MiFID II legislation: for those businesses involved in financial markets…

What needs to be recorded?

  • VoIP calls
  • Mobile calls
  • Emails
  • SMSs
  • Chat (on screen – e.g. Skype)
  • Face to Face
  • TDM (Time-division protocol)

Call Recordings

  • The recordings need to take place when the call is regarding any request, decisions and client orders that take place over the phone
  • To notify clients that the call will be recorded
  • Recordings should also take place in the chance it may result in a transaction, even if the outcome is not a transaction
  • Also, record any activities that firms deal on own account. This can help detect any behaviour that may abuse the market
  • Disallow any employees to use their own communication device for making, sending or receiving conversations that are unable to be recorded
  • To provide recordings to clients when requested
  • The recordings will need to be stored for a minimum of five years, to have a date on when the recording took place. (seven years if requested by an NCA)
  • To allow corrections to be made to the records
  • To not allow records to be manipulated or altered
  • A date of which the call was recorded
  • Ensure the quality, accuracy and completeness of the call recordings

How ready is your business to demonstrate you comply?

Unless you can honestly answer “Completely ready and confident we have all aspects handled” you will be breaking the law if you continue to trade after 3rd January 2018. If your answer is anything else, call us on 0345 450 9393 opt 1 and get up to speed on your obligations…