One of the main changes that will be introduced by the upcoming Markets in Financial Instruments Directive II, (MiFID II), and the accompanying Markets in Financial Instruments Regulation (MiFIR) will be a requirement for financial services companies and individuals to record all fixed and mobile calls, and other electronic communications intended to bring about a transaction, and store them for 5 years. Failure to comply will mean hefty fines.
MiFID II is set to take effect, with a zero-tolerance policy, on January 3, 2018. It expands on existing rules, under MiFID, and is designed to take into account changes in the trading environment since MiFID and, in light of the financial crisis, to improve the functioning of financial markets making them more efficient, resilient and transparent.
The Markets in Financial Instruments Directive II, known as MiFID II, and the accompanying Markets in Financial Instruments Regulation (MiFIR) will take effect, with a zero-tolerance policy, on January 3, 2018.
Any business not meeting the requirements will face punishment in the form of heavy fines, so it’s essential to act now, rather than take a ‘head in the sand’ approach.