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Here to help with Regulation and Compliance
Telephone Taping Under MiFID II
6th April 2017
Taping of Telephone Conversations
The FCA issued their first rules in relation to the Revised Markets in Financial Instruments Directive last week, on 31st March 2017.
At the same time, the regulator provided an update on the taping of telephone conversations by retail financial adviser firms that they had previously consulted upon in a previous MiFID Consultation Paper, CP16/29 last September.
Further to CP16/29, the FCA have considered the feedback they received in the context of MiFID II requirements.
The regulator has now agreed that the business model of many retail financial adviser firms means that a full taping obligation may not always be appropriate.
As such, the FCA will allow retail financial advisers to comply with the ‘at least analogous’ requirement by either taping all relevant telephone conversations or taking a written note of those conversations.
The FCA expects to publish additional rules in relation to MiFID II come June, once they have received feedback on their Fifth MiFID II Consultation that is currently open for comments.
MiFID II Compliance Support
If you are currently reviewing how MiFID II will impact your business and require support or assistance in planning for MiFID II implementation, please contact our experienced regulatory & compliance support team, who would be happy to help.
Related Reading
- MiFID II: Taping Rules & Financial Advisers
- Click here to see our list of other MiFID II articles.
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MiFID II Compliance Support
If you are currently reviewing how MiFID II will impact your business and require support or assistance in planning for MiFID II implementation, please contact our experienced regulatory & compliance support team, who would be happy to help.
MiFID II Implementation Date
The revised Markets in Financial Instrument Directive (MiFID II) will be implemented across the European Union in January 2018
03
2018
JAN
