In January 2018, the Markets in Financial Instruments Directive II (MiFID II) came in. The way that capital markets operate in Europe went through significant changes and impacted how firms operate and the way they interact with their customers.
Driven by EU legislation, the reform sought to strengthen financial markets in Europe by making them more resilient for the future following the global financial crisis.
The Directive was wide ranging and the major challenge for the industry was evaluating the way that it would affect business and preparing for the challenge.
Depending on a company's business model, the legislation could have affected a wide range of functions including trading, transaction reporting, client services, IT and HR systems.
For example, MiFID II highlights the need to retain voice, mails, emails, faxes, meetings minutes and notes relating to client orders for 5 years, where subsequently the deal was captured electronically at any point in the trade lifecycle.
Organisations must provide evidence that the appropriate processes are in place.
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