Things To Know About MiFID Call Recording

 

Since the onset of the Covid-19 pandemic financial institutions has been face with multiple challenges, especially regarding compliance to MiFID II requirements. Both investment firms and credit institutions must record all telephone conversations that are connected with the investment services and activities’ performance, except the operations of Multilateral Trading Facilities and Organized Trading Facilities. This pandemic together with the resulting work from home setups have made it challenging to comply with MiFID phone recording regulatory requirements.

If you work in the financial service sector, you must take reasonable steps to record voice calls, prevent employees from making, sending, receiving phone calls on a privately-owned device that you cannot record. Keeping in mind the circumstances brought by the pandemic, the European Securities and Markets Authority understands that recording relevant telephone conversations may not be practicable for firms.

Even though capturing phone calls may not be attainable, ESMA expects firms to take alternative steps to record calls. As a business person, you need to know the steps you need to take in order to comply with MiFID call recording requirements amidst the pandemic.

The ESMA stated in their public statement relating to the coronavirus that financial institutions may allow their employees to use mobile devices, including the personal ones, to undertake transactions. It also stated that the firms must establish and maintain a policy covering the recording of telephone conversations and electronic communications. As a business owner, you are supposed to take reasonable steps to prevent your traders and other relevant people from making, sending, and receiving messages on devices that cannot retain mobile messages. Using alternative means to record the messages is possible, but there could be questions on whether the relevant person indeed kept minutes and written records of a call.

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

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