MiFID II and Mobile Voice Recording
The upcoming Markets in Financial Instruments Directive (MiFID II) is the most radical overhaul of regulatory legislation in the European financial services sector for over a decade.
One of the introductions of MiFID II is the requirement for investment firms to record telephone conversations and electronic communications relating to own account and clients’ transactions. This includes telephone conversations that are intended to result in the conclusion of a transaction.
In November 2011 the Financial Services Authority (FSA), as it was then known, made it a requirement of certain UK financial institutions to record mobile calls between traders and customers.
The next phase of this legislation will come into effect in January 2018. It’s designed to drive greater transparency in financial markets and protection for investors changing the way finical products and services are priced, traded and reported.
Unlike MiFID I, which was a directive that recommended best EU practice, MiFID II is a regulation. It is mandatory for financial institutions to adhere to MIFID II mobile recording.
If you’re a firm that provides or advises on financial instruments and services in the EU, you must comply with MiFID II mobile recording regulation.
Mobile Recording Solutions
O2 Mobile Recording is a next generation mobile voice recording (MVR) solution that captures calls and text messages made and received on any mobile device regardless of operating system.
But it’s not all about compliance – O2 Mobile Recording can help your business streamline processes and improve efficiency.
It works directly at the network level with no need to manage separate apps or manual steps from your end users. O2 Mobile Recording is also secure and flexible. You can choose hosted, on-premise or hybrid solutions and customise it to meet your needs.
Watch the case study below from Innovate Healthcare Management Group (InnovateHMG) to see it in action:
Contact us for more information on O2 Mobile Recording or advice on MiFID II. Telephone 0845 606 1000 or email firstname.lastname@example.org.