Conversion of recordings
MiFiD II requires financial market participants to retain recorded calls for at least five years. It also introduces an obligation to provide access to archived recordings to both supervisory authorities and customers, without delay, and upon request.
Article 16(7) of MiFiD II sets out the organisational requirements for the storage of and access to recordings as follows:
“7. (..) The records kept in accordance with this paragraph shall be provided to the client involved upon request and shall be kept for a period of five years and, where requested by the competent authority, for a period of up to seven years.”
What do we propose?
Conversion of recordings and a uniform application tools for:
- copying of recordings
- quick access to archives
- optimisation of work
- lower operating costs
- legal and organisational security
On the basis of many years of experience in the field of digital sound recording and many years of experience in the ICT industry, we have developed a solution for converting recordings from different types of call recorders into a uniform format and importing recordings into the same, consistent database. Our recording conversion services are used wherever it is very expensive or impossible to maintain a recording archive in the required long-term perspective of its storage and access due to technological reasons, e.g. withdrawal of support for the recorders by the device manufacturers, or business decisions, e.g. mergers and consolidations of financial institutions. The possibility of harmonising electronic documentation (digital records of conversations) also affects the optimisation of the personnel’s work, who, by virtue of their tasks, should have access to the recordings stored in a given institution, regardless of the source from which the archives originate.