MiFID (the Market in Financial Instrument Directive) was created in the European Union (EU) as a response to the financial market crisis of 2008. Its goal was to fashion a more competitive and integrated EU financial market.
To address some deficiencies in the original legislation, a revised version – MiFID II – was introduced in July 2014. It will go into effect at the beginning of 2018 and has several requirements that relate to the recording of financial communications.
Many parts of the legislation focus on telephone conversations and electronic communications that result in, or intend to result in, a transaction. These communications – including conversations conducted on mobile devices, via Skype for Business, over the phone, through email, and more – must be recorded. Records must be retained and stored securely for a minimum of five years and be available for easy access.
These requirements, many of which mirror those seen in the Dodd-Frank Act in the United States, can pose significant challenges financial institutions.
Tags: Compliance Compliance Recording Solutions Dodd-Frank Act MiFID II Mobile Recording Skype for Business