Things To Know About The MiFID Call Recording Solution



If you own a financial service firm and have done what is needed to comply with EMIR and GDPR regulations, you are on the right path towards managing your business smoothly. Another thing you will need to do in order to make your business operations even better is implementing the MiFID call recording solution.

In implementing mobile communication solutions to ensure MiFID compliance, you will need to look at the official ruling that is used to describe storage of relevant records around a trade. This ruling requires investment firms to take reasonable steps to record relevant telephone conversations as well as electronic communications made with, sent from or received by equipment provided by the firms to employees or contractors or the use of which by employees or contractors has been accepted or permitted by the investment firms.

Apart from the official ruling, you also need to look at the technical advice that is provided by the European Securities Markets Association. The technical advice states that records shall be stored in a durable medium that allows them to be copied or replayed, and the records must be retained in a format that does not allow the original record to be deleted or altered.

The above-mentioned rulings simply mean that you should upgrade the legacy solutions in your company in order to be capable of providing a full and durable copy of your transaction records, including email, text messages, voice calls and other forms of electronic communications. Also, legacy on premise solutions have become less secure compared to cloud solutions. Equally, the legacy usually do not come equipped with useful features such as smart searching, something that makes it nearly impossible for you to locate specific message information.

With a good MiFID call recording solution, you can record and archive native SMS/MMS as well as IP messages. All SMS and text message archive data can be stored in a secure, compliant and encrypted server or on existing enterprise archival system of your company.

For more information on the MiFID call recording solution, visit our website at https://www.telemessage.com/

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