MiFID II Record Keeping

 
As of January 2018, the new MiFID II regulations stipulate that firms must keep 7 years of records pertaining to services, activities and transactions, whether concluded or merely intended. All records kept must be easily retrievable and fully monitored, for access and reporting to relevant regulators within the industry standard 72-hour time frame. In addition, all data relating both to trade and communications must be stored in WORM (Write Once, Read Many) form, which is considered fully tamper-proof.

Records that must now be kept include:

  • Orders
  • Trades, whether scheduled or completed
  • Communication – phone calls, faxes, messages, emails, physical mail
  • Documentation – research, minutes of meetings, sales, marketing communications

With the eflow product, all data storage conforms to the standards of WORM, meaning that search and retrieval is entirely flexible and instant. The ease of extraction ensures that you will easily keep to the strict regulatory time frames, making reporting easy and stress-free. All data is written to disk, and storage is digital and completely immutable