The Financial Services industry in Europe was facing the biggest shake-up of regulatory legislation for over a decade. The new MiFID II that came into effect by January 2018 would imply new far-reaching rules on Financial Institutions and Financial Advisory firms. The new rules were put in place to prevent market abuse, strengthen investor protection, increase transparency and re-establish trust from the consumers.
The regulation states recordings shall be made of all electronic communications relating to transactions or communications intended to result in transactions between the Financial Advisory firm and the consumer.
“…firms will be obliged to record all communications that are intended to result in a transaction”
As electronic communications such as telephone, video meetings and virtual bank meetings are becoming the norm — these meetings must also be recorded and stored in a safe, secure and searchable way.
Quickchannel and Pexip now offers an off-the-shelf solution for the Financial Industry to be compliant with the new MiFID II regulations.
With this solution you have a world class video meeting platform integrated with automated functionality to record, manage and playback your video meetings between Fincanial Advisors and consumers. Pexip’s and Quickchannel’s MiFID II video solution:
- Automatically generate a unique virtual meeting room (VMR) for each meeting.
- Automated recording from video calls including phone calls.
- Recording generates a unique ID, time and date information with meeting details.
- Role based platform secures access and management of all recorded content.
- Searchable and accessible metadata and video content according to MiFID II.
- Possible to deploy cloud or on-prem.
- White label and branding support.
For more information on how to use Quickchannel to comply with MiFID II, please contact us.