MiFID: ‘Markets in Financial Instruments Directive’ 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 replaces previous MiFID I regulations: Stricter requirements for monitoring, record keeping, reporting, financial service involvement jurisdiction ‘that are intended to lead to a transaction’. Under the new jurisdiction, CIS compliance capabilities records conversations – including mobile – securely storing these records.
Financial service providers are required 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, including records not leading to a transaction. Reduce risks with the legislation framework, strengthen market integrity in financial markets.