MiFID CALL RECORDING – 2020 REGULATION UPDATES AND COVID VIRUS RESPONSE

We are all aware that the COVID-19 or the Corona Virus Disease is a deadly microorganism that is being transmitted through transaction with a human that is infected by it. It is indeed a fatal and destructive disease, considering that there are thousands of people that are killed because of it. Most specifically, those individuals who have a weak immune system. 

It is an enemy that we cannot see and it attacks us from the inside of our bodies. This is the main driving force of the governments of the countries all over the world to raise awareness to their citizens and implement a total lockdown or anenhanced community quarantine in their cities. So that, the diffusion of the virus will die down and there will no longer be plenty of people that will suffer because of this pandemic disease.

That even business operations and as well as financial institutions have been halted because the authorities directed them to close down for the meantime while there are still some people who are tainted by it. 

The MiFID II or also called as the EU’s Market in Financial Instruments Directive is known for their implementation of recordkeeping for sensitive transactions between a consumer or a corporation and a firm that handles finance. And when you say recordkeeping, this consists of every single telecommunication tool that are being utilized amidst the transaction; this includes telephone calls, mobile calls, SMS, etcetera.

This has been fulfilled by the higher ups in reason of lowering down the quantity cases of market abuse, especially those frauds who are taking advantage of calls that are unmonitored.

However, with the continues rising of people being infected by the COVID-19 virus, and the lockdown that has been applied by the authorities, there are still some corporations who are unable to comply with the MiFID phone recording.

So, to furnish these tangling deliverances, the MiFID II has amended their regulation to help those firms to continue complying.

For 2020 regulation updates about the MiFID call recording amidst this crisis, read the infographic below created and designed by TeleMessage: