ESMA Q&A 1773 — Q&A — Recording of telephone conversations and electronic [Answer Published]

Recording of telephone conversations and electronic communications

Question

Is the recording of telephone conversations and electronic communications a critical or important operational function for the purposes of the outsourcing rules?

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Answer

[ESMA 35-43-349 MiFID II Q&As on Investor protection Ch. 3, question 7]

Firms may use third-party recording services to meet the new requirement to record telephone conversations and electronic communication. However, ESMA considers that, for the purposes of the outsourcing rules, taping will be considered a critical or important operational function.

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Source: ESMA original document