--- title: Why a CRM isn't Enough for MiFID II Compliance description: Discover why a CRM doesn't satisfy MiFID II compliance, and how you can ensure your system meets regulatory standards. --- [Skip to content](https://www.mirrorweb.com/blog/why-a-crm-isnt-mifid-ii-compliant#main-content) [![Master Logo - ColourWhite Landscape](https://www.mirrorweb.com/hs-fs/hubfs/Master%20Logo%20-%20Colour%EF%80%A2White%20Landscape.png?width=178&height=40&name=Master%20Logo%20-%20Colour%EF%80%A2White%20Landscape.png "Master Logo - ColourWhite Landscape")](https://www.mirrorweb.com/) - [Unified Platform](https://www.mirrorweb.com/platform/) Show submenu for Unified Platform - [Mira - Supervision Agent](https://www.mirrorweb.com/mira) - [Website Archiving](https://www.mirrorweb.com/platform/website-archiving/) - [Email & Communication Archiving](https://www.mirrorweb.com/platform/email-archiving/) - [Social Media Archiving](https://www.mirrorweb.com/platform/social-media-archiving/) - [Mobile Archiving](https://www.mirrorweb.com/platform/mobile-archiving/) - Solutions Show submenu for Solutions - [By Industry](https://www.mirrorweb.com/industries/) Show submenu for By Industry - [Financial Services](https://www.mirrorweb.com/industries/financial-services/) - [Government](https://www.mirrorweb.com/industries/government/) - [Healthcare](https://www.mirrorweb.com/industries/healthcare-pharma/) - [Insurance](https://www.mirrorweb.com/industries/insurance/) - [Legal](https://www.mirrorweb.com/industries/legal/) - [Technology](https://www.mirrorweb.com/industries/technology/) - [By Use Case](https://www.mirrorweb.com/use-cases/) Show submenu for By Use Case - [Agentic Communications Supervision](https://www.mirrorweb.com/mira) - [Communication Capture](https://www.mirrorweb.com/use-cases/communication-capture/) - [Prevent Compliance Violations](https://www.mirrorweb.com/use-cases/prevent-compliance-violations) - [Audit-Ready Recordkeeping](https://www.mirrorweb.com/use-cases/audit-ready-automated-record-keeping/) - [Reduce Costs & Improve Efficiency](https://www.mirrorweb.com/use-cases/compliance-cost-efficiency/) - [Website Archiving](https://www.mirrorweb.com/use-cases/website-archiving/) - [By Channel](https://www.mirrorweb.com/channels/) Show submenu for By Channel - [Website](https://www.mirrorweb.com/use-cases/website-archiving/) - [Email](https://www.mirrorweb.com/channels/email/) - [Social Media](https://www.mirrorweb.com/channels/social-media/) - [Instant Messaging](https://www.mirrorweb.com/channels/instant-messaging/) - [Mobile](https://www.mirrorweb.com/channels/mobile/) - Why MirrorWeb Show submenu for Why MirrorWeb - [Customer Success](https://www.mirrorweb.com/case-studies) - [About Us](https://www.mirrorweb.com/why-mirrorweb/about) - [Careers](https://www.mirrorweb.com/careers/) - [Partnerships](https://www.mirrorweb.com/partnerships/) - Resources Show submenu for Resources - [Blog](https://www.mirrorweb.com/blog) - [Events](https://www.mirrorweb.com/events) - [Help Center](https://help.mirrorweb.com/en/) - [Legal Resources](https://www.mirrorweb.com/help-centre/legal/) [Request a demo](https://www.mirrorweb.com/demo) [Login](https://my.mirrorweb.com/login) # Why a CRM isn't Enough for MiFID II Compliance [![](https://www.mirrorweb.com/hubfs/Blog_Author.png) MirrorWeb](https://www.mirrorweb.com/blog/author/mirrorweb) [Historic Content](https://www.mirrorweb.com/blog/tag/historic-content) Published: 21 Jan 2018 ![blog placeholder](https://www.mirrorweb.com/hubfs/raw_assets/public/mirrorweb-theme/images/blog-placeholder.jpg) #### Table of Contents [Contact Us](https://www.mirrorweb.com/contact/) Share ![MirrorWeb explain why financial firms need web archiving alongside their current CRM to stay compliant with MiFID II](https://static.hsstatic.net/BlogImporterAssetsUI/ex/missing-image.png) Even with the latest [MiFID II requirements](https://www.mirrorweb.com/mifid-ii-compliance) around electronic communications recording having now been implemented across the EU, many firms are still facing a lack of clarity on the issue. Some firms, for example, assume their current CRM systems record enough information to fulfill the requirements of Article 16 - but this is certainly not the case and firms need to be thinking about implementing another solution.***‍*** ## What is a CRM? A CRM is a platform that allows a business to track and analyse customer interactions and other data through the customer lifecycle. A business can then use this data to learn from and improve relationships with customers, assist customer retention and continue to drive their sales. ## What a CRM Can Do A CRM is a great way for financial firms to keep a track of all their customer management processes and other meaningful interactions where it either directly, or indirectly involves the firm. More sophisticated CRM systems are able to hold a range of data, including marketing materials, email threads, social media messages, chatbot conversations and more. The details of all these interactions can be compiled against the customer database and married against any records of a customer‚Äôs purchases. ## What a CRM Can't Do However, whilst using a CRM is a fundamental way for firms to keep meaningful records of customer interactions, monitoring risk tolerance and other processes for compliance and regulatory purposes, it‚Äôs not necessarily something that they can rely on to deliver records that admissible as evidence in dispute resolution, or compliant with regulations such as MiFID II. This is because, in order for a record of a customer interaction to be both compliant and legally admissible, the record must be stored in a format that is immutable - and a CRM is designed for the purpose of real-time management of customer interactions and monitoring, not their preservation. In addition to this, as a CRM is used by a number of employees in a firm, this means that there are a number of access logins to any records saved within it. Therefore, it is possible for records to be deleted, lost or corrupted in some way, which in turn will affect the tracking process and information held or the CRM system itself could cease to function correctly and could affect all internal customer relations processes. On the other hand, individuals could also affect CRM records if they choose to delete their social media profiles at any time, which means any social media threads held in the CRM are lost forever. ## Why You Need Web Archiving for MiFID II So, if your firm is only using a CRM for MiFID II electronic communications compliance, it may not be enough. As a CRM is limited in its recording abilities, the solution for full compliance is to use web archiving. When it comes to the authenticity, integrity and availability of electronic communications, ‚The Code of Practice on Evidential Weight and Legal Admissibility of Electronic Information‚ (BS 10008:2014), an organisation must demonstrate with certain proof, the integrity and authenticity of their stored electronic documents, whether for dispute resolution or other matters. Therefore, as the recorded information held within a CRM may be able to be manipulated or deleted, this lessens the admissibility of this information. In addition to this, according to MiFID II, electronic communications must be ‚accurate, quality and complete‚ to demonstrate the full level of compliance - which, information stored within a CRM would not be able to fully provide as a sole point of electronically stored information. In order to meet business requirements such as MiFID II, FCA, FINRA or SEC compliance in an effective, legal and robust manner, you ought to look for a professional web archiving service to manage your electronic communications securely. With MirrorWeb website and social media archiving, all electronic communications with customers, including email, website content and social media interactions, are successfully captured in as close to the original format as it looked on a particular day. Our effective, turnkey solution is ISO9001 and ISO27001-certified and gives you complete control over your archives.   ## Read On ![blog placeholder](https://www.mirrorweb.com/hubfs/raw_assets/public/mirrorweb-theme/images/blog-placeholder.jpg) #### [Protecting Your Organisation’s Digital History by Archiving in the Cloud](https://www.mirrorweb.com/blog/protecting-your-organisations-digital-history-by-archiving) Your digital history is at risk, and the cloud is going to help you protect it. That may sound like... [Read story](https://www.mirrorweb.com/blog/protecting-your-organisations-digital-history-by-archiving) ![blog placeholder](https://www.mirrorweb.com/hubfs/raw_assets/public/mirrorweb-theme/images/blog-placeholder.jpg) #### [What are the implications of GDPR for digital archiving?](https://www.mirrorweb.com/blog/what-are-the-implications-of-gdpr-for-digital-archiving) On the surface, digital archiving and the EU General Data Protection Regulation (GDPR) can seem... [Read story](https://www.mirrorweb.com/blog/what-are-the-implications-of-gdpr-for-digital-archiving) ![blog placeholder](https://www.mirrorweb.com/hubfs/raw_assets/public/mirrorweb-theme/images/blog-placeholder.jpg) #### [What is ESG Reporting and why does it matter?](https://www.mirrorweb.com/blog/what-is-esg-reporting-and-why-does-it-matter) [Read story](https://www.mirrorweb.com/blog/what-is-esg-reporting-and-why-does-it-matter) [![Master Logo - ColourWhite Landscape](https://www.mirrorweb.com/hs-fs/hubfs/Master%20Logo%20-%20Colour%EF%80%A2White%20Landscape.png?width=178&height=40&name=Master%20Logo%20-%20Colour%EF%80%A2White%20Landscape.png "Master Logo - ColourWhite Landscape")](https://www.mirrorweb.com/) Stay Connected. Stay Compliant. #### Quick Links - [Communication Capture](https://www.mirrorweb.com/use-cases/communication-capture/) - [Prevent Compliance Violations](https://www.mirrorweb.com/use-cases/prevent-compliance-violations) - [Audit-Ready Recordkeeping](https://www.mirrorweb.com/use-cases/audit-ready-automated-record-keeping/) - [Supervising Digital Communications](https://www.mirrorweb.com/use-cases/supervised-digital-communication/) - [Reduce Costs & Improve Efficiency](https://www.mirrorweb.com/use-cases/compliance-cost-efficiency/) #### Find Us **North America** 701 Brazos St Suite 970 Austin, Texas 78701-3232 **United Kingdom** Manchester House 18-22 Bridge Street Manchester M3 3BZ #### Speak to us If you have any questions, please don’t hesitate to get in touch! 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