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\"ESMA Q&A 1766 — Q&A — Recording of telephone conversations and electronic [Answer Published]\"\nshortTitle: \"ESMA Q&A 1766 — Q&A — Recording of telephone conversations and electronic [Answer Published]\"\nanswer_id: ESMA_QA_1766\ntopic: \"Recording of telephone conversations and electronic communications\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFID II\"\nmifid_level3: true\nmica_level2: false\nlegal_basis: \"MiFID II\"\ndate: 10 October 2016\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1766\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 10 October 2016\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1766\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_1766: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2016-10-10\"\n  question_submitted_on: \"2016-10-10\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1766, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1766, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 10 Oct 2016 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 10 October 2016 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1766)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1766 — Q&A — Recording of telephone conversations and electronic \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1766 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 10 October 2016; question submitted 10 October 2016 |\n| **Legal basis** | MiFID II |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Recording of telephone conversations and electronic communications**\n\n### Question\n\nWhich internal telephone conversations or electronic communications regarding the handling of orders and transactions need to be recorded?\n\n***\n\n### Answer\n\n\\[ESMA35-43-349 MiFID II Investor protection Q&As , Ch3, question 1\\]\n\nInternal telephone conversations and electronic communications that “are intended to result in transactions” or “relate to” the reception and transmission of orders, execution of orders on behalf of clients and dealing on own account are subject to the MiFID II Article 16(7) recording requirement.\n\nRecital 57 of MiFID II sets out that: “such records should ensure that there is evidence to prove the terms of any orders given by clients and its correspondence with transactions executed by the investment firms, as well as to detect any behaviour that may have relevance in terms of market abuse, including when firms deal on own account”.\n\nAs an example, such records should include conversations or communications by which the sales desk will request a quote from the trading desk on a financial instrument before concluding a transaction with a client. It may also include conversations or communications that are within scope and made to or from the sales and research desks.\n\nTherefore, ESMA expects firms to record all internal telephone calls or electronic communications regarding the handling of orders and transactions. However, ESMA would not ordinarily expect persons carrying on back-office functions to be captured by the requirements.\n\nTo clarify, the records of any internal face-to-face conversations that relate to the reception and transmission of orders, execution of orders on behalf of clients and dealing on own account will be caught by the general record-keeping requirements under Article 16(6) of MiFID II.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1766)\n"}