Who must record their electronic communications?

Financial services companies with a banking license that provide advisory services, as well as 34f and 34h intermediaries.

 

Where does the recording obligation according to MiFID II apply?

The MiFID II Directive is a Europe-wide regulation that must be implemented by the legislators in the individual countries.

 

Will non-compliance with the mandatory record-keeping be penalized?

If consultation sessions are not properly recorded, both customers, who have a right to the recording, and competitors can take action against them for violations of competition law.

 

Is it possible to waive the recording if the consulted customer agrees to it?

No, such exceptions are not possible.

 

In which countries is the MiFID-Recorder available?

The MiFID-Recorder can be used not only in Germany, but worldwide. Alternative language versions are also possible.

 

Is it necessary to inform the client before the recording starts?

Yes, the client has to be informed before the recording starts. To avoid errors, the MiFID recorder takes over this task by playing an announcement, which is also recorded for verification purposes.

 

Do I have to store the recordings for 5 or 10 years?

If the supervisory authority responsible for you is BaFin, then the MiFID II directive is relevant for you and you must store your advisory sessions for 5 years (banks and savings banks, asset managers, liability umbrellas and their tied agents).

As a 34f or 34h intermediary you must store your records for 10 years according to FinVermV (Financial Intermediaries Regulation).

 

With which phones does the MiFID-Recorder work?

The MiFID-Recorder works with any standard telephone, no matter if landline, softphone, or cell phone.

 

What do I have to do to sign a contract with MiFID-Recorder?

Tell us which legal regulation applies to you, how many users are to be integrated and which features of the MiFID-Recorder you would like to use. We will be happy to advise you and find the perfect setup together with you.

By signing the offer, you confirm the general contract conditions of the MiFID Recorder. In addition, an AV contract is concluded.

 

Is it possible to store video consultation with the MiFID recorder?

Yes, with the MiFID-Recorder it is possible to store video consultation MiFID II, respectively FinVermV compliant. For this purpose, the MiFID-Recorder offers its own certified video consulting solution. However, it is also possible to archive video calls made with MS Teams, GoToMeeting, SnapView or Bridge with the MiFID-Recorder.

 

Where is the data stored?

The data is stored on MiFID Recorder’s own storage infrastructure, and an audit report issued by KPMG attests to the system’s auditability. The MiFID Recorder explicitly does not use a cloud to store the data. The data storage is hosted in a certified data center in Frankfurt am Main. A geo-redundant storage of the data can also be ordered, the second instance is operated in Aschheim near Munich, also in a certified data center.

 

Is the MiFID Recorder outsourcing-proof?

The MiFID-Recorder is the outsourcing-secure solution for recording and archiving consulting sessions and electronic communication. The MiFID-Recorder provides proof of this proactively by submitting all necessary documents, so that the effort for the accreditation of the MiFID-Recorder GmbH as an outsourcing partner is very low.

 

What does SaaS mean?

The abbreviation SaaS stands for “Software as a Service”. This means that you don’t have to purchase or operate any additional hardware to use the service. The software is redundantly operated, maintained and further developed on the servers of MiFID-Recorder GmbH. Therefore, the current version is always available to the customers without the need for updates or new versions.

 

Where is the MiFID-Recorder technology hosted?

The platform is hosted on dedicated servers in a certified data center in Frankfurt am Main.

 

Is it possible to connect the MiFID-Recorder to third party systems?

The MiFID-Recorder offers a whole range of APIs that enable the integration of almost all functions into third-party systems. For example, it is possible to start telephone or video calls directly from a CRM system or to export consulting sessions to customer folders.

 

What is an audit report according to IDW PS880?

This is an auditing standard for software products issued by the Institute of Public Auditors in Germany. In this context, the entire solution is reviewed once a year by the auditor, considering all legal requirements. In this way, it is possible to react immediately if adjustments to the system should be necessary and the MiFID II and FinVermV conformity of the service can always be guaranteed.

 

Is the MiFID Recorder compliant with the GDPR?

The MiFID Recorder implements the requirements of the MiFID II Directive in compliance with all requirements of the General Data Protection Regulation (GDPR).

 

What does the certification according to DIN ISO/IEC 9001:2015 stand for?

The ISO 9001 quality management system supports companies in the transparent and binding presentation of processes and activities and thus helps to ensure systematic planning and control of processes. This includes all activities within the company as well as the management of customer relations in order to ensure a consistently high quality of services.

The defined processes and activities must continuously be improved, which is ensured by regular reviews in the form of internal as well as external audits by the certification company and its references.

 

What does certification according to DIN ISO/IEC 27001:2015 stand for?

ISO 27001 provides the framework for risk management with regard to the handling of information and data in the company. It also describes all activities to minimize the identified risks for information assets such as customer data, company data and IT systems.

The focus is on the three major objectives of availability, confidentiality, and integrity.

The standard defines comprehensive security measures that must be evaluated and appropriately implemented in the organization. All activities in the company, from sales to support services, are taken into account and the information systems used are examined.

The defined security measures also take into account all legal requirements, such as data protection laws, and, if specified, the requirements of our customers and partners.

In addition to the planning of security measures, these are reviewed and evaluated in regular internal audits clone rolex and external audits by the certification body. This also leads to further improvement measures in order to make processes and products safer on an ongoing basis.

 

What are the “EBA Guidelines on Outsourcing”?

The “EBA Guidelines on Outsourcing” specify basic requirements for the outsourcing of processes, services or activities to an outsourcing company.

The EBA (European Banking Authority) is an independent EU authority whose mission is to ensure an effective level of regulation and supervision in the European banking sector.

 

How long does it take to set up?

As a rule, the MiFID recorder is available within a maximum of two working days after the contract is signed.

 

Is training offered by the MiFID-Recorder GmbH?

The application of the MiFID-Recorder is self-explanatory. In addition, a manual and explanatory videos are available. However, online trainings for administrators and users are also offered for larger organizations.