Following the FCA's relatively soft start to enforcing MiFID II regulations, firms are breathing a collective sigh of relief at being granted additional time and space to get their houses in order. But, in reality, many firms are still faced with a heavy schedule of work and considerable financial investment if they are to meet their new obligations - and the soft approach to enforcement won't last forever.
One of the more complex elements of the Directive, particularly for smaller firms, is the requirement to record all communications relating to client orders and that all such recordings must be retained in a durable and easily discoverable format for a minimum of five years. This detail could have much wider implications, especially for those firms that use or are planning to install recording solutions that rely on proprietary platforms.
In this White Paper we look at why firms would be wise to switch to open architechture recording technology when considering their MiFID II compliance strategies.
“firms should be aware that proprietary solutions come with many disadvantages and may not provide the most cost-effective or competitive strategies”