Does your organization have locations in Europe? Is your business in the Financial Services sector? If so, it is crunch-time to ensure that your organization is compliant with the latest Markets in Financial Instruments Directive (MiFID) II mandates!

What is MiFID II?

The Markets in Financial Instruments Directive (MiFID) is the framework of European Union (EU) legislation for Investment intermediaries that provide services to clients around shares, bonds, units in collective investment schemes and derivatives (collectively known as ‘financial instruments’) and the organized trading of financial instruments.

Changes are currently set to take effect January 3, 2018, with the new legislation being known as MiFID II - this includes a revised MiFID and new Markets in Financial Instruments Regulation(MiFIR).

Who is Covered Under MiFID II?

If you have operations within the European Union in the following areas, you are most likely affected:

How is Unified Communications and Collaboration (UC&C) Affected?

While there are 446 pages of technical standards, seven pages refer specifically to call recording. Specifically, under MiFID II:

Any firm who has European operations must quickly move to be compliant with MiFID II requirements. Make sure your organization complies with these standards and does not fall victim to fines imposed by these regulations.

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