Have you heard about MiFID II but not sure what it means for your business? Read on to learn about the upcoming changes to regulation and what we can do to help your business become compliant.
Put simply, MiFID II (The Markets in Financial Instruments Directive) is a legislation that requires organisations involved directly in financial trading to record voice calls. Updates to the existing regulation become law in EU countries on Wednesday 3rd January 2018.
Currently there are some exceptions, such as financial advisers and brokers, providing they don’t operate across international borders or hold client money. This will change under MiFID II. From January, all businesses providing financial services or advice will have to record and store any conversations intended to result in a transaction.
In addition to voice calls MiFID II regulations also includes recording of other communications such as mail, fax, email or audio recording of client orders placed during face-to-face meetings that are intended to result in a transaction.
Recordings must be stored for a minimum of five years from the date the record is created. All records must be kept in format that can be monitored for compliance and readily available for the Financial Conduct Authority (FCA) to access on request. Businesses should allow for recordings to be copied if necessary, whilst ensuring that the original record cannot be deleted or altered.
How we can help
For those affected by the change in legislation, our cloud hosted telecoms solution supports fully compliant voice recording. MiFID II call recording with Grapevine’s Horizon product can provide:
- Recording of external and internal (extension-to-extension) calls, for fixed line and mobile.
- Flexibility to record only the calls you need to.
- Secure storage in the cloud for the required term (a minimum of five years), in a file format that meets the BS1008 standard.
- A full “audit trail” allowing access to records and amendments.
- Automatic system updates and optional bolt-ons, including full PCI compliant card payment recording.
This service is available as a monthly license subscription, per required user. To learn more please contact your Grapevine account manager. If you’re a new client or looking to move to our Horizon system please call us on 01202 644434 or email firstname.lastname@example.org to book a free initial consultation.