Are you ready for the new MiFID II call recording rules?
With the revised Markets in Financial Instruments Directive (MiFID II) on the horizon, many UK financial services firms will be undergoing significant changes to stay compliant and meet the new rules for recording and storing business calls and conversations.
What are the new rules?
By January 3rd 2018, under the new MiFID II call recording rules, all conversations that are intended to lead to a transaction or trade, even if they ultimately don’t, need to be recorded. These rules apply equally to firms dealing with their own account as well as providing services for external clients. You can read the official MiFID call recording guidelines here.
Will it apply to us?
Under current rules, only individuals directly involved in trading, such as banks, stockbrokers, investment managers and financial and commodity derivatives firms need to record their conversations. But MiFID II includes those who are currently exempt from having to record such as financial advisors and brokers – anyone involved in the advice chain that may lead to a trade or investment.
How long can I wait?
Considering the scale and complexity of the changes, you have a relatively short amount of time to put new processes and tools in place. The challenge is made even more complex when you consider that MiFID II programmes have to be designed alongside overlapping legislation such as the EU General Data Protection Regulation (GDPR).
What solutions are available to us?
At GHM we have 2 great MiFID II call recording options that are easy to implement and we will manage the entire process making it pain free for you.
Option 1 – our call recording ‘add on’ solution for your existing phone system
Option 2 – a new hosted phone system with call recording included.
Both feature compliant and encrypted call recording plus secure storage in the cloud or on premise.
Watch our MiFID II presentation below for more guidance
Want to know more about getting MiFID II compliant?
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