Call Recording and MiFID II
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MiFiD II (Markets in Financial instruments Directive) main objectives are to enhance investors’ protection by increasing transparency in financial market.
It extends the old MiFiD stating that every transaction or information about any transactions would need to be fully traceable and stored for a period of 5 years (with the option of 7 years at FCA – Financial Conduct Authority – request).
The European Securities and Markets Authority (ESMA) provided Q & A to MiFiD II compliance related to recording of telephone conversations and record keeping, that specify the following requirements:
- RECORD every call that leads to a transaction, with monitoring capabilities to ensure recording is working as expected
- RETRIEVE, to give access search & play of recordings and relative info/notes in case of requests
- META INFO, to allow adding searchable notes to specific recordings, to be associated with CRM/ERP records for easy correlation
- AUDIT TRAIL, to track and timestamp when recordings are accessed, played, downloaded and deletes are attempted
- STORAGE, to allow recordings to be securely kept for at least 5 years, with export possibility at any time
How Imagicle can help
Imagicle Call Recording will be fully supporting MiFiD II as of Winter’18 release, expected within end of December’17.
The release introduces audit trail and tampering detection functionalities to match the regulation requirements:
- Record phone conversations either in on demand or always on mode, with support of high availability and embedded monitoring tools to notify about any system problem
- Search and Play tool available either via Web UI and directly within Cisco Jabber Desktop, to provide a profiled multi-level access to recordings with a powerful search engine
- Possibility to add Call notes to recordings to have additional information about
- Full audit trail of activities, to track and timestamp when recordings are accessed, played, downloaded and deletes are attempted
- Storage management, to configure recording lifecycle with internal or external storage, with encryption of content with AES alghoritms and detection of tampering tentatives
Upgrade will be out of the box as usual, via the fully automated setup package.