MIFID II Legislation

MIFID Legislation and how Logical Can Help

 

 

On January 3rd 2018, the MIFID II legislation comes into practise and thus meaning that the financial sector is held accountable for
recording and obtaining communication between themselves and a customer so that it is accessible for a minimum of 5 years.

 

Recording of the communication must take place when the conversation relates to “the reception, transmission and execution of orders, or dealing on own account.” The legislation applies to both fixed lines, mobile phones and electronic communication such as emails.

 

There are many different telecommunication solutions which will cover some of the new legal demands. We have the ability to create bespoke solutions which will help you implement the new law into your business more smoothly.

 

The solutions must be in place by the 3rd of January 2018, therefore as of today, you have less than 4 months to implement the solutions you need in order to comply with the new legislation. Failure to do comply could mean facing large fines of upto 5 million euros.

 

 

Let us help. Contact us today! 

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