Did you know how MiFID II affects your mobile devices?

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MiFID II came into full effect as of January the 3rd, and Article 16 (7) relates specifically to the recording of telephone conversations and electronic communications between a firm and a client.

Did you know this includes all communications made on your mobile devices?

Have you got a solution in place to help you record all your mobile communications?

As a specialist mobile provider to the financial services sectors including many investment banks, we were rather surprised to find out some organisations are not aware of the level of detail necessary to meet compliance.

Trinity Maxwell are a best of breed solutions provider, ensuring our clients remain compliant and operationally effective with a core focus on minimal disruption. Therefore, we can offer a full-service MiFID II compliant solution that can be implemented with ease.

Our solutions can monitor and log over 90 different social platforms, including Office 365, WhatsApp and WeChat to name a few.

We have pulled together some frequently asked questions that may help you understand this area in more detail:
Is my organisation affected?
MiFID ll extends the recording of conversations and electronic communications to firms providing investment services to third parties and/or performing investment activities on a professional basis. If you fall into this group, you’ll be expected to record, in its entirety, every single telephone conversation, electronic communication and face-to-face meeting that is intended to result in a transaction or the provision of services.

Where do I stand if my business has a BYOD policy?
MiFID ll applies to the content of a conversation or communication, not the device it’s conducted on. In light of this, some companies have decided to ban the use of personal devices for business purposes. And, for a simpler implementation of MiFID ll, we recommend that you use only company-owned numbers and devices to conduct business.

What about my company’s security?
It’s only natural to wonder whether making recordings of financial conversations will compromise your company’s security. But you needn’t worry. Our solutions are triple encrypted and will allow you to securely stream recordings without providing a separate copy to the receiver.

Will compulsory recording slow my business down?
You may well be concerned that compulsory recording of every ‘financial transaction’ discussion will slow you and your business transactions down, but don’t be. Each call is immediately redirected via the network call recorder, seamlessly connecting users and enabling them to conduct business as usual.
For more information on how the solution works and how we can support you, please contact us on 0203 137 8450 or email us at enquires@trinitymaxwell.com

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