With the passage of the EU’s Market in Financial Instruments Directive second round of rules, new challenges have come. The changes in MiFID phone recording regulations are vast and affect the requirements of all UK banks and financial organizations regarding messaging compliance.
As the years go by, the development of the call recording market will continue as companies will seek to use their data to improve their services. Businesses must consider the following to follow MiFID II’s call recording requirements better.
- Migrating to Cloud- With technology quickly improving, using cloud technology to record calls is now easier and faster than ever. Cloud-based services are also quicker to set up and easier to use. The call recording market continues to develop, so solutions like this are very helpful.
- Looking for Comprehensive Call Recording Solutions- With the new rules and regulations of MiFID, recording certain types of calls have become mandatory. This has led to the demand for call monitoring and secure messaging solutions. With the ever-changing regulatory landscape, call recording vendors will need to be flexible to help their clients remain compliant with the regulations.
- COVID-19 Motivated Relaxed Call-Recording Regulations- With the outbreak of COVID-19 forcing companies to let their staff work from home, some may not be able to comply with MiFID II’s minimal requirements. This has led to the European Securities and Markets Authority to issue a public statement to relax the call recording rules.Companies are required to record calls that relate to “the reception, transmission, and execution of orders.”
For more information on this, check out this infographic by Telemessage.