Compliance is a murky subject. A casual glance presents the uninitiated with a series of rules and regulations that can seem at once critical, and yet apparently contradictory.
What is MiFID II?
The Markets in Financial Instruments Directive (MiFID) is the framework of European Union (EU) legislation for:
- investment intermediaries that provide services to clients around shares, bonds, units in collective investment schemes and derivatives (collectively known as ‘financial instruments’)
- the organised trading of financial instruments
Mifid II requires firms to record telephone conversations and electronic communications that relate to “the reception, transmission and execution of orders, or dealing on own account.”
Currently, only the telephone conversations of individuals directly involved in trading need to be recorded. However, MiFID II broadens the scope of recording considerably to include anyone involved in the advice chain that may result in a trade, with this applying to fixed line, mobile conversations and messaging.
Call recordings must now be stored and accessible for a minimum of five years (seven in some instances), a significant increase from the current minimum retention period of 6 months.
How does Cloud Call Recording help this issue?
The call recording platform is placed in the cloud and is designed to comply with EU regulations. Cloud call recording ensures that all calls are captured and can be deployed across both mobile and fixed lines.
All Cloud Call Recordings are fully encrypted and can only be accessed via your Admin Account on the Cloud Phone System Platform with your own dedicated username and password.
In the past, Call Recording on your Cloud Phone was charged at price per company but now this has changed to price-per-user, making it a much more flexible application.
Take the complexity out of compliance and upgrade your telephone Call Recording with Tech IP and make it a simple solution for everyone involved.
To find out more about the benefits of Cloud Call Recording or to find out which system is right for your business call 0800 50 533 50 today or fill in an Enquiry Form and someone will get back to you soon. Alternatively, you can visit our Call Recording product page and get all the information you need to make the right decision for your business.
