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

Preparing for MiFID II

Marketing October 20th, 2017 6:56 pm

MiFID II

Did you know that MiFID II was originally set to be implemented January 3, 2017 but with the drastic changes it brings it was delayed until January 3, 2018. With this extra time given to companies and firms to comply with the changes it is only to be expected that the FCA 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.

One of the main discussions surrounding MiFID II circles around the UK and what will happen after their imminent withdrawal from the EU. Although Brexit is coming, there is not set date for it, and the law states clearly that they will have to continue compliance with EU legislation until the official exit date. Additionally, the UK was instrumental in the changes that MiFID II brings. Therefore, it is unlikely that UK companies can avoid MiFID II.
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.