Second in a five-part MiFID II Countdown Checklist series to help manage adherence to MiFID II regulations on records retention. This MiFID II Checklist will look at extending the retention period, what to do when your system fails and how to achieve Complete, Quality and Accurate records.
by Robert Powell, Director of Compliance, IPC
“Complete, Quality and Accurate” records are a requirement under MiFID II that some have said is vague. I don’t agree. I think it gives a clear understanding of what the regulator expects. It’s very similar to a requirement U.S. regulators have had in place since the Securities Exchange Act of 1934.
Complete – means you should know all types of communications you use and who is using them as well as having fit-for-purpose capture and retention mechanisms and processes in place.
Quality – means you should be able to reproduce these records in as near original quality as possible. It really applies to the ‘original form’ for electronic communications and for the actual voice quality for voice or video calls.
Accurate – means you should be confident of not only the records’ content, but also the all-important meta data that shows when messages were sent or calls made.
Read the entire “MiFID II Countdown Checklist – Part 2” blog which includes Powell’s “Five Key Things to Check Now.”
Other recent blogs you won’t want to miss….
“MiFID II Countdown Checklist Series – Part 1” by Robert Powell, Director of Compliance, IPC
“Global Connectivity: Five Reasons Why It Matters More Than Every for Exchanges” by Ganesh Iyer, Director, Global Product Marketing, Financial Markets Network, IPC
“Ahead of MiFID II: Confidently Capture Skype for Business Communications” by Chard Johnson, Product Manager, IPC
“Could Your Cloud Provider be a House of Cards?” by Ranjan Singh, Vice President, Product Management, IPC
“Time Stamping Trades: Why Precision Matters More” by Ganesh Iyer, Director, Global Product Marketing, Financial Markets Network, IPC
“Archiving It All: The Mounting Compliance Challenge with Disparate Data” by Raphael Guilley, Vice President, Risk and Compliance Solutions, IPC