Important Things To Know About The MiFID Call Recording Requirements

 

When the coronavirus pandemic struck the world, it brought with it a lot of challenges, including challenges regarding compliance to MiFID II requirements for financial institutions. Both credit institutions and investment firms need to record all telephone conversations that are connected with the investment services as well as activities’ performance, except the operations of Multilateral Trading Facilities or MTF and Organized Trading Facilities (OTF). The pandemic as well as the resulting work from home setups have made it so challenging to comply with MiFID phone recording regulatory requirements.

If you own a business in the finance sector, you need to take reasonable steps to record voice calls and prevent your employees from making, sending and receiving phone calls on a privately-owned device that you cannot record. Taking into consideration the circumstances brought by the pandemic, the European Securities and Markets Authority recognizes that recording relevant telephone conversations may not be practicable for firms. Even though capturing phone calls may not be attainable, ESMA still expects organizations to take alternative steps to record calls.

During the onset of the pandemic, financial service firms first faced challenges with setting up a new working environment for their employees. Among the issues that were experienced with remote working include slow trading speeds as well as balancing the firms’ regulatory obligations with the traders’ right to privacy. It has become really challenging to monitor market abuse because traders are now free from the physical supervision and monitoring on a trading floor. Owners of financial service firms need to address the new issue brought by the pandemic to make sure that they can monitor employee communications and comply with MiFID call recording requirements.

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

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