The Markets in Financial Instruments Directive II or better known as MiFID II, has been in play for about a year now. It is a set of requirements focused on the archiving of mobile conversations by financial firms with their clients. However, a lot of these firms have had a hard time dealing with this, which could mean regulatory enforcement actions that include hefty fines and even suspensions.So, why are some of these firms having a hard time with complying?
One of the reasons why these financial firms are struggling is because it has beenhardto find the right MiFID voice call recording solution. Call conversations between financial professionals and their clients are now required to be recorded in a format that will ensure the audio’s data quality, accuracy, and completeness. It’s a good thing that these firms have the option of purchasing MiFID voice recording, a solution that can help them comply with this requirement.
Another compliance obstacle that these firms face is the difficulty in maintaining a unified archiving system. The new directive requires firms to monitor and record trade communications for up to seven years, a task which can be very difficult, especially with the increase in cross channel communications by employees. It will be best for firms to look for a solution that will allow them to keep all the archived communications in one single storage, and with Telemessage, they can get that easily.
To learn more about these compliance obstacles and how to comply with MiFID II, here’s an infographic by Telemessage.