Getting ready for MiFID II & complying with existing regulations

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MiFID II Compliance

New Requirements for Preserving Web & Social Media Records

Markets in Financial Instruments Directive 2004/39/EC (MiFID) came into force in 2007, it was established to regulate investment services, increate competition and enhance consumer protection. MiFID applies to banks, brokers, financial services institutions, advisers and anyone else who provides financial services to clients across the Europeans Economic Area. In 2011, the European Parliament reached an agreement to further develop MiFID to make markets more transparent and better protect investors.

With its implementation in January 2018 MiFID II introduces numerous law changes that financial services organisations must abide by. Record keeping regulations have been tightened further and firms must now have a consistent means of capturing, retaining and reproducing records of all activity whether they are personal communications, telephone or electronic communications.

MiFID II: What's New?

The MiFID regulations have been expanded to include additional record keeping rules, a few key changes to note:
Required capture of all conversation types and stages.

MiFID rules regarding telephone and electronic conversations require firms to keep not only conversations that conclude in a trade or confirm a transaction, but all communications that may lead up to a trade in the future - including instant messages and social media conversations.

Increased Supervision

MiFID II mentions that the NCA will use company records to ensure firms are complying with their obligations.

List of specific minimum requirements:

Regulation 40(5) and MiFID II requies firms to retain details on transactions based on a list of minimum records required.

Request for durable, accessible mediums

Records should be kept in a duarable medium allowing for replaying, but which prevents the record from being manipulated or altered. The records also need to be readily accessible and available upon request.

New expectations for telephone and electronic conversations

Under MiFID II, firms are now obliged to keep all records of these communications for up to 7 years. Firms must ensure that electronic communications and telephone calls on both privately owned and firm issued equipment, internally and externally are being retained for permanent and contracting staff.

Longer retention periods

MiFID II asks firms to retain records for up to 7 years

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