Category: MM-Record KeepingOn 28 Mar 2008 in MM-Record Keeping, MiFIDMonitor.com 
New UK rules on telephone taping by financial firms have been scaled back from original proposals by the UK’s regulator after consultation with the industry. But estimates of costs to the industry, both one-off and recurring, have more than doubled.
On 20 Dec 2007 in MM-Record Keeping, MiFIDMonitor.com
A new whitepaper from B.I.S.S. Research claims telephone and text recording offers benefits to financial firms, including the determent of crime, and highlights new technology from telecommunications company Compliant Phones. The whitepaper, commissioned by Compliant Phones, claims Compliant’s mobile phone recording technology will “reignite MiFID articles for regulations to record all telephones used in financial services firms”. MiFID has never actually required telephone recording. Earlier this year the UK’s Financial Services Authority (FSA) drew fire for its proposals to expand requirements in this area. The FSA subsequently delayed rules on recording until March next year.
On 01 Mar 2007 in MM-Record Keeping, MiFIDMonitor.com
Sungard has unveiled MiFID Hub, a solution developed by its EXP business unit, designed to help firms meet the increased recordkeeping requirements imposed by MiFID. The vendor has yet to make any sales of the solution, but anticipates strong interest in implementation in the Q3/Q4/Q108 timeframe, as institutions seek cost-effective long-term solutions for recordkeeping to replace the back-ups they are likely to rely on for initial compliance with MiFID’s requirements.
On 01 Feb 2007 in MM-Industry Initiatives, MM-Record Keeping, MM-Transparency, MiFIDMonitor.com
The market had its first taste of MiFID guidelines and recommendations to contend with this month as CESR released two Level 3 papers addressing data publication, and consolidation of transparency data and list of minimum records (CESR/07-043 and CESR/06-552c). The papers contain relatively few surprises when compared to the original consultations (MiFID Monitor, November 2006). But some respondents might be disappointed that challenges on the legal basis of items on the list of minimum records have been rejected and that transparency will have to be achieved as close to real time as possible, with three minutes being deemed allowable in exceptional cases only.
On 01 Nov 2006 in MM-Record Keeping, MM-Transparency, MiFIDMonitor.com
Blink and you’ll miss it.
With less than a year to go before MiFID comes into force, the pace of consultation documents is picking up and the window for responses is narrowing. At the end of last month, the Committee of European Securities Regulators (CESR) released its Level 3 Work Programme for 2006/2007 as well as two public consultation documents, one on recordkeeping and one on transparency. Responses are due back in about a month.
