There are a few things giving the financial industry a not-so-happy holiday season. Global financial companies have had to reexamine business practices in light of the Dodd-Frank Act; , which has been around for a while. The upcoming implementation of MiFID II (the Markets in Financial Instrument Directive) can present a formidable barrier to doing business successfully, but with a little planning and the right partner, this isn’t a daunting combination at all.
There are several factors that contribute to the industry’s jitters here; there has already been a shift in the way we all do business because of Dodd-Frank and the proliferation of mobile devices, which are the primary computing and communications platform in business today. Employees are accelerating the shift by using their personal devices for work. This is logical – why carry two devices when you can carry one – but it creates its own compliance and logistics challenges for enterprises.
For a company to be MiFID II-compliant, the following must happen:
- All telephone conversations and electronic communications that relate to activities that are intended to result in the conclusion of a transaction even if they do not end as such
- Records need to be stored in a format that does not allow the original to be altered or deleted
- Records must be readily available (retrievable) and searchable on request
- Records must be kept for a minimum of five years and up to seven years
- All clients must be notified that telephone conversations will be recorded
- All conversations made with, sent from or received by equipment provided by the investment firm or equipment
Put simply, all firms who are new to a call recording requirement, or that need to upgrade existing platforms, will need to implement a recording solution that is secure, cost-effective, easy to implement, easy to use, is able to record calls only when needed and that allows call recording on individual phone lines. Legacy solutions require hardware, which prevent the call recording solution from providing these requirements.
Legacy solutions won’t cut it any more.
Movius takes all of the guesswork out of compliance. Here are some of the benefits of the Movius solution:
- Mobile Business Number for separating corporate SMS and voice communication from personal
- Full end-to-end voice and SMS encryption prevents private conversations from being compromised
- It’s automatic — all calls and messages are automatically recorded
- Any device, any carrier network
- No geographic limitation. Movius works over cellular voice (GSM/TDM), cellular data, and WiFI over any global carrier network.
- Seamlessly integrates into existing voice and SMS archiving platforms to storage and retrieval
You can safeguard company assets, ensure compliance and still let your employees use the tool that they really want to use; their own mobile phone. We can help you relax and enjoy the holidays…and have a Happy, Compliant New Year!