The Markets in  Financial Instruments Directive II (MIFID II) became live on the 3rd January 2017. It affects companies involved in financial services, including; inter dealer brokers, stockbrokers, financial advisors, corporate finance firms and venture capital firms, trading venues, DRSPs, banks, investment managers, tied agents and appointed representatives, trustee firms, OPS firms, depositaries, ICVCs, service companies, authorized professional forms and others.

For more information on the Financial Conduct Authority (FCA) MIFID II implementation, please review their policy statement - https://www.fca.org.uk/publication/policy/ps17-14.pdf.

MiFID II compliance includes an expanded requirement for comprehensive recording of transactions between clients and the company, irrespective of whether the transaction resulted in a sale of service.

MiFID II com plaice includes requirements for recording all client communications, including; face-to-face meetings, SMS, chat, email and telephone conversations. All transaction recordings must be detailed and stored for up to seven years, to provide evidence should a dispute occur.

 

MiFID II Call Recording

MiFID legislation requires comprehensive and evidence-proof recording and archiving of telephone calls that may result in transactions. The following requirements must be met:

• Capture -> Capture and store all communication is a high quality format. Recordings should be encrypted and secured.
• Notify -> Notify the caller that their conversations are being recorded
• Store -> Recordings must be time-stamped, indexed with effective tags and kept for up to 7 years.
• Retrieve -> Recordings and associated data must be quickly and easily accessible allowing a reconstruction of events in a timely manner.

Capture

Call recordings made by the system are digitally signed and encrypted to ensure that they cannot be tampered with. For information on this process, please refer to the Encryption & Authentication section.

Notification

MiVoice Office Call Recorder operates with a port mirroring interface and cannot interact with the telephone conversation. To notify the caller, the telephone system must be used or some other form of opt-in by the client. Using a Persistent Exclusion List entry and Call Routing Announcement, callers can be asked for permission to record at the beginning of a call. For more information on this, please contact a Mitel Sales Representative.

Storage

All recordings can be archived indefinitely at one or more locations with all the meta data relating to the call. This includes all the telephony data (Caller ID, DID, start time, call duration, extension number, agent, user, account codes, hunt group etc.) as well as any custom tagged information such as customer reference numbers or order numbers.

Retrieve

An comprehensive search interface allows calls to be identified by all types of meta data, including any pieces of custom tag information like customer number. By using customer specific (or event order/transaction specific information if tagged to a call) it is easy to reconstruct communication between a client and an advisor.