MiFID II: The Facts
When MiFID II becomes law in January 2018, financial service providers will be required to capture, retain and reconstruct all communications between buyers, sellers and investment intermediaries.
Compliance with MiFID II means having to broaden and deepen the range of record keeping of all client communications with an increase in penalties for those failing in these obligations.
Many organisations in the UK are still unsure on what MiFID II means for them, and it is now crucial that everyone begins to research what solutions they need to ensure all communications are compliant.
So, what are the main things you need to know and what can we offer customers to ensure they are compliant with the MiFID II directive:
Capture and store all communications in high quality:
Our solutions connect to the widest range of business communications systems, captured efficiently on our single server platforms.
Retain recordings for at least five years:
As well as providing storage solutions that are fully compliant with the new MiFID II guidelines (stored for a minimum of five years) we also alert on possible missing recordings.
Accurately reconstruct conversations quickly:
With our Search and Replay, Event Reconstruct and Call Authentication features, reconstructing events at a moment’s notice is a straight forward process.
Provide accurate information to regulators:
Once notification and capture has taken place all client communications are confirmed, ready for analysis and reporting.
Evaluate recording process effectiveness:
Red Box Recorders also provide a high quality Managed Service that will strengthen compliance at any stage of your communications recording.
Our range of solutions to ensure customers are prepared for the implementation of the directive from front to back office. Our Global Red Box Support Model includes Bronze, Silver, Gold, Platinum and Proactive Plus+ coverage tiers including helpdesk access, hardware maintenance, insight monitoring and quality checks.
We work to provide a range of bespoke offers with our dedicated project teams committed to delivering in-depth testing and implementation across all telephony systems with a lead time of six weeks, dependent on requirements.
Whatever your requirements, now is the time to get in touch to find out more and get compliant!