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MiFID II AND THE REQUIREMENTS FOR CALL RECORDING

WHAT IS MiFID II?

MiFID II was launched in 2018 and is a revision of the original Markets in Financial Instruments Directive (MiFID) regulations. With the overall aim of making transactions in the financial sector and trading platforms more transparent and fair for both the company and consumers, MiFID II was launched in 2018 with rules that address shortcomings found in the original framework.
 
One way in which MiFID II provides protection for financial businesses and investors is the introduction of mandatory call recording. This new legal requirement means that it is essential that your finance team has the necessary tools at their disposal in order to record and store high-quality records of any over-the-phone transaction-related communications. 
 
Luckily, Your Comms Group has the perfect communications solution to keep your business MiFID II-compliant.

 

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The Best way to Meet MiFID II Call Requirements

For businesses operating under MiFID II, all trade-related communications must be documented. This is valid regardless of whether or not a transaction eventually takes place. This phone call must then be stored in an accessible format for a minimum of three years and must be able to be retrieved upon request.

However, what are the practicalities of call recording? How can you introduce this in your workplace and ensure that you follow MiFID II requirements at all times?

For many financial services organisations, the introduction of MiFID II is the perfect time for your business to move to a cloud-based UC (Unified Communications) platform.

This move comes with many benefits, including high-quality, built-in call recording that will keep your business compliant with MiFID II regulations.

Our cloud-based Unified Communications platform allows you to record conversations from a variety of devices and locations, as well as providing a safe, secure and accessible point of storage so your files can be retrieved whenever necessary.

Our Unified Communication solutions are affordable, bespoke and ready to transform your business operations in the best way. Get in touch with Your Comms Group for more information. 

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Quickly Compare The Best Mobile Tariffs for Your Finance Company

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General FAQs: MiFID II and MiFIR

We answer the most frequently asked questions by finance companies looking for information about the requirements for call recording. If you can 't find the answer you're looking for, get in touch - our team will be happy to help. Our PDF is also available here.