MiFID II Means Call Recording Rules

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MiFID II Means Call Recording Rules

July 12, 2017

Rules related to call recording are set to get a whole lot stricter in light of the upcoming Markets in Financial Instruments Directive II effort.

The MiFID II policy from the U.K.’s Financial Conduct Authority goes into effect in January. It expands upon the original MiFID, which the U.K. put in place in November of 2007.

Under MiFID II, a broader range of financial organizations must record details of customer interactions regarding transactions; every location and organization in the value chain is included; and the rules for how those records are kept are more stringent.

MiFID II covers any person or organization providing or offering advice on             bonds, commodities, derivatives, shares, and/or units in collective investment schemes. It also includes the locations at which the conversations take place.

That said, the number of people included in this regulation could go up tenfold, to 300,000, in the U.K., according to an Information Age article in March.

Advisors must tape calls with clients or take written notes about orders received and executed, according to an article this month by the U.K.’s Money Marketing. These records need to include the date, time, and location of the meeting; the identities of attendees; who initiated the meeting; and client order information such as price, time of the order, type of order, and volume.

Additionally, MiFID II will require these records be easily accessible and stored in a durable medium that prevents them from being altered or deleted, and ensures their accuracy, completeness, and quality.

CallCabinet is among the companies that are helping businesses address new MiFID II requirements. CallCabinet offers the Atmos PLUS solution, which meets MiFID II as well as the Dodd-Frank Act, HIPAA, PCI DSS, and MAD II.

The CallCabinet Atmos PLUS recently received the INTERNET TELEPHONY 2017 Product of the Year Award.

Atmos PLUS is designed for companies that have multiple branches, and have a need to monitor quality and performance in their contact centers, while maintaining strict compliance with call recording and record-keeping laws and regulations. It is available as either an on-premise[s] solution or via the cloud,” said CallCabinet CEO Ryan Kahan.

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