The Usual Struggles Of Complying With Mifid II

MiFID II is a set of rules and regulations dedicated to the archiving of mobile conversations between financial firms and their respective clients. It has been implemented for over a year now, yet according to industry research, about 40{16e032c7e70a7e79303293268880d93a9321ec44ee3b0a577e303bf8dd4c757d} of firms are still non-compliant. This means that these firms are subject to regulatory enforcement actions that can include fines and perhaps even a suspension. The recordkeeping requirements and other directives within MiFID II have definitely taken its toll on these firms, and there have been a lot of usual problems within them.

First of all, it has been very difficult for these firms to find the right MiFID voice call recording solution. This has been a big issue because one of the trickier aspects of the new legislation is the changes in requirements relating to the recording and archiving of telephone and mobile calls. Call conversations between financial professionals and their clients need to be recorded in a format that will ensure the audio’s quality, accuracy, and completeness. It’s a good thing that these firms can purchase MiFID voice recording from Telemessage, a solution that can help them deal with this particular problem.

It has also been challenging for these financial firms to make conversations in WhatsApp MiFID compliant. WhatsApp has become a very rampant communication channel in the financial industry because of its versatility and efficiency. However, because of its end-to-end encryption technology, it has become difficult for firms to deploy a technology that will enable them to automatically capture and record these conversations between their employees and sometimes their clients. Some companies have even been forced to ban WhatsApp because of this issue.

These are only some of the usual struggles of complying with MiFID II. If you would want to know more, here’s an infographic by Telemessage.