MiFID II Regulation & MiFID II Mobile Recording

Does MiFID II regulation affect you?

If you’re a firm that provides or advises on financial instruments and services in the EU, you must comply with MiFID II mobile recording regulation.

You’re impacted if you’re:

An investment firm
A credit institution
A portfolio manager
A broker-dealer

A stock broker
A corporate finance company
A market operator
A central counterparty

MIFID II IS IN FORCE - ACT NOW OR RISK NON-COMPLIANCE

MiFiD II builds on MiFID I to help prevent breaches, disorderly trading and market abuse – and relevant companies must act now or risk non-compliance. Unlike MiFID I, which was a directive that recommended best EU practice, MiFID II is a regulation. It is mandatory for financial institutions to adhere to MIFID II mobile recording.

MiFID II is 196 pages long. The European Securities and Markets Authority (ESMA) has translated this into 406 pages of technical standards – seven of which relate to mobile recording.

Talk to us about meeting MiFID II requirements

MIFID II MOBILE RECORDING REQUIREMENTS

You must:

Record telephone calls, mobile calls, SMS and electronic communications.
Keep records for five years (seven years if requested by an NCA).
Tell clients you are recording their calls and give them the recordings if they ask.

This includes:

All communications where you intend to instigate a trade or provide a service.
Portfolio managers in all likelihood as there are no exemptions or exceptions.

Ask us about our MiFID II recording solution

DOES BREXIT MEAN UK FIRMS ARE EXEMPT FROM MIFID II MOBILE RECORDING?

Even though the UK has voted to leave the EU, MiFID II regulation applies because:

The deadline was 3rd January 2018 – the UK is still currently in the EU, so must meet EU laws and regulations.
Third-party equivalent applies – if you trade with or provide services to European companies, you must adhere to EU regulations, including MiFiD II.
The FCA says you must – it states the UK is committed to the implementation and all firms must meet their obligations under UK law, including those derived from EU law.