Since november 2007 the Markets in Financial Instruments Directive (2004/39/EC) is applied in the European Union, known as MiFID. The 20th of october of 2011, the European Commission took a legislation proposal to review. After more than two years of discussion, the European Parliament and the EU Council adopted the Markets in Financial Instruments Directive (2004/39/EC) which bans the directive 2004/39/CE and the legislation about the markets and in financial instruments known as MiFID II and MiFIR. Both have in common the same objective, to ensure that the europeans markets are more fair, more safe and more efficient. They also have as objective to facilitate more transparency for the participants in the market. It comes into force the 3rd of January 2018. This directive will be revolutionary for the european financial industry due to the different reforms it brings.
This directive obligates companies in the financial environment (Banks, Credit entities, insurance companies, direct and indirect agents…etc) to record both incoming and outcoming clients calls. More specifically, as it is collected in the article 16.7 of that same directive, it is mandatory to record phone conversations or electronic communications related to aspects of providing services, such as reception, transmission and execution of clients orders or the client’s representant’s. It must be done even though it doesn’t end up with the provision of the service. Indeed, all those calls that end up or might end up with a contract of a product or financial service or any related transaction must be recorded. In addition the directive allows companies to expand this obligation to recordings besides those services.
The new regulation obligates companies to record most of their calls that they receive or make as well as all the conversations they might have through other electronic devices, such as fax and email. This makes companies to adjust the telecommunication technologies they use in order to obey the new regulations. There are different tech systems that record calls. The perfect solution that requires the fewest investment and it provides the most functionality, is the virtual PBX. It works with the new WebRTC technology which allows making WebRTC recorded calls for both incoming and outgoing calls.
The Fonvirtual virtual PBX service enables you to manage calls and route them to other phone lines. These phone lines may be cell phones or landline phones. It also includes many customized features. Among these features, it is important to highlight the WebRTC recorded calls, which allows collecting incoming and outgoing calls in your virtual pbx. Furthermore, clients can enter with their user and their password to Fonvirtual’s platform, where they can see call statistics and other kind of relative data.Owning this much information leads to improving business and it also makes easier the periodic supervision of the registered calls that are needed to obey the MiFID II.
The virtual PBX is the perfect solution of WebRTC recorded calls for financial services companies. Since it works in the cloud, there is no need of equipment or physical installations. These have some advantages as saving money and the possibility of using it almost immediately. All incoming or outgoing calls will be recorded and they would be collected in the cloud.
The article 16.7 of the MiFID not only requires a call registration but also any kind of communication through electronics must be registered as for example, fax and email communications. For those cases Faxvirtual allow sending and receiving faxes with an email. There is no need to buy or install any machine, and it provides all the internet advantages. Your faz will be completely integrated in your email, allowing this way to collect fast and easily all your communications of both incoming and outgoing calls.
The service of WebRTC recorded calls offered by Fonvirtual’s virtual pbx and the online fax service provide by Faxvirtual, make obeying the law easier for companies. It is an easy, fast and comfortable way to get ready for the legislation that is imminently coming.
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