Firms affected by MiFID must record receipt of client orders, transmission of orders and the conclusion of a transaction, both when executing orders on behalf of clients and on conclusion of a transaction when dealing own accounts. Any modifications or cancellations should also be recorded.
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Summary of recording requirements are:
- New and existing clients must be notified that telephone conversations are recorded
- Records must be made available to the client on request for a period of five years, and by the authority for a period of up to seven years
- All reasonable steps must be taken to prevent an employee or contractor from sending or receiving relevant conversations and electronic communication on privately owned devices.
- Orders placed through other channels must be made in a durable medium such as mail, fax or email. Face-to-face conversation with a client must be recorded by taking minutes or notes.
- Records should be stored in a durable medium that does not allow the original record to be changed, deleted or copied. The retention period begins on the date that the record was created.