MiFID II call recording obligations

See also

Sources

1. 1
   Directive (EU) 2016/1034 postponed the application date of MiFID II transposing measures from 3 January 2017 to 3 January 2018.

   Directive (EU) 2016/1034 of the European Parliament and of the Council of 23 June 2016 amending Directive 2014/65/EU on markets in financial instruments · Amendment replacing dates in Article 93(1) of Directive 2014/65/EU · Checked 2026-10-14
2. 2
   Investment firms must notify new and existing clients that telephone communications or conversations that result or may result in transactions will be recorded, and notifying once before providing services is sufficient.

   Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) · Article 16(7), fourth subparagraph · Checked 2026-10-14
3. 3
   Article 16(12) MiFID II empowers the Commission to adopt delegated acts under Article 89 specifying the concrete organisational requirements of Article 16.

   Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) · Article 16(12), opening words · Checked 2026-10-14
4. 4
   Investment firms must take all reasonable steps to record relevant telephone conversations and electronic communications made with, sent from or received by equipment the firm provides to an employee or contractor, or whose use it has accepted or permitted.

   Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) · Article 16(7), third subparagraph · Checked 2026-10-14
5. 5
   The Article 16(7) recording obligation also covers conversations and communications intended to result in own-account transactions or client order services, even if they do not result in a transaction.

   Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) · Article 16(7), second subparagraph · Checked 2026-10-14
6. 6
   Article 69(2)(d) MiFID II gives competent authorities the power to require existing recordings of telephone conversations, electronic communications or other data traffic records held by investment firms, credit institutions or other entities regulated under MiFID II or MiFIR.

   Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) · Article 69(2), point (d) · Checked 2026-10-14
7. 7
   An investment firm may not provide client order services by telephone to a client who has not been notified in advance that their telephone communications are recorded.

   Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) · Article 16(7), fourth subparagraph, final sentence · Checked 2026-10-14
8. 8
   Clients may place orders through channels other than telephone, such as mail, fax, email or documented meetings, provided the communication is on a durable medium, and face-to-face conversations may be recorded through written minutes or notes.

   Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) · Article 16(7), fifth subparagraph · Checked 2026-10-14
9. 9
   Investment firms must take all reasonable steps to prevent employees or contractors from making, sending or receiving relevant calls and electronic communications on privately owned equipment the firm is unable to record or copy.

   Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) · Article 16(7), sixth subparagraph · Checked 2026-10-14
10. 10
    Recital 57 of MiFID II states that recording of telephone conversations and electronic communications involving client orders is compatible with the Charter of Fundamental Rights and justified for investor protection and market surveillance.

    Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) · Recital 57 · Checked 2026-10-14
11. 11
    Recital 57 of MiFID II states that the records should be available to competent authorities for supervision and enforcement and to investment firms and clients as evidence of their dealings.

    Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) · Recital 57 · Checked 2026-10-14
12. 12
    Article 16(7) records must be provided to the client on request and kept for a period of five years.

    Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) · Article 16(7), seventh subparagraph · Checked 2026-10-14
13. 13
    Where requested by the competent authority, Article 16(7) records must be kept for a period of up to seven years.

    Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) · Article 16(7), seventh subparagraph · Checked 2026-10-14
14. 14
    Article 16(7) MiFID II requires records to include, at least, telephone conversations and electronic communications relating to transactions concluded when dealing on own account and to client order services concerning the reception, transmission and execution of client orders.

    Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) · Article 16(7), first subparagraph · Checked 2026-10-14
15. 15
    Directive (EU) 2016/1034 moved the deadline for Member States to adopt and publish MiFID II transposing measures from 3 July 2016 to 3 July 2017.

    Directive (EU) 2016/1034 of the European Parliament and of the Council of 23 June 2016 amending Directive 2014/65/EU on markets in financial instruments · Amendment replacing dates in Article 93(1) of Directive 2014/65/EU · Checked 2026-10-14
16. 16
    Article 72 of Delegated Regulation 2017/565 requires records to be retained in a medium that allows ready access by competent authorities, makes corrections and prior contents traceable, and prevents the records being manipulated or altered.

    Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU as regards organisational requirements and operating conditions for investment firms and defined terms · Article 72(1) · Checked 2026-10-14
17. 17
    Article 76(7) requires investment firms to demonstrate their recording policies, procedures and management oversight to the competent authority on request.

    Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU as regards organisational requirements and operating conditions for investment firms and defined terms · Article 76(7) · Checked 2026-10-14
18. 18
    Article 76(4) requires investment firms to keep and regularly update a record of individuals who have firm devices or privately owned devices approved for use.

    Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU as regards organisational requirements and operating conditions for investment firms and defined terms · Article 76(4) · Checked 2026-10-14
19. 19
    Article 76(10) requires records to be stored in a durable medium that allows them to be replayed or copied and retained in a format that does not allow the original record to be altered or deleted.

    Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU as regards organisational requirements and operating conditions for investment firms and defined terms · Article 76(10) · Checked 2026-10-14
20. 20
    Article 76(9) requires investment firms to record in a durable medium the relevant information of relevant face-to-face conversations with clients, including at least the date and time, location, identity of attendees, initiator of the meeting and relevant client order information.

    Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU as regards organisational requirements and operating conditions for investment firms and defined terms · Article 76(9) · Checked 2026-10-14
21. 21
    Article 76(2) of Delegated Regulation 2017/565 requires the firm's management body to have effective oversight and control over its recording policies and procedures.

    Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU as regards organisational requirements and operating conditions for investment firms and defined terms · Article 76(2) · Checked 2026-10-14
22. 22
    Article 76(8) requires the pre-service notice to clients to state that the communications will be recorded, that a copy is available on request for five years or up to seven years where the competent authority requests, and to be given in the same language(s) as the investment services.

    Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU as regards organisational requirements and operating conditions for investment firms and defined terms · Article 76(8) · Checked 2026-10-14
23. 23
    Article 76(6) requires investment firms to periodically monitor records of transactions and orders subject to the recording requirements, including relevant conversations, on a risk-based and proportionate basis.

    Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU as regards organisational requirements and operating conditions for investment firms and defined terms · Article 76(6) · Checked 2026-10-14
24. 24
    Article 76(10) requires records to be readily accessible and available to clients on request, and requires firms to ensure the quality, accuracy and completeness of the records of all telephone recordings and electronic communications.

    Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU as regards organisational requirements and operating conditions for investment firms and defined terms · Article 76(10) · Checked 2026-10-14
25. 25
    Article 76(11) provides that the retention period for a record starts on the date the record is created.

    Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU as regards organisational requirements and operating conditions for investment firms and defined terms · Article 76(11) · Checked 2026-10-14
26. 26
    Article 76(5) requires investment firms to educate and train employees in the procedures governing the recording requirements.

    Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU as regards organisational requirements and operating conditions for investment firms and defined terms · Article 76(5) · Checked 2026-10-14
27. 27
    Article 76(3) requires recording arrangements to be technology neutral and periodically evaluated, with additional measures adopted where needed, at least whenever the firm accepts or allows a new medium of communication.

    Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU as regards organisational requirements and operating conditions for investment firms and defined terms · Article 76(3) · Checked 2026-10-14
28. 28
    The Article 76(1) recording policy must set out procedures for exceptional circumstances where a firm cannot record a conversation on firm-issued or approved devices, and evidence of such circumstances must be kept and made available to competent authorities.

    Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU as regards organisational requirements and operating conditions for investment firms and defined terms · Article 76(1) · Checked 2026-10-14
29. 29
    Article 76(1) of Delegated Regulation 2017/565 requires investment firms to establish, implement and maintain an effective written recording policy, appropriate to their size, organisation and business, that identifies the relevant conversations and communications including relevant internal ones.

    Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU as regards organisational requirements and operating conditions for investment firms and defined terms · Article 76(1) · Checked 2026-10-14
30. 30
    ESMA states that investment advice can fall within the recording requirement where it is provided at the point of intending to provide a client order service, in which case the content of that advice must be recorded.

    ESMA Q&A ESMA_QA_1779: scope of Article 16(7) MiFID II record keeping in terms of products and services · ESMA_QA_1779, answer · Checked 2026-10-14
31. 31
    ESMA treats electronic communications in scope as a broad category including, for example, video conferencing, email, chat and mobile apps, and declines to publish an exhaustive list because technology changes.

    ESMA Q&A ESMA_QA_1771: types of electronic communications within scope · ESMA_QA_1771, answer · Checked 2026-10-14
32. 32
    ESMA states that firms must decide which devices relevant conversations will take place on, have policies preventing relevant communications on systems that are not recorded, and train relevant staff.

    ESMA Q&A ESMA_QA_1777: what telephone conversations and electronic communications should be recorded under Article 16(7) · ESMA_QA_1777, answer · Checked 2026-10-14
33. 33
    ESMA expects firms to record internal telephone calls and electronic communications relating to reception and transmission of orders, execution of client orders or dealing on own account, but does not ordinarily expect back-office staff communications to be captured.

    ESMA Q&A ESMA_QA_1766: which internal telephone conversations or electronic communications need to be recorded · ESMA_QA_1766, answer · Checked 2026-10-14
34. 34
    ESMA states that internal face-to-face conversations about order handling fall under the general record-keeping requirement in Article 16(6) MiFID II rather than Article 16(7).

    ESMA Q&A ESMA_QA_1766: which internal telephone conversations or electronic communications need to be recorded · ESMA_QA_1766, answer, final part · Checked 2026-10-14
35. 35
    ESMA states that Member States may extend the recording requirements to other MiFID services or to non-MiFID services and products.

    ESMA Q&A ESMA_QA_1779: scope of Article 16(7) MiFID II record keeping in terms of products and services · ESMA_QA_1779, answer · Checked 2026-10-14
36. 36
    ESMA states that communications intended to lead to an agreement, such as those on prices, quotes, bids, offers and indications of interest, are in scope even if no agreement results.

    ESMA Q&A ESMA_QA_1777: what telephone conversations and electronic communications should be recorded under Article 16(7) · ESMA_QA_1777, answer · Checked 2026-10-14
37. 37
    ESMA rejects reading Article 16(7) as applying only to channels that permit execution, because reception and transmission of orders is a separate MiFID service and must be recorded in its own right.

    ESMA Q&A ESMA_QA_1778: whether Article 16(7) applies only to channels that allow execution · ESMA_QA_1778, answer · Checked 2026-10-14
38. 38
    ESMA's view is that Article 16(7) applies at least to the client order services of reception and transmission of orders, execution of orders on behalf of clients and dealing on own account listed in Annex I Section A, together with communications intended to result in those services.

    ESMA Q&A ESMA_QA_1779: scope of Article 16(7) MiFID II record keeping in terms of products and services · ESMA_QA_1779, answer · Checked 2026-10-14
39. 39
    ESMA expects firms to record relevant telephone conversations and electronic communications for their full duration, from start to end, because a firm cannot know in advance whether a conversation will lead to a transaction.

    ESMA Q&A ESMA_QA_1774: whether relevant conversations must be recorded from start to end · ESMA_QA_1774, answer · Checked 2026-10-14
40. 40
    A recording store used for MiFID II purposes needs at least five-year retention from creation, the ability to extend individual records to seven years on regulator request, replay and copy for client requests, and write-once protection against alteration or deletion.inferred

    Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU as regards organisational requirements and operating conditions for investment firms and defined terms · Article 76(10) and 76(11), read with Directive 2014/65/EU Article 16(7) seventh subparagraph · Checked 2026-10-14
41. 41
    For a telephony or UC platform used by in-scope staff, recording that the user starts on demand or that starts only after trade intent is recognised is unlikely to meet ESMA's start-to-end expectation; always-on automatic recording of in-scope users is the configuration consistent with it.inferred

    ESMA Q&A ESMA_QA_1774: whether relevant conversations must be recorded from start to end · ESMA_QA_1774, answer, read with Article 16(7) second subparagraph · Checked 2026-10-14
42. 42
    The SYSC 10A.1.15R and 10A.1.16R provisions dated 23 October 2025 appear to restate in the FCA Handbook the requirements of Article 76 of the UK MiFID Org Regulation that SYSC 10A previously cross-referred to.inferred

    SYSC 10A.1 Recording telephone conversations and electronic communications (FCA Handbook) · SYSC 10A.1.15R and 10A.1.16R compared with Delegated Regulation 2017/565 Article 76(1)-(10) · Checked 2026-10-14
43. 43
    COBS 11.8 in the FCA Handbook, the former home of UK recording rules, is marked deleted, last in force on 2 January 2018.

    COBS 11.8 Recording telephone conversations and electronic communications [deleted] (FCA Handbook) · Page status banner (Last in force 02/01/2018) · Checked 2026-10-14
44. 44
    The FCA's off-channel review describes good practice of offering multiple authorised channels with contingency recording for outages and monitoring unusually low use of approved apps.

    Multi-firm review into off-channel communications · Findings sections on surveillance and frameworks · Checked 2026-10-14
45. 45
    The FCA's off-channel communications review found that 41% of reported breaches involved staff at director level or above.

    Multi-firm review into off-channel communications · Findings section on breaches · Checked 2026-10-14
46. 46
    The FCA's August 2025 multi-firm review of off-channel communications surveyed eleven wholesale banks, eight of which reported 178 breaches in the previous 12 months while three reported none.

    Multi-firm review into off-channel communications · Section describing the review scope and breach data · Checked 2026-10-14
47. 47
    The FCA states that its recording regime does not explicitly address specific encrypted apps or channels.

    Multi-firm review into off-channel communications · Section on the regulatory framework · Checked 2026-10-14
48. 48
    The FCA's off-channel review reported recording-vendor problems such as outages, data reconciliation issues and poor transcription quality, and stated that firms cannot transfer their regulatory responsibilities to vendors.

    Multi-firm review into off-channel communications · Findings section on third-party vendors · Checked 2026-10-14
49. 49
    Market Watch 66 states that the SYSC 10A recording rules continued to apply unchanged when staff worked from home, and that firms should approve new communication channels before staff use them.

    Market Watch 66 · Introductory section and section on expectations for firms · Checked 2026-10-14
50. 50
    In Market Watch 66 the FCA said there is no specific restriction on the technologies or apps firms can use for communications, provided in-scope communications on business devices are recorded and auditable.

    Market Watch 66 · Section on expectations for firms · Checked 2026-10-14
51. 51
    In the UK, the FCA's rules on recording telephone conversations and electronic communications sit in SYSC 10A.1 of the FCA Handbook, last updated 23 October 2025.

    SYSC 10A.1 Recording telephone conversations and electronic communications (FCA Handbook) · SYSC 10A.1 page header and last-updated line · Checked 2026-10-14
52. 52
    SYSC 10A.1.15R, dated 23 October 2025, requires a written recording policy with management body oversight, technology-neutral and periodically evaluated arrangements, a regularly updated record of individuals with approved devices, staff training and monitoring.

    SYSC 10A.1 Recording telephone conversations and electronic communications (FCA Handbook) · SYSC 10A.1.15R, under heading 'Additional requirements on recording of telephone conversations or electronic communications' · Checked 2026-10-14
53. 53
    SYSC 10A.1.16R requires relevant face-to-face conversations to be recorded in a durable medium with date and time, location, attendees, initiator and order details, in a replayable or copyable format that cannot be altered and is accessible to clients on request.

    SYSC 10A.1 Recording telephone conversations and electronic communications (FCA Handbook) · SYSC 10A.1.16R · Checked 2026-10-14
54. 54
    SYSC 10A.1.4R excludes from the UK recording rules, among other things, underwriting and placing on a firm commitment basis and MiFID ancillary services.

    SYSC 10A.1 Recording telephone conversations and electronic communications (FCA Handbook) · SYSC 10A.1.4R · Checked 2026-10-14
55. 55
    SYSC 10A.1.12AR requires firms, before carrying out relevant activities, to tell new and existing clients that communications are recorded and that copies are available on request for five years, or seven years where the FCA requests, in the language(s) used to provide services.

    SYSC 10A.1 Recording telephone conversations and electronic communications (FCA Handbook) · SYSC 10A.1.12AR · Checked 2026-10-14
56. 56
    SYSC 10A.1.9R lets a MiFID optional exemption firm whose business is mainly with retail clients make written minutes or notes of relevant telephone conversations instead of recording them, subject to required content.

    SYSC 10A.1 Recording telephone conversations and electronic communications (FCA Handbook) · SYSC 10A.1.9R; SYSC 10A.1.10G · Checked 2026-10-14
57. 57
    SYSC 10A.1.7R requires firms to take all reasonable steps to prevent employees and contractors from making or receiving relevant communications on privately owned equipment the firm cannot record or copy.

    SYSC 10A.1 Recording telephone conversations and electronic communications (FCA Handbook) · SYSC 10A.1.7R · Checked 2026-10-14
58. 58
    SYSC 10A.1.14R requires recordings to be provided to the client on request and kept for five years and, where requested by the FCA, up to seven years.

    SYSC 10A.1 Recording telephone conversations and electronic communications (FCA Handbook) · SYSC 10A.1.14R · Checked 2026-10-14
59. 59
    SYSC 10A.1.1R applies the UK recording rules beyond MiFID investment firms, including to UK AIFMs, UCITS management companies, residual CIS operators, third country investment firms and firms carrying on certain energy, oil and commodity market activity.

    SYSC 10A.1 Recording telephone conversations and electronic communications (FCA Handbook) · SYSC 10A.1.1R · Checked 2026-10-14

Documents

Cite this page

WarmTransfer. (2026, October 14). MiFID II call recording obligations. WarmTransfer. https://warmtransfer.net/knowledge/mifid-ii-call-recording

@misc{warmtransfer-mifid-ii-call-recording,
  title  = {MiFID II call recording obligations},
  author = {{WarmTransfer}},
  year   = {2026},
  url    = {https://warmtransfer.net/knowledge/mifid-ii-call-recording},
  note   = {Verified 2026-10-14}
}