The Markets in Financial Instruments Directive II or MiFID II is a set of rules and requirements that have been implemented for over a year now. These regulations were made for financial firms to comply as they monitor and track their communications. However,even with this implementation, a lot of financial firms in the EU and even outside of it have still struggled with the vast requirements of this directive. These requirements include mifid call recording and other forms of conversation recording for security.
There are many reasons why firms are not able to comply, and one of the most notable ones is that it is difficult to find the right MiFID voice call recording solution. Conversations between financial professionals such as wealth managers to their colleagues and clients are required to be recorded, but unfortunately, most professionals are unaware of this.
It has also been a challenge to maintain a unified archiving system. The directive has required firms and companies to record communications for up to seven years. During this period of time, all file formats are to be stored and archived correctly and in order. It’s a good thing that we have Telemessage to help financial firms and banks deal with all of these regulations.
To learn more about this topic, you can read this infographic by Telemessage.