Call recording firm ReTell has joined forces with Nimans to alert resellers about upcoming regulations.
The MiFID (Markets In Financial Instruments Directive) was first implemented in 2007 by the Financial Conduct Authority to regulate financial services and protect investors.
More than a decade later MiFID II takes effect on January 3rd 2018 and sees much stricter regulations where organisations are required to record all forms of communication where a transaction takes place or is the intended outcome.
Nimans says investment firms, credit institutions, portfolio managers, stockbrokers, corporate finance companies and data service providers are some of the many providers affected.
Head of Dealer Sales Tom Maxwell says one of the key objectives is to mitigate risk and create a stable, responsible and transparent financial system.
"This is more robust regulation which requires businesses in the financial sector to record all calls and they must be held for at least five years," he stated.
"Businesses of all sizes are affected and severe penalties exist for those failing to comply. Resellers should be working closely with their customers to ensure a smooth transition and complete compliance.
"Storing alone is insufficient and monitoring of records should be done regularly along with system testing. We have teamed-up with call recording specialist ReTell to ensure resellers are fully equipped with all the information and solutions they require."
MiFID II precedes GDPR (General Data Protection Regulation) which comes into force on May 25th 2018, replacing the Data Protection Act.
"Both MiFID II and GDPR will have a major impact on how businesses operate in the future," added Maxwell.
"The time is now for resellers to be playing a proactive and frontline role to advise and support their customers with the latest technologies and expertise."