In 2011, the European Parliament reached an agreement to further develop the Markets in Financial Instruments Directive 2004/39/EC (MiFID) in order to create a more transparent market and better protection for investors.
With its implementation in January 2018, MiFID II has introduced numerous legislation changes that financial services organisations must abide by. One such change is the further tightening of the current record-keeping regulations where firms are now obliged to have a consistent means of capturing, retaining and reproducing records of all activity - whether they are face-to face communications, telephone or electronic communications.
MiFID II requires firms to keep a record of all communications that either conclude in a trade or confirm a transaction, as well as record communications that may lead to a trade in the future. These include telephone conversations and electronic communications, including instant messages and social media interactions.
The National Competent Authority (NCA) or Approved Reporting Mechanism (ARM) will use submitted company records to ensure firms are complying with their obligations.
Records are to be kept in a durable medium which allows for replay functionality but which also prevents the record from being altered or manipulated. These records must also be readily accessible and available upon request.
Firms are now obliged to keep all records of communications for up to seven years (dependent upon local regulatory body requirements). Firms must ensure that both firm-issued and privately owned equipment, whether internal or external, is retained for permanent and contracted employees.
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