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by ESMA, published in its Q&A tool · not legislation · published 10 Oct 2016 [Answer Published]","attribution":{"prepared_by":"ESMA","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2016-10-10","question_submitted_on":"2016-10-10","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1777, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1777, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1777","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1777-recording-of-telephone-conversations-and-electronic.md","body_sha256":"64e075059318698ad42d6f47476d564cce2def3ccdf1a30975e4d2952248480f"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1777 — Q&A — Recording of telephone conversations and electronic [Answer Published]\"\nshortTitle: \"ESMA Q&A 1777 — Q&A — Recording of telephone conversations and electronic [Answer Published]\"\nanswer_id: ESMA_QA_1777\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: \"MiFIR\"\nmifir_level3: true\nmica_level2: false\nlegal_basis: \"MiFIR\"\ndate: 10 October 2016\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1777\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 10 October 2016\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1777\"\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_1777: 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_1777, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1777, 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/1777)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1777 — 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_1777 |\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** | MiFIR |\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\nWhat telephone conversations and electronic communications should be recorded in accordance with Article 16(7) MIFID II?\n\n***\n\n### Answer\n\n\\[ESMA35-43-349 MiFID II Q&As on Investor protection Ch. 3, question 11\\]\n\nIn ESMA’s view, the following stages of conversations and electronic communications26 that relate to the provision of client order services or dealing on own account will be caught by the rules:\n\nConversations or communications with a client, or a person acting on behalf of such a client, which relate to an agreement by the firm to carry out one of the covered activities, whether as principal or agent.\n\nConversations or communications with any other person, which relate to transactions concluded when dealing on own account and the provision of client order services that relate to the reception, transmission and execution of client orders. This should include telephone conversations or electronic communications such as: transmitting an order to a broker or placing an order with an entity for execution, conversations or communications relating to the handling of an order (including solicitations and acceptance of transactions).\n\nAlso included, are any other conversations or communications which are carried out by the firm with a view to reach an agreement to carry out one of the covered activities, whether as principal or agent, even if those conversations or communications do not lead to the conclusion of such an agreement[^1]. This should include conversations and communications regarding prices, solicitations, bids, offers, indications of interest and requests for quotes.\n\nFirms should have in place policies and procedures to ensure that no relevant telephone conversations or electronic communications are done through communication systems which are not recorded.\n\nFirms will have to decide which devices these relevant conversations or communications will take place on and ensure the effectiveness of their arrangements. Firms will have to ensure that relevant persons are trained on the procedures governing the requirements in Article 16(7) MiFID II[^2].\n\n\\---\n\n[^1]: Second sub-paragraph of Article 16(7) MiFID II.\n\n[^2]: Article 76(5) of MiFID II Delegated Regulation.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1777)\n"}