Uncategorized   :   17th November 2017

Is your Call Recording Strategy ready for MiFIDII ?

To whom does it apply and from when is it in enforceable:

From the 3rd of January 2018 this newly evolved piece of regulatory law will be enforceable. Markets in Financial Instruments Directive 2004 applies to any company that performs investment services and activities.

MiFIDII extends MiFID1 legislation to include organized Trading Facilities (OTF) i.e. any facility or system designed to bring together buying and selling interests or orders related to financial instruments.

How does this impact on our call recording strategy?

With the current MiFID rules, recordings must be kept for at least six months. MiFID II changes include:

  • The requirement for all recordings to be stored for a minimum of five years from the date the recording is made.
  • The five-year term could change to seven years if requested by the competent authority.
  • All call records must be kept in a ‘durable medium’ so that they can be effectively monitored for compliance.
  • To be compliant a recording must be kept in such a way that allows it to be replayed or copied and that it prevents the original from being deleted or altered.

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