How does MiFID affect call recording?
The Markets in Financial Instruments Directive 2014/65/EU (known as ‘MiFID II’) is a pan-European regulation that provides stronger investor protection and transparency for your clients. MiFID II built on the previous MiFID regulation and has had even more impact on the financial landscape. MiFID II rules came into effect on 3 January 2017.
It introduced new requirements, including the recording and storage of all calls that are intended to result in a financial transaction. Anyone making a call in which they recommend products or aim to make a ‘transaction’, will have to record that call and store the recording for five years [ref. Article 16(7)]. Failure to comply can lead to significant penalties.
MiFID requires multi-channel recording, Touch delivers
This pan-European requirement to retain recorded calls, both mobile and fixed, is a significant expansion of current European policies.
As a result, financial organisations must implement solutions that can record and store fixed and mobile calls, regardless of who owns the device.
MiFID II also contains a clear requirement for management to have effective control over policies relating to call recording. In addition, firms must monitor the recorded calls in order to ensure compliance with the regulatory requirements. This monitoring is specified as risk-based and proportional, so firms must implement monitoring programs to listen to recorded calls.
Leverage our experience to comply
Touch has been helping companies to meet existing MiFID call recording requirements since 2010
Bring multiple channels into compliance
Touch Call Recording Service supports over 60 digital channels, including Microsoft Teams, Bloomberg and Refinitiv Chat
