The ‘Markets in Financial Instruments Directive’ (MiFID) comes into force in November 2007. Those companies that are looking to comply with this directive will need to demonstrate that they have applied best efforts to give their clients suitable and appropriate advice. This will need to be evident with processes that show best execution, transaction reporting and record keeping.
With the emphasis squarely on market transparency, firms will need to hold auditable transaction data and make provisions for regulatory reporting in case of enquiries. This will mean reviewing and updating processes for recording and retaining all customer interactions and transactions.
There are a number of options open to you. For example by upgrading your existing call recording system you can apply screen and Call Recording, matched business data and data storage recovery solutions.
If you are reading this article, then you will be aware that the revised markets in Financial Services has come a long way since this article was written, with a newer regulation coming into play in 2018. As a result, we talk you through the main challenges that you will most likely face as well as some available options to consider.
Are you prepared? Check out our blog post – Just how prepared are you for MiFID II?