Requirements

MIFID2

RECORD KEEPING REQUIREMENTS

Regulation Effective Date: January 3, 2018

The Legal Directive:
MIFD2: Markets in financial instruments directive
Each EU nation most adopt it as national law.The Regulation:
MIFIR: Markets in financial investments regulation
Enforces the MIFID2 Directive, must be implemented as-is.
Has impact with these additional regulations:
MAR: Market Abuse Regulation
CSMAD: Criminal Sanctions for Market Abuse Directive
PRIIPS: Packaged Retail & Insurance Based Investment Products
UCITS 5: Undertakings for Collective Investment in Transferable Securities
AIFMD: Alternative Investment Fund Managers Directive
IDD: Insurance Distribution Directive

WHAT MUST BE ARCHIVED?


Voice, transaction & electronic communications regarding the production, sale and distribution of financial instruments.

WHY ARCHIVE?


To preserve and make transparent financial data for investor protection and delivery to clients and regulators.

ARCHIVED FROM WHAT?


Company equipment and personal electronic equipment approved by a firm for transactional use.

ARCHIVE ON WHAT?


A durable medium that prevents alteration. (Write Once Read Many)

ARCHIVE FOR HOW LONG?


Minimum 5 Years, Up to 7 Years

GLOBAL IMPACT

MIFID2 affects financial companies doing business in the EU and those from the rest of the world that do business in the EU.

 

WHO DOES IT AFFECT?

PRODUCERS OF INVESTMENT PRODUCTS

Asset managers, Banks, Insurance, Hedge Funds

PROVIDERS OF INVESTMENTS

Banks, Execution venues (exchanges)

DISTRIBUTORS OF INVESTMENTS

Banks, Investment Advisors

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