23 September 2017
Maxwell Summerfield

Maxwell Summerfield

Maxwell Summerfield - Citycom Solutions

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MiFID II - Finding the way to compliant communications

14 August 2017  |  5676 views  |  2

MiFID II seemed so far away when it was pushed back until January 3rd 2018!!


This has been a long time coming, and despite the looming deadline, firms are still trying to work out what they need to do. This is causing challenges for them as they try and decide where to focus their resource and what is the highest priority…?

MiFID II has widened on the original MiFID directive to include extended communications capture. This includes pre and post trade communications information as well as any interaction that leads up to a trade but is not executed.

“Such telephone conversations and electronic communications shall also include those that are intended to result in transactions concluded when dealing on own account or in the provision of client order services that relate to the reception, transmission and execution of client orders, even if those conversations or communications do not result in the conclusion of such transactions or in the provision of client order services.” – Article 16 (7) MiFID II Directive 2014/65/EU

This is a huge challenge for small to medium sized business that do not have the resource or expertise in house to be able to procure and manage the upgrade and deployment of a new voice recorder, telephony system and or holistic technology.

The business need to ask themselves the questions, as it helps them on starting the journey towards MiFID II compliant communications:

  • What should the technology environment look like for optimal efficiency? 
  • What are you wanting to do with the information once you have captured it? 
  • What are the use cases your firm are looking at?

The answers to these questions drives the need for different deployments and configurations of technology which may or may not already be in place.

TagsRisk & regulation

Comments: (2)

Willem Lambrechts
Willem Lambrechts - Drebbel - Ghent | 15 August, 2017, 07:32

Hi Maxwell, thank you for this interesting article. This is indeed a hot topic and now, less than half a year before Mifid II comes into force, we are finally seeing a growing number of requests on this topic. The good news is that for institutions acting now, it may not be too late. The right technology is available and should not cost fortunes. The matter is just to give the issue the right attention and to talk to the right people. Budgets should not be the issue.

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Karishma Wadhwani
Karishma Wadhwani - MindLink Software - London | 18 August, 2017, 14:54

MindLink has a great deal of financial, government and defence customers who we have already benefitted from our compliance strategies to ensure regulations and data sovereignty are met. You may be interested in hearing about our first-hand experience with these customers when it comes to security, compliance and internal communication. 

MindLink is a secure chat platform that provides an out-the-box compliance archiving solution such as ICE Chat, Lync (2010 or 2013), Skype for Business and Yammer to help internal auditors and compliance managers review and store conversational data. 

Our heritage is within the highly regulated industries such as Finance, Defence and Government Security Agencies so we understand the need for a secure, fully compliant communications product. 

If you would like to discuss if MindLink might be able to help you comply with Mifid II then check out our website at www.mindlinksoft.com and get in contact with us! 

We're happy to help!

 

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MiFID II - Finding the way to compliant communications

14 August 2017  |  5676 views  |  2 comments | recomends Recommends 0 TagsRisk & regulationGroupMiFID

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