MiFID II Recording Requirements

MiFID II Regulatory Landscape

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.

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RECORDING IMPACT OF MiFID II - CIS SOLUTION

  • 1. Record and store all communication
    Storing all communication on a single server platform is best.
  • 2. Quick access to records
    Access to Mobile and desk phone calls
  • 3. Maintain records for 5 years, at least
    Store records securely

CIS Mobile Recording Coverage

Record your office desk phones – MiFID II mobile communication recording:

Option 1: 1st Generation – Recording on Device
With a device dependent recording solution – the entire recording responsibility is with the employee. With the new regulations, organizations can no longer rely on these types of solutions. In fact, call recording on the device does not comply with the new regulations

Option 2: 2nd Generation – Recording by Operator
Operators based solutions are SIM related, and therefore provide call and text recording for a specific SIM with its one mobile number. With an operator based solution a business specific mobile device must be carried and used by the employee in addition to his/her personal devices. Such solutions are also quite expensive. On top of it, major privacy issues that conflict with privacy regulations are raised if the employee is using a single phone for both business and private use.

Option 3: 3rd Generation – CIS & Spikko Recording
This solution adds a business GSM mobile number (identity) on the already existing device. It is the only solution that provides full compliance – yet enables the full separation of business and private calls/text on a single device. Full compliance of mobile call recording – with full privacy of the employee’s private line.

CIS Converged Solution

  • Mobile & Desk phones recording solution including screen and SMS.
  • All recordings are collected in one server.
  • All recordings are viewed on one screen.
  • Mobile recording on any device, SIM and operator
  • Records are kept on premise, within your network.
  • Total privacy. Only business calls are recorded
  • Mobile number is owned (Not the device; Not the SIM) by the organization.
  • Integration with the organization existing voice logger allows full regulation compliance

Mifid II Requirements Summary

TABLE-MIFIDII CIS Cal Recording Compliance

MIFID II DIRECTLY AFFECTS THE FOLLOWING FIRMS IN PARTICULAR:

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  • Banks
  • Investment Firms
  • Recognized Investment Exchanges
  • Prospective Data Reporting Service Providers
  • Trustee firms
  • Energy and oil market participants
  • Firms conducting corporate finance business or stock lending activities
  • Occupational pension scheme firms
  • Firms conducting Lloyd’s market activities
  • Depositaries
  • Investment companies with Variable Capital
  • Undertakings for Collective Investment in Transferable Securities (UCITS)
  • Alternative Investment Fund Managers (AIFM) qualifiers
  • Service Companies
  • Authorized professional firms (APFs)
  • Trading Floors, Call Centers, Contact Centers