Complying with MiFID II

The Markets in Financial Instruments Directive (MiFID II) is due to come into force in January 2018. MiFID II brings changes to many areas relating to conduct of business and includes far more robust rules around the recording and storing of conversations.

Under the new MiFID II regulations:

Any organisation providing financial services to clients linked to ‘financial instruments’ will have to record and store all communications intended to lead to a transaction.  With MiFID II, recordings must be stored for a minimum of five years from the date the record is created and if requested by the competent authority for up to seven years.  All records must be kept in a ‘durable medium’ and recordings must be stored in a way that makes them accessible and readily available to the FCA on request.

To ensure compliance, organisations will need to review their records on a period basis and will need to prove that the appropriate policies, procedures and management of recording rules are in place and that management have clear oversight of these.  Organisations must then periodically re-evaluate the effectiveness of their recording procedures and adopt alternative or additional measures if necessary.

How we can help

The multiple methods we use to communicate with our customers, make it difficult to know which platforms will work best for your business. Picking the right solutions for recording all calls and transactions and remaining in compliance can be confusing but with Arrow we have a suite of products that will ensure a smooth transition to compliance with the new regulations.

Whether it’s for your traditional PBX or hosted platform, there are a number of solutions that can help you meet compliance. Please contact us for further information.

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