ESMA · ESMA_QA_1772 Answer Published

Recording of telephone conversations and electronic communications

Regulation
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014 - Investor Protection and Intermediaries
Topic
Recording of telephone conversations and electronic communications
Submitted
2016-10-10
Answered
2016-10-10
Browse MiFID Register → More Q&As on this regulation →

Question

Is the compliance function sufficient to fulfil the requirement to periodically monitor the records of transactions and orders? Or should it be a separate, specifically organised function?

Answer

[ESMA 35-43-349 MiFID II Q&As ion Investor protection Ch. 3, question 6] MIFID II, and its implementing measures, do not require the establishment of another control function on top of those already provided for by MIFID I: compliance function, risk management function and, where appropriate, internal audit function. Firms are reminded of their requirements under Article 9(3) of MiFID II and Article 76(2) of the MiFID II Delegated Regulation.   Therefore, while not being necessarily another specific control function, the periodic monitoring of the records of relevant telephone conversations and electronic communications is an essential piece of the overall compliance and monitoring system a firm has to implement through governance arrangements.
View original on European Securities and Markets Authority ↗

This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

Similar Q&As

Suitability and appropriateness

Answered 2016-10-10

Recording of telephone conversations and electronic communications

Answered 2016-10-10

Recording of telephone conversations and electronic communications

Answered 2016-10-10

Recording of telephone conversations and electronic communications

Answered 2016-10-10

Recording of telephone conversations and electronic communications

Answered 2016-10-10

More Q&As on this topic

Recording of telephone conversations and electronic communications

Answered 2017-07-10

Recording of telephone conversations and electronic communications

Answered 2016-10-10

Recording of telephone conversations and electronic communications

Answered 2016-10-10

Recording of telephone conversations and electronic communications

Answered 2016-10-10

Recording of telephone conversations and electronic communications

Answered 2016-10-10

📋 Track EU financial regulation continuously

Forseti monitors EU financial regulation and delivers personalised alerts anchored to verified official sources.

Start free trial → Learn more

14-day free trial. No credit card required.