The ‘Markets in Financial Instruments Directive’ (MiFID) is the framework of the European union (EU) legislation for investment intermediaries that provide services to clients around the shares, bonds, units in collective investment schemes and derivatives (collectively known as ‘financial instruments’) and the organized trading of financial instruments.
MiFID II goes further of previous regulations MiFID I, and requires that anyone involved in giving financial service and/or advice that leads to, or may lead to, a transaction, must record their conversation – including mobile – and securely store these records.
Financial service providers are expected to retain, capture and maintain all communication between sellers, buyers and investment mediators. Records will have to be kept for a minimum of 5 years. All records should be available and cannot be modified not deleted. All records should be kept even if they have not lead to a transaction.