Merge1 can help you gain compliance easily, by leveraging your existing infrastructure.

MiFID II is Here

Marketing October 20th, 2017 6:56 pm

MiFID II

MiFID II goes into effect on January 3, 2018. Companies and firms need to comply with the changes expected by the FCA which will be stricter with non-compliance issues.
The changes MiFID II brings will be felt around the world throughout the financial sector. As the world becomes more globally connected, legislation created in a different country will affect companies in various parts of the world.

MiFID II aims to make the financial market more effective, transparent, resilient all the while empowering and protecting investors. The sweeping changes MiFID II brings includes investor protection and suitability, supervision, trade reconstruction, record keeping and retention and storage.

Record keeping will be much stricter and include recording content across multiple communication channels in addition to in person communication. These records must now also be available for prompt retrieval. Records must be kept for 5 or 7 years for clients and regulators respectfully. “Records must be maintained in a durable medium, such as Write-Once-Read Many (WORM), that cannot be altered or deleted but must be searchable and readily available upon request.”

Merge1 Helps You Easily Comply With MiFID II’s Archiving Regulations Globanet Merge1 can help your Financial Services organization easily meet the new communications archiving requirements of MiFID II by helping capture all of your firm’s electronic communications, from multiple platforms, and storing them in your existing email archive. This includes archiving social media (e.g. Twitter, LinkedIn, etc.), text, IM, financial platforms (Bloomberg, Symphony, etc.) and cloud-based file services (e.g. Box.com). Once archived, your workforce’s digital conversations can be retained and supervised according to the MiFID II message retention and oversight rules.

In closing, we encourage you to comply with MiFID II’s social media and communications archiving regulations before the January 3, 2018 deadline to avoid potential fines and dissolution. Merge1 can help you gain compliance easily, by leveraging your existing infrastructure.
Contact us today to learn more.