The Markets in Financial Instruments Directive,commonly known as MiFID II, is due to come into force in January 2018. First introduced by the EU in response to the 2008 financial crisis, MiFID is a set of sweeping reforms for the financial industry designed to prevent history from repeating itself in the same way again.
Replacing the original Directive in January 2018, MiFIDII brings changes to many areas relating to conduct of business, including far more robust rules around the recording and storing of conversations. Any organisation providing financial services to clients linked to ‘financial
instruments’ will have to record and store all communications intended to lead to a transaction. Unlike the current FCA regulations, which are specific to those directly involved in financial trading, with MiFID II any organisation that's even giving advice that may lead to a trade or investment will need to comply with this rule.
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