Mifid Ii One Year After: Top Mobile Archiving Compliance – Obstacles To Overcome
Financial firms in the European Union are recognized and well-trusted by the netizens. The EU is responsible for this success because they have implemented the Markets in Financial Instruments Directive II that regulates these institutions.
This legislative framework is also known as MiFID II which improves protections for investors of these depository banking establishments that offer financial instruments and the venues where those apparatuses are traded. Wealth managers, broker deals, product manufacturers, and credit institutions are also included in this regulation.
MiFID II was rolled out back on January 3, 2018. This is the massive break for financial establishments to be fully trusted by consumers and for the investors to be fully protected from any scammers and any organizations that are taking advantage of their stakeholders.
Since under the compliance of the MiFID II, a firm that proposes financial assets such as stocks and bonds, loans and mortgages, leases, and insurance should provide transaction recordkeeping. This comprises with SMS and calls archiving, messaging application demo, and MiFID voice recording.
This is only to give securement with the money that is flowing within the cycle between the depositor and the establishment.
However, 40% of these non-compliant firms are unfortunately increasing – most especially during the COVID-19 pandemic. The fact that this is occurring is upsetting to hear, considering over $2 billion investments were made by the EU to meet its regulatory requirements. Institutions reason out that the plague has caused more than average damage to their work operation.
The bright side is that there are key constituents to avoid non-compliance. TeleMessage has created and designed an infographic that includes these components.
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