MIFID II imposes a number of recording-keeping obligations on
investment firms. Amongst others, investment firms are required to
record telephone conversations relating to, at least, transactions
concluded when dealing on own account and the provision of client
order services that relate to the reception, transmission and
execution of orders.
ESMA acknowledges that the COVID-19 outbreak and its global
spread has created significant and immediate challenges to
societies, economies and to financial institutions, and has
consequently issued a public statement to clarify issues relating
to the recording of telephone conversations by investment firms and
credit institutions. ESMA has clarified that, should firms be
unable to record voice communications in view of such exceptional
scenarios, firms are expected to consider alternative steps to
mitigate the risks related to the lack of recording. By way of
example, firms may make use of written minutes or notes of
telephone
