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Best execution reporting requirements for electronic communications under MiFID II
Electronic communications not only includes e-mail, but also refers to a myriad of channels, file types and collaborative applications that are used extensively everyday by single individuals with multiple identities. The tools that many firms use today, however, to control, store and report are the same ones installed over 10 years ago that were specifically designed for one channel only — e-mail. This paper considers the challenges facing firms regulated by Markets in Financial Instruments Directive II (MiFID II) in their ability to store, conduct eDiscovery and Supervision reviews and report electronic communications data. It considers the: • exponential growth in volume and diversity of electronic communications required to conduct business today; and • the many legacy systems involved in a single search or investigation. It conveys strategies organisations can implement to rectify the situation, not only to meet MiFID II guidelines surrounding electronic communications, but also to future-proof against newer regulations and emerging communications channels, and to consider whether the ultimate nirvana is within reach: a single user interface for all electronic communications that responds with Google-like speed.
The full article is available to institutions that have subscribed to the journal
Robin Smith is Technical Director International for Actiance and brings over 20 years’ experience of security and compliance solutions for networking and messaging systems. Throughout this time, he has worked in a wide range of customer environments to understand and promote the business issues around perimeter and internal security, compliance and eDiscovery, extending beyond e-mail to the modern communications and messaging systems corporations use today from Unified Communications and Enterprise Collaboration to public social media. Robin holds a Joint Honours Computer Science & French degree from Essex University.