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/

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