Get ready for MiFID II
MiFID II (Markets in Financial Instruments Directive) tightens requirements with respect to the documentation of financial consultancy. Consultancy calls which possibly could lead to a deal shall also be recorded. It is no longer enough just to record the actual call where the deal is made; the preceding calls must also be recorded.
Banks, investment companies and others, therefore, have to prepare themselves for recording many more calls than today. And for recording and documenting consultancy through far more communication channels than today. As something entirely new, these calls shall be saved for five years as the main rule – in special cases for up to seven years.
Axcess Nordic’s various solutions can help you get ready to face the new MiFID II challenges.
This is how we can help you
- Record calls
- File the calls safely
- ‘Tag’ information within the calls making it possible to find all the calls with a specific customer
- Make it possible to search for contents to check that correct consultancy has been provided without having to listen to the entire call
It has been debated as to which channels of communication are covered by the MiFID II directive. ESMA, which is an independent authority within the EU that helps ensure the stability of the EU’s financial systems by ensuring the protections of investors, provides its answer here: All conceivable channels of communication, including telephone, video conference, e-mail, text message, chat, instant messaging (IM) and mobile phones.
Read more about ESMA’s answer here:
Visit the Danish Financial Supervisory Authority for a complete overview of the contents of MiFID II
We help service-oriented companies and organisations throughout the Nordic countries to optimise and develop their customer experience. At the same time, we help Nordic finance houses and energy companies with telephony and information systems.