Markets in Financial Instruments Directive II, also known as MiFID II, is a legislative framework implemented by the European Union (EU). The reason why the EU established this agenda is to handle the financial institutions across Europe in union with the enhanced protections for the investors in these federal banking systems. The main objective of this judicial scaffold is to normalize the practices that restore certainty in the industry across the EU. Given that, it would be difficult to lure depositors on trusting their money on these depository organizations when the confidence in providing trust and best services is absent.
Although this governmental agenda was enforced for multiple years now, numerous financial firms are continuously struggling in compliance with the mandated imposed law. Most particularly in terms of the rigorous telephone conversations and electronic communications (TCEC) that includes MiFID voice recording, mobile SMS archiving, and calls.
The number of multinationals that are conforming to this statutory prescribed regulation even dwindled now that there is an ongoing pandemic outbreak. Research declares that there are over 40% over 100% of financial firms persists defiant although $2 billion investments were made to meet the MiFID II’s supervisory necessities. This is only the indication that an abundant amount of financial institutions is already subject to substantial forfeits and suspensions.
If you are supervising or managing a lending establishment, TeleMessage has created and designed an infographic for you with all the key elements in compliance with the MiFID II recordkeeping requirements:
