MiFID II (Markets in Financial Instruments Directive) and GDPR (General Data Protection Regulation) are two
2018 Europe-based regulations that will have an impact on the call recording industry. While MiFID II
mandates all communications that lead to a transaction have to be recorded and stored for up to seven
years, GDPR says that consent must be given to store personal data and that it should only be stored as long
as necessary. With two seemingly competing directives, here is what you need to know to protect your
business.

MiFID II

MiFID II comes into force in January of 2018 and “…it will regulate the financial services sector with a new, much stricter set of rules around call recording (Information Age).” “It’s a legislative framework designed to strengthen investor protection among EU member states and improve how financial markets function, making them more efficient, resilient and transparent (European Securities and Markets Authority).”

“In a 524-page policy statement released in July of 2017, the FCA has stuck to its position that financial advisers would not have to tape face-to-face sessions, but would have to either tape telephone calls or provide an ‘analogous’ writt