phoneFor many businesses across the board, a big focus for 2018 will be preparing for the introduction of GDPR. However, for those in the financial sector, the new EU data protection regulation is not the only legislation they will have to get used to next year.

MiFID II will come into effect on 3rd of January, changing the way financial services businesses must record and store calls (both landline and mobile). Businesses will be required to record and keep the communications of every active participant in a transaction and have to keep these records for at least five years, in some cases seven.

What you need to know about MiFID II

You must:

• Record and Store calls regarding trades
• High Quality, Accurate and complete telephone recording
• Accessible/Available recordings of calls regarding trades

To find our more about how to avoid being fined, please call us on 0345 450 9393 opt 1 or email today.