Challenges Covid-19 Has Brought To MiFID Phone Recording Compliance

 

If you are a business person, it is important to know what to do in order to comply with MiFID phone recording requirements during these times when the world is faced with the Covid-19 pandemic. It without doubt that the pandemic has brought with it a lot of challenges, especially to financial institutions, with regards to compliance to MiFID II requirements. Credit institutions and investment firms are supposed to record all telephone conversations connected with the investment services and activities’ performance, except the operations of Multilateral Trading Facilities or MTF and Organized Trading Facilities or OTF.

Both the Covid-19 pandemic and the resulting work from home setups have made it very challenging to comply with MiFID II’s regulatory requirements. Organizations needs to take reasonable steps to record voice calls, and prevent their employees from making, sending, receiving phone calls on a privately-owned device that the firm cannot record.

When the world was struck with Covid-19, financial service firms first had the challenge of setting up a new working environment for their employees. Among the problems that are experienced with remote working include the slow trading speeds and balancing the firms’ regulatory obligations with the traders’ right to privacy. Monitoring market abuse has become more challenging because traders are now free from the physical supervision and monitoring on a trading floor.

The families of traders can hear the phone calls or see the screens containing market-sensitive information. While confidentiality is always crucial in financial service firms, traders may not be able to keep their activities secure in this kind of set up, mostly when they use their personal electronic devices. Financial institutions need to address this issue to ensure they can monitor employee communications and comply with MiFID call recording requirements.

For more information on challenges Covid-19 has brought to MiFID phone recording compliance, visit our website at https://www.telemessage.com/

 

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