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\"ESMA Q&A 2416 — Q&A — Scope of the record keeping obligation of telephone [Answer Published]\"\nshortTitle: \"ESMA Q&A 2416 — Q&A — Scope of the record keeping obligation of telephone [Answer Published]\"\nanswer_id: ESMA_QA_2416\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: 27 January 2025\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/2416\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 27 January 2025\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/2416\"\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_2416: 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: \"2025-06-18\"\n  question_submitted_on: \"2025-01-27\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_2416, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_2416, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 18 Jun 2025 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 27 January 2025 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/2416)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 2416 — Q&A — Scope of the record keeping obligation of telephone \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_2416 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 18 June 2025; question submitted 27 January 2025 |\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**Scope of the record keeping obligation of telephone conversations and electronic communications**\n\n### Question\n\nAre electronic communications or telephone conversations limited to the provision of information about different investment alternatives subject to the record keeping obligation under article 16(7) of MiFID II when there is no possibility to enter into a trade during that interaction?\n\n***\n\n### Answer\n\nYes, when the conversations and communications are intended to result in a transaction. Subparagraph 2 of Article 16(7) of MiFID II stipulates that telephone conversations or electronic communications that are intended to result in the conclusion of transactions must be recorded, even if those conversations or communications do not result in the conclusion of transactions.\n\nSubparagraph 2 should be understood as applying to all telephone conversations and electronic communications that are intended to and may ultimately result in a transaction, even if the order itself may only be formally placed through a different channel, as such communications may still be relevant to the transaction and the client order. Therefore, if the discussion is expected to refer to investment options that in essence may lead to a transaction, although the order is not formally placed during such telephone conversation or electronic communications, investment firms should record them.\n\nFor guidance on the type of communications that are relevant for Article 16(7), please refer to ESMA Q&A 3.11 and 3.13 available here.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2416)\n"}