Is your business ready for MiFID II?

A change in government legislation means that financial services companies will now need to take all reasonable steps to record relevant communications which relate to transactions on all mobiles, fixed lines and SMS.

What is MiFID II?

MiFID stands for Markets in Financial Instruments Directive and is new EU legislation that came into play on the 3rd of January. This regulation was closely followed by GDPR in May, which focuses on the security of data within a business.

Who does it effect?

MiFID II regulates firms who provide financial services to clients such as:

  • Stockbrokers
  • Investment Firms
  • Corporate finance companies
  • Credit institutions

What are the new requirements?

Under MiFID II, reporting requirements are increased across all areas of the business, including the need to effectively audit communications. Additionally, MiFID II requires that all communication resulting in, or intended to result in a trade, must be recorded, this includes all mobiles, fixed lines and SMS.

The questions you need to ask.

  • Does your firm know its target markets and client types?
  • Do you submit reporting directly to the regulator or will you use an approved reporting mechanism?
  • Have you updated its IT infrastructure and software in order to deal with the new additional reporting requirements?
  • Have you updates and improved its archiving systems and back-ups?

Talk to Arden Group

At Arden, we have a range of solutions available, designed to meet your MiFID II requirements. These include email archiving and call recording. To discuss your needs contact our team today.

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