to report? If your firm is an investment firm that executes trades in reportable instruments (shares, bonds and funds on a trading venue, and derivatives of them, including CFDs and spread bets), almost certainly. If you only pass orders to another firm under a formal transmission arrangement, that firm may report for you. [Lesson 1](/help/learn/1) has the detail. ### What changes in April 2028? The FCA's new rules (PS26/15) take effect on 3 April 2028. Reports get shorter (52 fields instead of 65), the scope narrows to instruments on UK venues, and FX derivatives drop out. Our template is already shaped like the 2028 report, so you will not need to change how you send us your trades. ### What is an LEI and why does it matter? A Legal Entity Identifier: a 20-character code for a company. Your firm needs a current one to report, and your clients that are companies need one too. LEIs must be renewed every year with your LEI issuer. ### My client is a person. What do I need? Their national identifier (for UK nationals, the National Insurance number), their full first names and surname, and their date of birth. [Lesson 3](/help/learn/3) explains. ### What do all the columns mean? The [template guide](/template) explains every column in plain English, where to find the information, and what to watch for. ## About the service ### What does the service do? You send us your trades in our template or on a form. We check each report against the FCA's rules and common mistakes, send it to DTCC (an Approved Reporting Mechanism), and show you DTCC's and the FCA's answers. ### What are the steps from sign-up to live reporting? 1. Sign up for an account, giving your firm's LEI and the address for its invoices. 2. Test on the platform in practice mode, by uploading files or entering single reports. Nothing reaches DTCC or the FCA. 3. When you are ready, press **Test with DTCC** on your Account page. We add your LEI to DTCC's test environment and email you when it is ready. 4. Test again until every error and warning has been dealt with. These reports reach DTCC's test system but do not count as reports to the FCA. 5. Subscribe from your Account page, confirming that your firm has reviewed its test results and decided it is ready. We add your LEI to DTCC's live environment, usually within a few working days. 6. Receive your VAT invoice, marked as paid, at the email addresses of your users and made out to your invoice address. 7. Start live reporting when we email to say you are live. Keep your current reporting arrangements running until then. ### Who runs it? Basic Reporting is a service of Regulatory Advice Limited, run by Mark Kelly with a fellow director and co-owner. Reports currently go to the FCA through DTCC's UK MiFIR Approved Reporting Mechanism. We may also use other Approved Reporting Mechanisms, to keep the service running or to keep its cost down, and we will tell you before changing the one that normally handles your reports. ### What is Regulatory Advice Limited's regulatory status? We are not regulated by the FCA. We send reports through DTCC's Approved Reporting Mechanism, which is regulated, and we act on the instructions of the regulated firms we report for. Your firm stays responsible for its reporting. The FCA expects firms to reconcile their reporting end to end, which gives them their own assurance that the whole operation works: see "Can we see our reports at DTCC?" below. ### What does it cost? £1,000 a year plus VAT, which covers up to 1,000 messages. A message is each new report and each cancellation. Practice is free. ### Do we get a VAT invoice? Yes. Each time we charge you we email a VAT invoice, marked as paid, to your users. Your invoices, statements and activity summaries are also kept on the Documents page once you have signed in. ### Who is it for? Firms sending fewer than 1,000 reports a year. The FCA's consultation CP25/32 records that about a third of firms subject to transaction reporting are in that position, and that a small firm's cost per report may be up to 15 times a large firm's. Basic Reporting is built for them. ### What if we go over 1,000 messages? Don't worry. Each extra message is 2p plus VAT, charged monthly, so a busy year of 1,500 messages costs £1,010 plus VAT. We never stop sending your reports because you went over. ### We send more than 1,000 reports a year. Can you help? Yes. The service is built with small firms in mind, but the price works the same way at any volume: £1,000 a year including the first 1,000 messages, then 2p a message, plus VAT. If you expect to send more than 50,000 messages a year, tell us before you start: above that we agree terms with you, as the terms say, and we never stop sending your reports while we do. ### What is practice mode? Before you go live, every report you send is checked and answered here as DTCC would answer, but nothing reaches the FCA. Use it to get your files right. Keep reporting through your current arrangements until you are live. ### When do our files go to DTCC's test system? When you choose. Stay in practice as long as you like. Once your files come through clean, choose **Test with DTCC** on your Account page and we set up your LEI, then email you when it is ready. Your files, including any client details in them, then reach DTCC's test system, but they do not count as reports to the FCA. You can go back to practice from the same page at any time. ### How do I go live? Subscribe on the Account page, confirming that your firm has reviewed its test results and decided it is ready. We then ask DTCC to set up your LEI for live reporting, which usually takes a few working days, and email you when you are live. ### How quickly are reports sent? Within 15 minutes of a successful upload, and the answers come back as soon as DTCC and the FCA give them. ### What is a warning, and can I send a report anyway? A warning means the report would probably be accepted but something looks wrong. You can fix it and resend, or send it as it is with a short reason. Who sent it, when and why are recorded. ### How do I correct a report? Send the cancellation first, then the corrected report with the same reference, best as two separate files. We send the corrected report only once the cancellation is accepted. [Lesson 6](/help/learn/6) explains. ### We found errors in reports from before we joined. Can you help? Corrections to a handful of reports sent by another provider can go through us as a cancellation followed by a new report. For anything larger, see *Professional help* below. ### Who submitted our reports, and through which ARM? Each report's page shows its route: the submitting firm and its LEI, the Approved Reporting Mechanism, the file it went in and when it was sent. **Reports** has a download of all your reports with their routes. You will need this if you ever have to tell the FCA about reporting errors. ### Can we see our reports at DTCC? Not unless your firm has its own DTCC account for this service, because DTCC gives access only to firms onboarded directly with it. Your record is here instead. Each report's page shows what was sent, when and by whom, and DTCC's and the FCA's answers, and **Reports** has a download of every report's status and route. We keep this record for five years, the same period your firm must keep its own transaction records for. You can and should also ask the FCA for samples of your reports periodically, through its [Market Data Processor (MDP) portal](https://www.fca.org.uk/markets/market-data-processor/mdp-entity-portal). The FCA expects every reporting firm to do this, so that it can reconcile its reported trades end to end against its own records. ### Do we have to tell the FCA about errors? Whether, when and how to tell the FCA about reporting errors is a matter for your firm's compliance officer. We can give you the records you need either way, and our professional services team can support your compliance officer through it. ## Resilience ### What if something happens to you? The service runs by itself, with encrypted backups at a second UK provider and a route for sending by hand if our server fails. [Resilience and continuity](/help/resilience) sets out what we have in place and what your firm should keep in place. ## Professional help ### Still unsure what you need to report, or how you are reporting now? Talk to our professional services team at support@regulatoryadvice.co.uk, or see [backreporting.com](https://backreporting.com) for back-reporting and remediation. It is common for firms to find, when they first look closely, that some trades were never reported or were reported wrongly. The team can: - work out what your firm should be reporting; - check your past reports against your own records; - plan and run a back-reporting or remediation project; - support your compliance officer in any dealings with the FCA. This is separate from the reporting service and charged at professional rates. We agree the scope and cost with you before any work starts. ### Where is our data kept? Report data is held on servers in the United Kingdom, with encrypted backups at a second UK provider. Only your firm's users and our operators can see it. ### What if your service is down? Our monitoring checks the service every five minutes and alerts us by email. If a problem could make reports late, we tell you so you can use another route. ### How do we leave? Cancel your subscription from the Account page, and it ends at the end of the subscription year. We will give you a copy of your records on request. ### Who do we contact? Use the support address shown on your Account page. --- # Resilience and continuity Basic Reporting is run by a small company. That is part of why it costs what it does, and it is fair to ask what happens when something goes wrong. This page sets out what we have in place and what your firm should keep in place. The contract wording is in clause 7 of the [terms](/terms). ## It runs by itself Sending your reports, collecting DTCC's and the FCA's answers, backups and security updates all run automatically, with nobody at a keyboard. A separate server at a second UK provider checks every five minutes that the service is answering and running on time, and alerts us if it is not. ## If our server fails - **Backups.** Your data is backed up every night, encrypted, to the second UK provider. Each month the newest backup is automatically fetched back, decrypted and checked. - **Rebuilding.** The service can be rebuilt on a new server from a script and the latest backup, following a written procedure. - **Reports still go.** Sending by hand does not depend on our server. If it is down, you email us your file and we submit it through DTCC's own portal. The reports are recorded against your firm once the server is back, so your record has no gap. ## If the person running it is unavailable Regulatory Advice Limited has two directors, and the second director holds the administrator role on our DTCC account. A written procedure covers running the service and taking it over. Very little of the daily work needs a person, because a report that passes our checks goes without anyone touching it. ## If we stop providing the service - **Your records.** Within 10 working days we give you a full copy of your reports, the responses to them and our records of what was sent, in machine-readable form. - **Time to move.** If you ask, we keep sending your reports for up to three months after the end date, so you can switch without a gap, as long as we are able to continue. - **A transfer.** If another business takes over the service, your terms and records move to it on 30 days' notice, and your rights are not reduced. ## What your firm should keep in place Your firm stays responsible for its reporting, whoever sends the reports, so your own contingency plan should cover this service. - **Know your alternative.** Note which other Approved Reporting Mechanism you would use. The FCA publishes the list. - **Keep your files.** Keep your copy of what you send us as part of your firm's own five-year records. - **Switch with care.** If you are moving from another provider, keep that arrangement running until you have seen your reports accepted through us. A month before your old contract ends is a good time to start. - **No long commitment.** The subscription runs a year at a time, so you are not tied in if your view changes. Questions about any of this are welcome as part of your firm's due diligence. We answer reasonable requests within 10 working days. Back to [Help](/help)