MiFID II regulation is the most radical overhaul of regulatory legislation in the European financial services sector for over a decade. You must be compliant with the second Markets in Financial Instruments Directive on voice and SMS communications, or risk fines, penalties and reputational damage.
If you're a firm that provides or advises on financial instruments and services in the EU, you must comply with MiFID II.
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.
Even though the UK has voted to leave the EU, MiFID II regulation applies because:
Ten of the top investment banks trust us to help them comply with mobile recording requirements because our unique in-network solution means: