Covid-19: MiFID II call recording rules relaxed

Relaxed rules… why run the risk when the relaxation is flaky and potentially gives you no guaranteed protection when it comes to a dispute.

With Covid-19 forcing huge numbers of people to work from home, European authorities are relaxing MiFID II rules on the recording of telephone conversations.

Under MiFID II, credit institutions and investment firms are required to record phone conversations relating to transactions concluded when dealing on own account and those involving the provision of some client order services.

However, the European Securities and Markets Authority recognises that Covid-19 means that there are likely to be circumstances where large chunks of staff are suddenly required to work remotely or clients do not have electronic communications tools.

Therefore, the watchdog says firms should look at alternative steps, such as the use of written minutes of client calls, with enhanced monitoring and ex-post review of orders and transactions.

In the UK, the FCA has also given guidance to firms that may have to close call centres because of a Covid-19 outbreak, resulting in staff working from home.

An affected firm “should establish appropriate systems and controls to ensure it maintains appropriate records. Our rules are not specific in respect of call recording in such situations,” it says.

ConXhub has you covered

ConXhub is 100% MiFID II compliant and its service can be used on any smartphone or BYOD handset, even if staff are forced into WFH.

ConXhub is the first of a new breed of Communications Companies. It is to Telephony what Netflix is to TV and Spotify is to Music.

We put you in control of your communications right where you need it… the palm of your hand.

We bring you savings, increased efficiency and really smart-technology.

We challenge the traditional VoIP phone systems and antiquated desk phone technology with fast, agile, super responsive, hyper modern non-VoIP, solutions.

Why run the risk of a member of staff forgetting to take notes or add details to your CRM – the MiFID II rules relaxation is flaky and potentially gives you no guaranteed protection when it comes to a dispute.

ConXhub will record every business call, allow users to call from their work phone numbers even on their personal mobile phones, give you 100% call visibility and instant recording access.

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