ESMA_QA_1773

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1773

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Regulatory Context

Regulation : MIFIR

Level 1 Regulation: Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014 - Investor Protection and Intermediaries

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: Recording of telephone conversations and electronic communications

Subject Matter: Recording of telephone conversations and electronic communications

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Question

Submission Date: 10 October 2016

Is the recording of telephone conversations and electronic communications a critical or important operational function for the purposes of the outsourcing rules?

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ESMA Answer

Answer Date: 10-10-2016

[ESMA 35-43-349 MiFID II Q&As on Investor protection Ch. 3, question 7]  Firms may use third-party recording services to meet the new requirement to record telephone conversations and electronic communication. However, ESMA considers that, for the purposes of the outsourcing rules, taping will be considered a critical or important operational function.

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This document was automatically extracted from the ESMA EMIR Q&A database.