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---
title: "ESMA Q&A 1772 — Q&A — Recording of telephone conversations and electronic [Answer Published]"
shortTitle: "ESMA Q&A 1772 — Q&A — Recording of telephone conversations and electronic [Answer Published]"
answer_id: ESMA_QA_1772
topic: "Recording of telephone conversations and electronic communications"
status: "Answer Published"
type: qa
instrument_type: qa
authority: ESMA
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legal_status: in_force
regulation: "MiFIR"
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date: 10 October 2016
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1772
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 10 October 2016"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1772"
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---

**Answer by ESMA, published in its Q&A tool · not legislation · published 10 Oct 2016 [Answer Published]**

*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/1772)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1772 — Q&A — Recording of telephone conversations and electronic \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1772 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 10 October 2016; question submitted 10 October 2016 |
| **Legal basis** | MiFIR |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Recording of telephone conversations and electronic communications**

### Question

Is the compliance function sufficient to fulfil the requirement to periodically monitor the records of transactions and orders? Or should it be a separate, specifically organised function?

***

### Answer

\[ESMA 35-43-349 MiFID II Q&As ion Investor protection Ch. 3, question 6\]

MIFID II, and its implementing measures, do not require the establishment of another control function on top of those already provided for by MIFID I: compliance function, risk management function and, where appropriate, internal audit function. Firms are reminded of their requirements under Article 9(3) of MiFID II and Article 76(2) of the MiFID II Delegated Regulation.

Therefore, while not being necessarily another specific control function, the periodic monitoring of the records of relevant telephone conversations and electronic communications is an essential piece of the overall compliance and monitoring system a firm has to implement through governance arrangements.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1772)