What is MiFID II and who needs to comply?
If your company offer financial advice linked to ‘financial instruments’ (shares, bonds, units in collective investment schemes and derivatives) this new EU legislation will be applicable to you. MiFID II is legislation for the regulation of investment services within the European Economic Area. Companies that offer any financial advice over the phone will have to abide by this new piece of legislation by January 3rd 2018. This new legislation has been designed to create harmonization across jurisdictions, protect investors, increase efficiency and enhance financial transparency.
How can I comply?
So now the big question, how do I comply? Simply, in order to comply anyone involved in the advice chain for an intended trade must record and retain all communications made on mobile for five years. This includes all Mobile communication, VoIP, TDM, SMS and future electronic communications. This change in regulation is expected to increase the number of recorded users from 30,000 traders in the city of London to over 300,000 across the UK.
What’s the best way to get compliant?
Initially getting compliant can sound daunting but it needn’t be. We have the technology to get your business fully compliant. We have even developed a Mobile Call Recording solution that is fully compliant with MiFID II regulations and enables call recording from any mobile handset. Using Contrex Mobile technology, calls are recorded at network level via a SIM card, meaning no apps or third-party software are required. As a SIM only service, there is no hardware to install and no reliance on a data connection – calls can be recorded in any location. Furthermore, the service is fully hosted, so there’s no capital expenditure and installation and management is simple.
For more advice on MiFID II or you wish to speak to us about how we can get you compliant ring us on 0800 205 5500 or email us at sales@hello-telecom.co.uk