This pan-European requirement to retain recorded calls, both mobile and fixed, represents a significant expansion of current European policies. As a result, financial organisations will need to implement solutions that can record and store fixed and mobile calls, regardless of who own 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 riskbased and proportional, so firms need to implement monitoring programs to listen to recorded calls.

Organisations are also required to put systems in place that alert them when calls are not recorded or retained, and investigate why it happened. The results of such investigations must also be kept for five years.

If an organisation makes 10 mobile calls, then it is their responsibility to record and retain all 10 calls. If they do not, it is also their responsibility to understand why not. This end-to-end consistency will become the new standard in compliance recording.

Touch has been helping companies to meet existing MiFID call recording requirements since 2010. For example, in Norway, current legislation already requires the recording of mobile and fixed calls that could lead to a transaction. It means that Touch already has years of experience of working with the region’s leading organisations to meet MiFID and ‘MiFID II-like’ requirements.

Similarly, in the UK, the Conduct of Business Sourcebook requires the recording of all calls regarding client orders and transactions. Again, Touch has the experience and heritage of working with customers to meet such obligations and to ensure compliance with MiFIF call recording requirements, simply and easily.