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Telephone/Electronic Records 

01 December 2011

Impact Green traffic light Low impact as the UK already has equivalent rules

Other areas to consider

Compliance, Risk Management and Audit

Current MiFID rules

MiFID allows Member States to require (if they wish) firms the recording of telephone conversations or electronic communications regarding client orders.

MiFID Level 2 Directive Art: 51(4)

FSA rules

COBS 11.8

Proposed changes
Draft Directive Recital (42), Article 16(7)

The draft Directive:

  • introduces a common mandatory obligation across the EU to record client orders covering the services of receipt and transmission of orders and execution of orders and transactions concluded when dealing on own account in all financial instruments. The obligation applies to all forms of telephone conversation and electronic communications; and
  • proposes a minimum retention period of 3 years.
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