Calling all independent financial advisors, investments firms and market operators.

With MiFID II taking effect on 3 January 2018 you may well have updated your office telephone system to record your calls but what about your company mobiles?

MiFID II requires firms to record ALL “electronic communications” (including landline/mobile phone calls, SMS, and chat) that relate to the reception, transmission and execution of orders, irrespective of whether those communications actually result in a trade or not and to retain those recordings for a minimum period of five years.

If your company does any of the following it will be required to ensure all communications are recorded under MiFID II legislation:

• Do you hold clients’ funds or securities?
• Do you provide any investment service in relation to transferable securities and units in collective investment undertakings?
• Do you transmit orders to institutions other than:
• Other MiFID investment firms?
• Credit institutions authorised under the BCD?
• Branches of Third Country Investment Firms or credit institutions complying with rules considered by the FSA to be at least as stringent as those laid down in MiFID, the BCD or the CAD?
• Collective investment undertakings or their managers authorised under the law of an EEA State to market units to the public?
• EU incorporated investment companies the securities of which are listed or dealt in on a regulated market, for example investment trust companies?

If you do then you will not be exempt from the MiFID II legislation and must act now!

Whilst the FCA are relaxing the rules for smaller businesses it’s only a matter of time before they will ask you to be compliant.

Contact Midland Telecom now for more information on mobile and/or landline call recording to ensure you’re compliant. With over 30 years installing and maintaining telecom solutions across the UK we’re best placed to offer you the best independent advice – Read our testimonials here