On January 3, 2018 (pending any delays), the Markets in Financial Instruments Directive (MiFID) II and its accompanying regulations will become a reality. These changes mark the biggest shake-up of regulations in decades and the impacts are far reaching. The purpose of the new regulations is to protect investors, prevent market abuse, heighten transparency and increase consumer protection (and confidence) regarding financial transactions.
And, pretty much any company or individual doing business in Europe will be affected. This includes investment firms, credit institutions, portfolio managers, broker-dealers, stockbrokers, corporate finance companies, market operators and more!
Now is the time for organizations to start planning for the changes ahead.
The Scoop on MiFID II Regulations
The new regulatory requirements may affect everything from client services to IT to Human Resources. And most definitely the contact center too! One of the biggest areas of impact for the contact center is recording.
What must be recorded: Any communication across any technology where the intent of the communication is a financial transaction, regardless of whether the transaction occurs.
That means whether it’s on the phone, via SMS, in a chat, over email, or any other type of communication, it must be recorded and available for immediate access should a regulatory body or the client ask for it. The regulations are intentionally vague enough to leave room for rapid changes in technology, so you’ll want to make sure your infrastructure can support tech advances.
But when it comes to compliance and risk management, you need to consider more than just recording.
First Steps in Complying with MiFID II
If you have the right workforce optimization (WFO) tool in place, such as KnoahSoft Harmony, you’ll be ready when MiFID II launches. How can a solution like KnoahSoft Harmony make adhering to the new regulations completely painless? Here’s what we offer:
For a review of your current WFO solutions, connect with us at email@example.com. We are here to help and want to ensure that you don't experience even the most minor of hiccups once MiFID II comes into play. Contact us today, January 3, 2018 will be here before we know it.
And if you want to get more in-depth details on the pending regulations, check out the European Markets and Securities Authority website.