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How does MiFID compliance affect my business in Singapore?

MiFID II is an important new regulation that has an impact for some companies in Singapore, requiring them to meet new obligations. These include the need to record mobile voice calls and messaging. Are you impacted and do you know how to solve this challenge?

MiFID II is a law passed by the European Union, that seeks to harmonise regulation for investment services across the European Economic Area (EEA). It came into effect on 3rd January 2018 and built on the original MiFID law, passed in 2004. For businesses that operate in the investment and financial services industry, it is mandatory.

However, many companies operate in a global context, which means that the MiFID II regulations also have an impact on many outside the EEA. This is because many organisations either trade in the EEA through subsidiaries, or partners, while others are involved in activities on behalf of partners in the EEA. A recent research note from Ernst and Young[1] provides some clear guidance to what is, for many, a complex situation.

The result though, is clear. MiFID II has a direct impact on many organisations in Singapore, which must be met by taking the relevant compliance actions. Ernst and Young details five scenarios under which MiFID is applicable. Of course, most organisations will already have taken steps to ensure compliance – but there’s one area that may have been neglected.

That’s the obligation to record conversations that have been held in relation to activities covered under the MiFID regulations. This covers all forms of conversation, including those that take place on mobile phones. As more and more companies equip their staff with mobile devices, ensuring compliance with MiFID II has become increasingly complicated.

Fortunately, help is at hand for organisations in Singapore that have to meet the obligations of MiFID II. Touch Call Recording Service is a turnkey service, brought to you in partnership with Singtel, that performs comprehensive recording of mobile voice and messaging to ensure compliance with MiFID II.

It runs in the network and doesn’t require an application, so there is no complex integration or management to handle. Users are simply added by their company administrator. It’s backed by a fully-secure storage facilities, ensuring peace of mind, with carefully controlled, permission-based access when required.

So, if your organisation is affected by MiFID II and you want to ensure full compliance across your mobile fleet, then you can quickly and easily benefit from the new Touch Call Recording Service.

Why not get in touch to find out more?

 

[1] “Does MiFID II impact APAC? Extra-territoriality of MiFID II.”

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