MiFID ll will be in place 3rd January 2018, replacing MiFiD which was released in 2007. It focuses primarily on those in the financial market who capture information through communication technologies. The aim of this regulation is to identify any abuse in the financial market, focusing on information that needs to be recorded, including requests, decisions and client orders.
One of the main communication technologies in use is Voice over IP (VoIP) and as a telecommunications company we need empower companies to ensure the correct controls are in place for them to operate compliantly within the financial market, ensuring they prepared to abide by the MiFiD ll regulation. Call recordings need to be of a high quality, stored securely, unable to be modified or deleted by any unauthorised person and available for review. It is also essential that bank details are not recorded.
A small part of the legislation covering VoIP has been covered in this article. Other communication technologies that MiFiD II covers are Email, SMS, mobile and Chat services. All areas of which your business must be able to demonstrate it complies.
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…
