Steps You Can Take To Comply With MiFID Call Recording Requirements Amidst The Pandemic

 

When the coronavirus pandemic struck the world, it brought multiple challenges to financial institutions, especially regarding compliance to MiFID phone recording requirements. Credit institutions and investment are supposed to record all telephone conversations that are connected with the investment services and activities’ performance, except the operations of Multilateral Trading Facilities and Organised Trading Facilities. This pandemic together with the resulting work from home setups have made it challenging to comply with MiFID II’s regulatory requirements.

In order to comply with MiFID call recording requirements amidst the pandemic, financial institutions can conduct privacy impact assessments and implement new controls that are aimed at securing their communications and ensuring that the conversations remain private. These should be done in conjunction with updating policies on privacy and compliance, reflecting the new working practices.

If you are a senior manager in a company, you can take the following steps to monitor employee communications while protecting the employees’ privacy. You can hold recorded virtual meetings/calls to discuss the challenges faced with remote trading, formally review and approve updates to policies and control frameworks regarding remote trading, and ensure that information management is updated.

In case you decide to use alternative means to deal with compliance challenges in remote trading, you need to keep in mind to maintain strict storage requirements. The minutes of a meeting held by a senior manager as well as the notes from phone calls should be retained for a minimum of five years and be made available to clients. There should be adequate arrangements to keep alternative records according to your company’s updated policies.

If your employees are allowed to use their personal devices, you must be able to record the messages and phone calls made using their devices. Keeping written records seems inefficient in the long run, so you must invest in the necessary technologies to improve recordkeeping procedures.

For more information on the steps you can take to comply with MiFID call recording requirements amidst the pandemic, visit our website at https://www.telemessage.com/

Comments

Post a Comment

Popular posts from this blog

Exploring Text Message Preservation: The Importance of Verizon Text Recording and Monitoring Text Messages

Image
  In the rapidly evolving telecommunications sector, effective data management plays a crucial role in shaping business strategies. Text message archiving has become an essential trend, acting as a foundation for regulatory compliance and valuable customer insights. Initiatives like Verizon text recording and the ability to monitor text messages are gaining significant traction in this dynamic environment. The importance of Verizon text recording in today’s interconnected digital landscape cannot be overstated. With a substantial volume of business communications taking place through text messages, establishing a dependable archiving system to preserve these exchanges is vital for both service providers and businesses. This practice not only protects business operations but also ensures compliance with various federal, state, and industry regulations. Additionally, archived text messages serve as a rich repository of customer information, enabling companies to enhance their customer
Read more

Navigating WeChat's Archiving and Ephemeral Messaging: A Harmony of Memory and Privacy

Image
  Hello to all WeChat aficionados! Have you ever pondered the intriguing dance between WeChat archiving and ephemeral messaging? This dynamic interplay offers a unique blend of preserving cherished memories while honoring the essence of privacy through messages that vanish after a brief moment. Diving into WeChat archiving, this feature is a true boon for those looking to safeguard their conversations, photos, and shared content. It acts as a digital keepsake box, allowing you to revisit and cherish those unforgettable exchanges or laughter-filled video shares at your leisure. Whether it's a meaningful chat with a long-lost friend or a side-splitting meme that brightened your day, WeChat's archiving ensures these moments are never more than a few clicks away. Shifting focus to the realm of ephemeral communication, inspired by the likes of Snapchat, this trend champions the fleeting nature of certain interactions. Ephemeral messages offer a layer of privacy and security, design
Read more

Financial Regulation Text Message Archiving and SMS Archiving Regulations in the Financial Sector

Image
  The landscape of the financial services industry has been revolutionized by the widespread integration of text messaging technology. Institutions have embraced this efficient form of communication, prompting the Financial Industry Regulatory Authority (FINRA) to introduce and update guidelines focused on first financial regulation text message archiving. These regulations aim to oversee and regulate the use of text messaging effectively within the sector. Recent insights from FINRA highlight the increasing importance of mobile communication in finance. What was once considered a minor aspect of compliance has now become a critical element, signaling a significant shift in industry dynamics. However, with the benefits of text messaging come new challenges in maintaining compliance, emphasizing the significance of second SMS archiving regulations for comprehensive record-keeping and risk mitigation. The onset of the COVID-19 pandemic accentuated the value of SMS communication in the fi
Read more