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.
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?