ESMA · ESMA_QA_1773 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

Question

Is the recording of telephone conversations and electronic communications a critical or important operational function for the purposes of the outsourcing rules?

Answer

[ESMA 35-43-349 MiFID II Q&As on Investor protection Ch. 3, question 7]  Firms may use third-party recording services to meet the new requirement to record telephone conversations and electronic communication. However, ESMA considers that, for the purposes of the outsourcing rules, taping will be considered a critical or important operational function.

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.

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