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Celebrating the New Year with MiFID II. Wait, What?

January 10, 2018

Is it too late to say Happy New Year? Well, if it’s not, Happy New Year!

A new year tends to bring with it new resolutions, new opportunities for change and growth, and – in the case of MiFID II – new requirements related to compliance.

First, let’s get a refresher on what MiFID II is and what it means to you. Then we’ll look at a new solution that can help you address MiFID II compliance.

A new European Union compliance rule, MiFID II makes it mandatory to record all conversations related to financial transactions on both personal- and company-owned mobile devices. MiFiD II requires organizations to store these interactions for five years. It also covers conversations between both wealth managers and independent financial advisors, and their clients.

MiFID II is a follow-on effort to MiFID, which took effect November of 2007. MiFID – which stands for Markets in Financial Instruments Directive – set up authorization requirements for regulated markets; business and organizational requirements for investment firms; regulatory reporting to avoid market abuse; rules on the admission of financial instruments to trading; and trade transparency obligation for shares. MiFID also talked about the need to capture phone conversations, but it provided EU member states with the ability to decide which phone conversations to record.

Although MiFID II went into effect last week, some companies may still be scrambling to figure out how to comply with it. If your organization falls into that category, you may want to consider a solution called SuiteBox.

SuiteBox is a virtual meeting room technology that supports video communications between up to four parties. And it provides a time and data stamp audit trail of all shared documents during the interactions, and stores the video of the call.

This solution is available for free trials. It’s sold for a monthly fee, with no per minute charges or other costs.

Edited by Mandi Nowitz

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