With
the world faced with the coronavirus pandemic, you need to know the steps to
take in order to comply with MiFID
phone recording requirements if you are a business owner. This pandemic
brought with it multiple challenges to financial institutions, especially
regarding compliance to MiFID II requirements. Whether you own a credit
institution and investment firm, you must record all telephone conversations
that are connected with the investment services and activities’ performance. The
pandemic and the work from home setups that companies have adopted have made it
challenging to comply with MiFID II’s regulatory requirements.
You
can conduct privacy impact assessments and implement new controls to secure
your communications and make sure 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 your business, you can take various steps to
monitor employee communications while protecting the employees’ privacy. Among
the things you can do include holding the recorded virtual meetings or calls to
discuss the challenges faced with remote trading, formally review and approve
updates to policies and control frameworks regarding remote trading, and make
sure that information management is updated.
You
should you decide to use alternative means to deal with MiFID
call recording compliance challenges in remote trading, you need to keep in
mind to maintain strict storage requirements. The minutes of a meeting that is held
by a senior manager and notes from phone calls need to retained for a minimum
of five years and be made available to clients. There needs to be adequate arrangements
to keep alternative records according to the company’s updated policies.
For more information on what to do in
order to ensure you meet MiFID phone recording compliance requirements, visit
our website at https://www.telemessage.com/
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