MiFiD II Compliant Call Recording

To whom does it apply and from when is it in enforceable:

From the 3rd of January 2018 this newly evolved piece of regulatory law became enforceable.  Markets in Financial Instruments Directive 2004 applies to any company that performs investment services and activities.

Call Recording for MiFID II Compliance

The Markets in Financial Instruments Directive is the EU legislation that regulates firms who provide services to clients linked to ‘financial instruments’ (shares, bonds, units in collective investment schemes and derivatives), and the venues where those instruments are traded. MiFID II legislation requires any company or employee to record all calls, across mobile and fixed lines that include financial advice that could lead to a trade.

 

5 key requirements for MiFID II

 

  • Record and keep calls containing financial advice
  • Recordings stored for 5 (or 7) years
  • Secure and restricted access
  • Retrieval upon request
  • Audit Trailing individual recording activities

 

Through our portfolio of best-in-breed hosted call recording platforms, we can fulfil these requirements.

 

Total Coverage

 

Under MiFID II, the implication for your business is that all of your telephone calls relating to financial advice – whether or not a trade or transaction is made – must be recorded.

In addition to standard IP desk phones, the service can include software apps for desktop and mobile devices, ensuring that all calls made using these apps on all platforms can be recorded.

Best Practice Security

 

The call recording platform is placed in the cloud. Our call recording solutions use the UK branch of the Amazon Web Services (AWS) network, and therefore adhere to all data storage standards of this network.

All recordings are fully encrypted using 256-bit advanced encryption (AES-256), and can only be accessed via SSL in a web browser by the customer with their dedicated username and password.

Note that although the service provider manages and maintains the call recording service on the customer’s behalf, the permissions of the call recording platform prevent the service provider from accessing any customer recordings.

 

Long-Term Storage (5 years+)

 

In the UK, it is recognised that under MiFID II call records should be kept for a minimum of five years. The call recording service providers advocate keeping your recordings online to better facilitate your compliance. If you download your recordings to another repository, then the security and availability of this other repository will become relevant to your compliance.

 

Simple Searching

 

The call recording platform provides powerful search tools to help you identify calls by date, time and caller/called number. It is also possible to ‘tag’ calls, and search these tags later for ease of reference.

Elevate to call transcription service and you can also search key words spoken during your telephone calls.

 

Full Audit Trail

 

To better facilitate your compliance, recording platforms make note of exactly what recordings are accessed by who and when. This data can be made available upon request.

 

To download our ‘Jargin free guide to MiFID II call recording’ click HERE

SIP to replace all ISDN phone lines by 2025

Migrate from ISDN to SIP Trunks

Fixed Lines, Calls & SIP

Analogue phone lines still have their uses either to support a broadband service, alarm line or fax however the days of ISDN services are numbered.  You may aleady be aware that BT will be switching off the ISDN network in 2025, therefore if your fixed line telephony contracts are coming up for renewal, now is the time to start looking at migrating to SIP technology.

So what is SIP?

SIP Trunking is a form of VoIP telephony and now represent a very viable alternative to ISDN.  SIP allows the running of voice calls over an internet connection instead of a traditional phone line.  SIP trunks now represent a very viable and popular alternative to ISDN services as data connectivity increases in quality and prices reduce.  SIP trunks are ideal for keeping business phone numbers when relocating, connecting multi-site phone systems together or businesses looking to have a disaster recovery solution.

If you need the flexibility and control of your own phone system – and either already have a phone system or are happy to buy, run and manage the phone system yourself – SIP Trunks are the right choice for you.

Benefits of SIP trunking

But our farewell to the PSTN brings many benefits. SIP trunks deliver:

Cost Effective

Significantly lower rental charges than ISDN with reduced call rates and free call minutes as part of the packages

Number flexibility

SIP trunks are not bound to a location, so it’s easy to move offices without having to change your phone numbers. Flexible in how and where geographic telephone numbers can be used means you could be based in Brighton and call out using a London phone number

CONTROL

Choose how and where you want calls delivered.  No more waiting weeks for suppliers to make changes

Reliable

Carrier grade SIP trunks are supplied via multi-redundant data centres eliminating any single point of failure of your lines and numbers. No more line failures of lost calls!

Scalable - both up and down

The beauty of SIP is it allows you to easily add and remove channels to cope with increased calls. A simple phone call will allow you to add channels which can often be done immediately. Compare this to the delay in having additional lines installed and then having to upgrade your phone system to handle more lines.

Disaster Recovery

Should you lose power SIP trunks allow your number to be routed to alternative locations whilst your site is offline.

How do SIP trunks work

SIP trunks are a highly flexible alternative and use an Internet connection instead of a normal phone line. They connect your on-site phone systems (PBX) to the public switched telephone network (PSTN) to carry and terminate your inbound and outbound voice calls.

Compared to ISDN lines, SIP trunks are cheaper on a per channel basis and more flexible in terms of what numbers you can have, quantity of those numbers and where geographically you can locate those numbers. They are quicker and easier to install than ISDN lines and provide an excellent business continuity service for Disaster Recovery so your business never loses calls.

SIP Trunks are particulalry suitable for businesses with office based staff & home workers right up to the larger enterprises and call centres where large numbers of lines are required.

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