In the scramble to prepare for the European Union’s Markets in Financial Instruments Directive (MiFID II), set to take effect in January, financial organizations are struggling to figure out if and how they can prepare their technology strategies for the new regulatory standard.
MiFID II requires that financial services organizations retain all communications related to deals, even where deals are ultimately not completed. Although the policy is an amendment to an earlier regulation (MiFID), the inclusion of telephone communications has introduced an added layer of data retention that many organizations have thus far been unprepared to deal with.
